Exactech Posts 1Q17 Revenue

by Julie A. Vetalice on May 04, 2017

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Exactech posted 1Q17 revenue of $69.5MM, +6.5% vs. 1Q16.

	1Q17	1Q16	$ Change	% Change
Joint Reconstruction	$67.3	$61.0	$6.2	10.2%
Knee	$22.1	$21.8	$0.3	1.3%
Hip	$13.2	$12.4	$0.8	6.1%
Extremities	$32.0	$26.8	$5.2	19.4%
Spine	$0.3	$1.8	-$1.5	-84.3%
Orthobiologics	$1.9	$2.4	-$0.5	-20.4%
Total	$69.5	$65.3	$4.2	6.5%

Geographic results: U.S. $47.6MM, +7.0%; ex-U.S. $21.8MM, +5.2%

1Q17 performance highlights:

Following the divestiture of assets to ChoiceSpine in mid-1Q, Exactech’s self-reported Other category has been revised to contain miscellaneous sales categories (e.g. bone cement, instrument rental, other implant lines) and remaining biologics and spine product sales; ORTHOWORLD estimates move a portion of that figure into joint recon segments.
Recon Extremities growth supported by increased adoption of the Equinoxe shoulder, Vantage total ankle (now expanding pilot launch for the latter)
Vantage contribution expected to increase throughout the year
2H17 launches include pilot of ExactechGPS for shoulder and Equinoxe Preserve humeral stem
Will conduct initial surgeries with the Truliant total knee in 2Q and Alteon HA coated hip stem in 2H
Expecting initial surgeries with a modular revision hip in late 2017/early 2018

Sources: Exactech, Inc.; ORTHOWORLD estimates

An ORTHOWORLD Observation:

We estimate that Exactech holds spot #5 in Recon Extremities market share. Its 2016 for that segment revenue was on par with Stryker and DJO.

Results from Exactech’s ability to laser-focus on Joint Recon will be interesting to watch throughout 2017. If its strategy is executed well, it’s expected they could take market share.

Exactech posted 1Q17 revenue of $69.5MM, +6.5% vs. 1Q16.

Q17
Q16
$ Change
% Change

Joint Reconstruction
$67.3
$61.0
$6.2
10.2%

Knee
$22.1 ...

Exactech posted 1Q17 revenue of $69.5MM, +6.5% vs. 1Q16.

	1Q17	1Q16	$ Change	% Change
Joint Reconstruction	$67.3	$61.0	$6.2	10.2%
Knee	$22.1	$21.8	$0.3	1.3%
Hip	$13.2	$12.4	$0.8	6.1%
Extremities	$32.0	$26.8	$5.2	19.4%
Spine	$0.3	$1.8	-$1.5	-84.3%
Orthobiologics	$1.9	$2.4	-$0.5	-20.4%
Total	$69.5	$65.3	$4.2	6.5%

Geographic results: U.S. $47.6MM, +7.0%; ex-U.S. $21.8MM, +5.2%

1Q17 performance highlights:

Following the divestiture of assets to ChoiceSpine in mid-1Q, Exactech’s self-reported Other category has been revised to contain miscellaneous sales categories (e.g. bone cement, instrument rental, other implant lines) and remaining biologics and spine product sales; ORTHOWORLD estimates move a portion of that figure into joint recon segments.
Recon Extremities growth supported by increased adoption of the Equinoxe shoulder, Vantage total ankle (now expanding pilot launch for the latter)
Vantage contribution expected to increase throughout the year
2H17 launches include pilot of ExactechGPS for shoulder and Equinoxe Preserve humeral stem
Will conduct initial surgeries with the Truliant total knee in 2Q and Alteon HA coated hip stem in 2H
Expecting initial surgeries with a modular revision hip in late 2017/early 2018

Sources: Exactech, Inc.; ORTHOWORLD estimates

An ORTHOWORLD Observation:

We estimate that Exactech holds spot #5 in Recon Extremities market share. Its 2016 for that segment revenue was on par with Stryker and DJO.

Results from Exactech’s ability to laser-focus on Joint Recon will be interesting to watch throughout 2017. If its strategy is executed well, it’s expected they could take market share.