Exactech reports increased revenues, income for third quarter


Published: Tuesday, October 22, 2013 at 5:05 p.m.
Last Modified: Tuesday, October 22, 2013 at 5:05 p.m.

Exactech reported a 9 percent increase in revenues and a 25 percent increase in net income for the third quarter of the year, led by growth in extremity implant sales.

The Gainesville bone and joint restoration product company had $55.7 million in revenues compared with $51.3 million in the third quarter of 2012.

Net income was $3.2 million, or $0.23 per diluted share, compared with $2.6 million, or $0.19, a year prior.

Extremity implant sales increased 24 percent to $15.1 million. Sales of knee implants, Exactech’s largest product line, were up 2 percent to $18.6 million.

U.S. sales were up 11 percent to $39.1 million and international sales were up 4 percent to $16.6 million.

Exactech trades on the Nasdaq stock exchange under the symbol EXAC. The stock closed at $21.93 Tuesday, up more than 3 percent from Monday’s close.

CEO Bill Petty said in a news release that the company saw improvement in each operating segment and benefited from a more favorable Euro exchange rate, new product lines and more efficient manufacturing operations.

For the first nine months of the year, revenues were up 6 percent to $175.5 million, and net income was up 22 percent to $10.8 million, or $0.79 per share.

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