Here are 10 key notes from the company’s financial report:
1. In the third quarter, revenue dropped 3 percent to $57.9 million compared to the same period last year.
2. The net income was down 4 percent to $2.9 million, or $0.20 per diluted share.
3. The weakened Euro and Japanese Yen relative to the U.S. dollar continued to negatively impact the company’s performance.
4. The extremities implant business contributed the most revenue, at $20 million, and was up 7 percent over the third quarter last year.
5. The knee implant revenue was down 16 percent to $15.3 million in the third quarter, while hip revenue also dropped 2 percent to $9.9 million.
6. While other lines decreased, the spine and biologic revenue increased 5 percent in the third quarter to $5.7 million.
7. United States sales were flat at $123.3 million for the first nine months of the year, while international sales dropped 9 percent to $55.8 million.
8. In the third quarter, U.S. sales represented 72 percent of total sales, with international sales making up the other 28 percent.
9. The gross margins decreased 70.5 percent in the third quarter. Total operating expenses were down 1 percent to $35.1 million
10. Exactech reported 2015 revenue guidance at $239 million to $241 million and updated the diluted EPS target at $1.02 to $1.04.
More articles on orthopedic devices:
Implanet Q3 revenue jumps 42%; Spine soars 101%: 8 key notes
25 spine devices receive FDA 510(k) clearance in September
RTI Surgical board of directors welcomes 2 new members
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
