Exactech (EXAC) Reports In-Line Q3 EPS
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Exactech (NASDAQ: EXAC) reported Q3 EPS of $0.22, in-line with the analyst estimate of $0.22. Revenue for the quarter came in at $59.9 million versus the consensus estimate of $58.69 million.
Exactech sees FY2016 EPS of $0.31-$0.33, versus the consensus of $0.35. Exactech sees FY2016 revenue of $256-258 million, versus the consensus of $256.7 million.
xactech CEO and President David Petty said, "We were very pleased with strong double digit growth in our Extremities, Knee and Hip businesses. The momentum in our Extremities segment is based on the continuing successful adoption of the Equinoxe shoulder system and notably with our highly competitive range of glenoid solutions. The Equinoxe Humeral Reconstruction Prosthesis launched earlier in the year also contributed positively to the good quarter. Success in developing our U.S. sales channels was helpful in all three major joint segments. We continued ramping up availability of the Alteon Monoblock Revision Hip stem, which supported 17% hip growth for the quarter. Similarly, our knee revision system contributed positively to 11% knee growth this quarter. In the fourth quarter and the first half of next year, we are moving from the pilot launch phase into a limited launch of the revision knee. This should be increasingly important to growth in coming quarters. We were disappointed with results in our smaller segments, attributable in part to pricing pressures and slower adoption of new products.
For earnings history and earnings-related data on Exactech (EXAC) click here.
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