Exactech (EXAC) Misses Q2 EPS by 1c

Exactech (NASDAQ: EXAC) reported Q2 EPS of $0.26, $0.01 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $61.5 million versus the consensus estimate of $62.13 million.

Exactech CEO and President David Petty said, “The first half of 2015 posed difficult challenges. We faced strong currency headwinds, worked to optimize our inventory flow and supply service levels and executed some disruptive but necessary changes within our domestic sales channel. We also invested heavily in our pipeline of new products, several of which initially will be used in surgeries during the second half of the year. Partially because of improvements we have made to our sales force and also because of the initial availability of new revision systems in our hip, knee and shoulder product lines, we expect the second half will be considerably better. This should result in a satisfactory year’s performance, providing positive momentum as we head into 2016.”

“Worldwide sales for the first half of 2015 decreased 3% to $122.9 million and were flat on a constant currency basis. U.S. sales were down 2% to $82.5 million compared with $83.8 million in the first half a year ago. International sales decreased 7% to $40.3 million. U.S. sales for the second quarter of 2015 were down 2% to $41.3 million compared with $42.2 million in the second quarter a year ago. International sales decreased 7% to $20.2 million. On a constant currency basis, international sales increased 4% and worldwide sales were flat for the second quarter. U.S. sales represented 67% of total sales and international sales were 33% of the total,” Petty said.

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

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