Exactech sales up slightly; income up 17%
Published: Tuesday, April 23, 2013 at 5:30 p.m.
Last Modified: Tuesday, April 23, 2013 at 5:30 p.m.
Exactech reported sales growth of 1 percent in the first quarter, slightly below expectations as growth in shoulder implants in the U.S. offset losses in other product lines and international sales.
Net income grew a healthy 17 percent, however, largely due to cost reductions in manufacturing that lowered operating expenses 2 percent.
Sales for the three months ending March 30 totaled $59.3 million, a 1 percent increase over the $58.6 million in sales in first quarter 2012. U.S. sales were up 6 percent to $39 million while international sales dropped 7 percent to $20.3 million.
Chairman and CEO Bill Petty said the international drop was due to weak European sales and an unfavorable currency swing, partly reflecting a weaker Japanese yen.
Net income was $3.8 million, or $0.29 per diluted share, compared to $3.3 million and $0.25 per share in first quarter 2012.
Sales of extremity implants, including shoulders, increased 21 percent to $15.7 million, while sales of knees, hips, biologic and spine, and other lines decreased.
Exactech is based in Gainesville and makes bone and joint restoration products. The company trades on the Nasdaq exchange under the symbol EXAC.