Exactech posted profits of $3.2 million, or 23¢ per share, on sales of $55.7 million for the 3 months ended Sept. 30. That’s a profit gain of 25.0% on sales growth of 8.5% compared with the same period last year. Earnings per share were 23¢, 2 pennies ahead of Wall Street’s 21¢ expectation.
The news sent EXAC shares up 0.4% to $22.09 apiece as of about 12:40 p.m. today.
"We had a very successful quarter recording improvement in each of our operating segments. This resulted in a strong boost to net income and improved positive cash flow. Business strengthened pretty much across the board and we also benefited from a number of factors including a more favorable Euro exchange rate. New product lines are largely meeting our expectations and we continue to get welcomed favorable feedback from our surgeons and other customers. We also continue to benefit from strong cost controls supported in part by efficiencies from internal manufacturing operations," chairman & CEO Dr. Bill Petty said in prepared remarks.
Exactech lowered the top end of its sales outlook for the rest of the year, saying it now expects sales of $237 million to $239 million rather than $237 million to $241 million. The company raised its earnings guidance, saying adjusted EPS are pegged at $1.09-$1.11 compared with prior guidance of $1.05-$1.09.
Fourth-quarter EPS are pegged at 30¢-32¢ on sales of $61.5 million to $63.5 million, Exactech said.