Exactech, Inc., a developer and producer of bone and joint restoration products for hip, knee, shoulder and spine, announced that revenue for 2013 increased 6 percent to $237.1 million from $224.3 million in 2012.
In a release on February 19, the Company noted that diluted earnings per share for the year was $1.12 based on net income of $15.4 million, representing a 21 percent increase compared to net income of $12.7 million or $0.96 diluted earnings per share during 2012.
2013 Full Year Highlights and Segment Performance
-Revenue for the year increased 6 percent to $237.1 million
-Knee implant revenue decreased 1 percent to $80.5 million
-Extremity implant revenue increased 26 percent to $65.5 million
-Hip implant revenue increased 0.3 percent to $41.0 million
-Biologic & spine revenues increased 4 percent to $25.5 million
-Other revenues decreased 4 percent to $24.6 million
2013 Fourth Quarter Highlights and Segment Performance
For the fourth quarter of 2013 revenue was $61.6 million, an increase of 4 percent over $59.3 million for the comparable period last year. Net income for the fourth quarter of 2013 increased 18 percent to $4.6 million, or $0.33 per diluted share, compared to $3.9 million, or $0.29 per diluted share, for the fourth quarter of 2012. Fourth quarter total and segment revenues were as follows:
-Total revenue for the quarter increased 4 percent to $61.6 million
-Knee implant revenue decreased 2 percent to $20.4 million
-Extremity implant revenue increased 24 percent to $18.4 million
-Hip implant revenue decreased 2 percent to $10.1 million
-Biologic & spine revenues increased 3 percent to $6.6 million
-Other revenues decreased 13 percent to $6.0 million
Exactech Chairman and CEO Dr. Bill Petty said, "Overall, we are pleased with these results despite some international economic challenges. Our extremities segment drove the top line with a 26 percent gain to $65.5 million in 2013. Our domestic knee sales did well, and we were encouraged by improvements in our biologic and spine segment. Our 21 percent improvement in net income was particularly satisfying, as the people of Exactech worked effectively and efficiently to hold down costs and improve productivity. Looking ahead, our new product pipeline should provide fresh top line momentum in 2014. In addition, we expect our focus on increased productivity and lower costs will continue to contribute to net income growth."
Exactech President David Petty said, "For the year 2013, U.S. sales increased 10 percent to $159.7 million, and international sales were down 2 percent to $77.4 million. During the fourth quarter, U.S. sales increased 9 percent to $41.8 million. International sales decreased 5 percent to $19.8 million."
Looking forward, Exactech released its initial 2014 revenue guidance of $246-$254 million and diluted EPS target of $1.18- $1.24. For the first quarter of 2014, the company anticipates revenues of $62-$64 million and diluted EPS of $0.28-$0.30. The foregoing statements regarding targets for the quarter and full year are forward-looking and actual results may differ materially. These are the company's targets, not predictions of actual performance.
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians.
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