Exactech Celebrates 20-Year Nasdaq Listing Anniversary
May 02 2016 - 09:00AM
Business Wire
Company Founders Ring Market-Closing Bell
Tuesday
Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone
and joint restoration products and biologic materials for
extremities, knee, hip and spine, announced today that in honor of
the company’s 20th anniversary of its Nasdaq listing, Exactech
founders Bill Petty, MD, Betty Petty and Gary Miller, PhD, will
ring the Nasdaq Closing Bell on Tuesday, May 3. The ceremony will
take place from 3:45 – 4:00 p.m. ET at Nasdaq MarketSite in Times
Square, New York.
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Exactech commemorates 20 years on Nasdaq
with a proven record of growth. Exactech is a developer and
producer of bone and joint restoration products and biologic
materials for extremities, knee, hip and spine. (Nasdaq:
EXAC)(Graphic: Business Wire)
“We appreciate this opportunity to commemorate 20 years on
Nasdaq and to recognize the positive impact our company’s growth
has had on employees, surgeon customers and the patients whose
lives are improved by our products,” said Exactech Chief Executive
Officer David Petty. “Exactech has always taken a unique approach
to the business of orthopaedics. Our purpose of improving outcomes
for patients and our unwavering focus on meeting our surgeons’
needs have also yielded solid financial returns for our
shareholders. We ring the bell in honor of our past and with eager
anticipation of our future.”
Founded in 1985 by an orthopaedic surgeon, his wife and a
biomedical engineer, Exactech’s first product was a cemented
primary hip system, followed quickly by additional hip joint
products. Building on its success in total hip replacement, the
company established a relationship with Albert Burstein, PhD, and
the Hospital for Special Surgery in 1992 to develop its first knee
implant, the Optetrak® knee system. To raise capital to support
full commercialization of Optetrak, Exactech went public with an
IPO on Nasdaq in 1996 at a post-2003 2-for-1 stock split price of
$4.00. The company’s IPO market cap was approximately $39 million.
At the end of 1996, the company reported $13.8 million in sales and
net income of $1.5 million, and has been profitable every year
since.
Exactech entered the extremities market in 2005 with the launch
of the Equinoxe® platform shoulder system. This product quickly
gained surgeon acceptance and has been a market leader for more
than 10 years. Today, Equinoxe is one of the fastest-growing
shoulder systems on the market, with more than 60,000 patients
treated and 73 peer-reviewed studies published.
With a focus on international expansion that was initiated in
2010, the company now operates in more than 35 countries in Europe,
Latin America, Asia and the Pacific, including direct operations in
nine markets outside the United States. In 2014, Exactech acquired
an advanced, computer-assisted surgical technology company and
introduced ExactechGPS® Guided Personalized Surgery, which has the
potential to change the way total joint replacement surgery is
performed.
Over the past 20 years, Exactech also developed biologic
materials, invested heavily in internal manufacturing, introduced
the first preformed antibiotic spacer for hip, knee and shoulder in
the United States and acquired a spine company and additional spine
technology.
At year-end 2015, Exactech reported revenues of $241.8 million
and net income of $14.8 million with a market cap of more than $300
million. This year, the company will bring to market three systems
to address complex hip, knee and shoulder surgeries in revision
arthroplasty, followed by the VantageTM total ankle in 2017. The
stock closed Friday April 29th, 2016 at $22.74.
The bell-ringing ceremony will be led by the company’s founders,
Executive Chairman Dr. Bill Petty, Dr. Gary Miller and Betty Petty
and CEO David Petty, the company’s first employee.
A live stream of the Nasdaq Closing Bell will be available
at:https://new.livestream.com/nasdaq/live or
http://www.nasdaq.com/about/marketsitetowervideo.asx
About Exactech
Exactech develops and produces bone and joint restoration
products that help surgeons worldwide make patients more mobile.
With global headquarters in Gainesville, Fla., Exactech
manufactures innovative solutions that improve patient outcomes for
hip, knee, shoulder and spine surgery and distributes in more than
30 markets, including in the U.S., Europe, Latin America, Asia and
the Pacific. Additional information about Exactech can be found at
http://www.exac.com.
An investment profile on Exactech may be found at
http://www.hawkassociates.com/profile/exac.cfm. To receive future
releases in e-mail alerts, sign up at
http://www.hawkassociates.com/about/alert.
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version on businesswire.com: http://www.businesswire.com/news/home/20160502005333/en/
Investor contacts:Exactech, Inc.Jody Phillips,
352-377-1140Executive Vice President of Finance &Chief
Financial OfficerorHawk AssociatesJulie Marshall or Frank
Hawkins305-451-1888E-mail: EXAC@hawkassociates.comorMedia
contactExactech, Inc.Priscilla Bennett, 352-377-1140Vice President,
Corporate & Marketing Communication
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