Exactech quarterly earnings up 13%
Published: Tuesday, November 1, 2011 at 5:47 p.m.
Last Modified: Tuesday, November 1, 2011 at 5:47 p.m.
Exactech Inc. reported better-than-expected third-quarter earnings, with a 13 percent increase in revenues on the strength of growing international sales.
Revenues were $47.3 million, up from $42 million in the third quarter of 2010, the company reported Tuesday.
Net income dropped 12 percent to $1.3 million or $0.10 per diluted share compared to $1.5 million and $0.11 per share a year ago. Excluding $1 million in compliance expenses related to a Department of Justice settlement, income increased 19 percent to $1.9 million, or $0.15 per share.
Exactech, based in Gainesville, makes bone and joint implants and trades on the Nasdaq stock exchange under the symbol EXAC.
The company gained market share with 56 percent growth in international sales. With $15.8 million in revenue, international sales grew from 24 percent of total sales a year ago to 33 percent. Knee implants, the largest product segment, grew 15 percent to $17.9 million and a fast-growing shoulder product line fueled extremity revenues to $9.8 million, a 34 percent increase.
U.S. sales decreased 1 percent to $31.5 million, below expectations, as knee and hip sales aligned more with market trends, the company reported.