“For nearly a decade, Exactech has driven innovations in spinal surgery and we are pleased to have made meaningful contributions to patient care. We are confident the transfer of these products to ChoiceSpine will provide a continued focus on improving patient care for that population. This divestiture will allow us to sharpen our focus on investments in the core extremities and large joint segments of our business,” CEO David Petty said in prepared remarks.
“The additional technologies that Exactech has access to, combined with our expanding portfolio, allows us to further solidify our company as a premier, full-line spinal fusion provider in the U.S., with further growth opportunities in select international markets,” added ChoiceSpine co-founder Martin Altshuler.
“We’re now in a position to dive deeper into our growth strategy by adding and introducing new distribution and surgeon users to our current and future technologies that we plan to launch over the next few months,” ChoiceSpine co-founder Rick Henson said.
Gainesville, Fla.-based Exactech said it expects the restructuring to deliver a pre-tax earnings hit of $15 million to $17 million. Earnings per share this year are forecast to be between $1.24 and $1.32 on sales of $264 million to $272 million. The company said it plans to release its 4th-quarter and full-year results Feb. 21, along with further details on the restructuring.