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EXAC. after/hours. Exactech Q1 Revenue Up 10% to
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Tuesday, May 01, 2012 4:58:02 PM
EXAC. after/hours. Exactech Q1 Revenue Up 10% to $58.6 Million, Net Income $3.3 Million, Diluted EPS $0.25
GAINESVILLE, Fla.--(BUSINESS WIRE)--
Exactech, Inc. (Nasdaq:EXAC - News), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today revenue of $58.6 million for the first quarter of 2012, a 10% increase over $53.4 million in the first quarter of 2011. Net income was $3.3 million, or $0.25 per diluted share, compared to $3.0 million, or $0.22 per diluted share, in the same quarter a year ago.
First Quarter Segment Performance
Knee implant revenue increased 1% to $21.5 million
Extremity implant revenue increased 37% to $13.0 million
Hip implant revenue increased 37% to $11.0 million
Biologic and Spine revenue decreased 13% to $6.2 million
Other revenue decreased 6% to $7.1 million
Exactech Chairman and CEO Bill Petty said, “This was an excellent quarter for Exactech. Knee implants, our largest product segment, were up 1% to $21.5 million for the first quarter of 2012 from $21.3 million a year ago. Our growth in the extremity and hip lines far outpaced the results of the industry. Extremity revenues, primarily our Equinoxe® shoulder products, rose 37% to $13.0 million from last year’s Q1 revenue of $9.4 million as we continued to gain share in this rapidly growing market segment. We were particularly pleased with the hip implant sales, which increased 37% to $11.0 million from $8.0 million in the first quarter of 2011. Much of this was attributable to success with our new hip stem products and growing sales in Asian and Latin American markets. Biologic-spine revenue decreased to $6.2 million compared with $7.0 million in the same quarter last year. Other product sales decreased 6% to $7.1 million from $7.5 million.”
Exactech President David Petty said, “International revenues once again helped drive our growth, increasing 19% to $21.9 million from $18.4 million in the first quarter of 2011 as international sales were over 37% of total revenue. Progress in sales in the U.S. also outpaced the industry with an increase of 5% to $36.8 million compared with $35.0 million in the first quarter of 2011. We continue to have a full pipeline of new products that we are developing to meet the market demands and we expect to continue to announce new products throughout the year.”
Chief Financial Officer Jody Phillips said, “Revenue and net income for the quarter were both ahead of our projections. The 11% increase in net income to $3.3 million was driven by revenue and gross margin increases as gross margins increased to 69.1% for the first quarter of 2012 from 68.7% for the first quarter of 2011 mainly due to favorable impacts of our direct operation transitions in international markets.
“Total operating expenses for the quarter were $35.4 million, an increase of 8% from $32.6 million in the comparable period. As a percentage of sales, operating expenses decreased to 60% from 61% for the first quarter a year ago. Total sales and marketing expenses were up 9%, and decreased to 37% as a percentage of sales from 38% in the same quarter a year ago. Research and development expenses increased 18% to $4.1 million versus $3.5 million in the first quarter of 2011. As a result, our operating profit increased 29% to $5.2 million.”
Looking forward, Exactech increased its 2012 revenue guidance to $217-$224 million and increased its diluted EPS target to $0.90 - $0.97. For the second quarter ending June 30, 2012, the company said it anticipates revenues of $54.0-57.0 million and diluted EPS of $0.22-$0.24. The foregoing statements regarding targets for the quarter and full year are forward-looking and actual results may differ materially. These are the company’s targets, not predictions of actual performance.
The financial statements are below.
The company has scheduled a conference call at 10:00 a.m. Eastern Time on Wednesday, May 2. The call will cover the company’s first quarter results. CEO Bill Petty will open the conference call and a question-and-answer session will follow.
To participate in the call, dial 1-877-941-1428 any time after 9:50 a.m. EDT on May 2. International and local callers should dial 1-480-629-9665. While in conference, if callers should require operator assistance, they can press the star followed by the zero button. This will call an operator to the line.
A live and archived webcast of the call will be available at
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