Company President David Petty attributed the company’s success in increasing revenue to its continued efforts in the United States sales force development. Despite the increase in revenue, there was a decrease in net income, which was reported as $3 million for the first quarter, compared with $3.3 million reported over the same period last year.
The company experienced a revenue increase in almost all sales sectors, including a 33 percent increase in the extremity implant revenue, which reached $9.4 million in the first quarter. Hip implant revenue was reported as $8 million, a 21 percent increase over last year, and the knee implant revenue increased by 2 percent to $21.3 million.
Exactech’s biologic and spine revenue experienced a decrease from $7.4 million to $7 million during the first quarter. The company experienced and increase in compliance expenses associated with ongoing mentorship, going from $20,000 during the first quarter of last year to $1.3 million before tax most recently.
Read the release about the first quarter financial report for Exactech.
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