Exactech net income up 44% in 2012


Published: Tuesday, February 26, 2013 at 6:09 p.m.
Last Modified: Tuesday, February 26, 2013 at 6:09 p.m.

Exactech reported a 9 percent increase in revenues to $224.3 million in 2012 and a 44 percent increase in net income as a result of sales growth and lower costs.

Net income was $12.7 million for diluted earnings per share of $0.96 compared to $8.8 million and $0.67 in 2011.

The Gainesville company makes orthopedic implants, surgical instruments and biologic materials. Exactech trades on the Nasdaq stock exchange under the symbol EXAC.

Fourth-quarter revenue was $59.3 million, up 12 percent from fourth quarter 2011, while net income was $3.9 million, or $0.29 per share, a 113 percent increase over the same period.

Revenues were boosted by growth of shoulder and hip replacements in particular. Chairman and CEO Dr. Bill Petty credited improving growth in the U.S. and robust growth in Asia and Latin America, as well as hospital and physician acceptance of new products.

Net income also benefited from lower costs of complying with a Department of Justice inquiry and more efficient internal manufacturing, the company said in a news release.

U.S. sales increased 9 percent to $145.6 million in 2012 while international sales were also up 9 percent, to $78.7 million.

The company expects revenue of $236 million to $242 million in 2013 and diluted earnings per share of $1.03 to $1.09.

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