Duncan-Williams Initiates Coverage on Exactech (EXAC) with a Buy

April 28, 2009 8:56 AM EDT

Duncan-Williams initiates coverage on Exactech, Inc. (NASDAQ: EXAC) with a Buy. Price target $24.

Duncan analyst says, "We believe that EXAC has significant defensive- growth characteristics. We believe that the Aging of the Population will drive an increase in the volume for orthopedic related surgical procedures and therefore an increase in demand for EXAC's medical devices. We believe that the total worldwide market for orthopedic products is in excess of $30 billion. We estimate that the worldwide market for knees, hips, and spine products are in excess of $5 billion each."

"Top-line growth that accelerates to the bottom-line: For 2009, our revenue and EPS estimates are $180 million and $0.95 respectively. This represents 11% revenue growth and 9% EPS growth compared to the same period last year. Our 2010 revenue and EPS estimates are $200 million and $1.20 respectively. This equates to 11% revenue growth and 26% EPS growth compared to the same period last year."

Exactech, Inc. (Exactech) develops, manufactures, markets, distributes and sells orthopaedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians in the United States and internationally.

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