Exactech (EXAC) Misses Q1 EPS by 1c

Exactech (NASDAQ: EXAC) reported Q1 EPS of $0.29, $0.01 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $61.4 million versus the consensus estimate of $63.71 million.

Exactech CEO and President David Petty said, “Worldwide sales decreased 3% to $61.4 million. U.S. sales were down 1% to $41.2 million compared with $41.6 million in the first quarter a year ago. International sales decreased 7% to $20.1 million. U.S. sales represented 67% of total sales and international sales were 33% of the total. On a constant currency basis, international sales increased 3% and worldwide sales were flat for the quarter. At current rates we are expecting foreign currency challenges in the second quarter. Sales were softer than planned in part resulting from sales organization transition and improvement activities that we expect will begin delivering positive results in the second half of this year. Major product development projects for revision hip, knee and shoulder systems remain on track and we plan to be doing surgeries with all three revision systems in the second half of this year as well.”

For earnings history and earnings-related data on Exactech (EXAC) click here.

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