Exactech Comments on Impact of Hurricanes Irma and Harvey; Adjusts Q3 Earnings Guidance and Announces Q3 Earnings Call
October 12 2017 - 4:05PM
Business Wire
Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone
and joint restoration products and biologic solutions for
extremities, knee and hip, said today it is adjusting guidance for
the third quarter of 2017 as a result of the impact of Hurricanes
Irma and Harvey.
CEO and President David Petty said the estimated US revenue
impact of the two hurricanes was approximately $1.2M to sales in Q3
across Florida, Texas, Georgia and the Carolinas.
“We were fortunate that our facilities were undamaged during the
hurricanes. However, the storms caused our surgeon customers in the
affected states to postpone scheduled surgeries, directly affecting
our Q3 revenue stream. In addition, due to hurricane preparation
procedures at our Gainesville and Sarasota locations, our
manufacturing and shipping operations lost two days of operating
capacity. As a result, domestic revenues were near the bottom of
our expectations. We now expect to report approximately $61.4MM in
worldwide revenue for the third quarter. We also are adjusting our
EPS guidance for the quarter to $0.19-$0.21 per share, a reduction
of approximately $0.04 per share from our previously issued
guidance of $0.23-$0.25 per share due to the net income impact of
these lower revenues as well as the impact of the operations
interruption,” Petty said.
The company will release its third quarter 2017 financial
results on Monday, October 30, 2017. A copy of the earnings release
will be available at http://www.hawkassociates.com.
The company will host a conference call with CEO David Petty and
key members of the management team on Tuesday, October 31 at 10:00
a.m. Eastern Time. The call will cover Exactech’s third quarter
2017 results. Mr. Petty will open the conference call and a
question-and-answer session will follow.
To participate in the call, dial 1-800-334-0872 any time after
9:50 a.m. Eastern on October 31. International and local callers
should dial 1-719-325-4845. A live webcast of the call will be
available at http://www.hawkassociates.com/profile/exac.cfm or
http://public.viavid.com/index.php?id=126701. This call will be
archived for approximately 90 days.
About Exactech
Based in Gainesville, Fla., Exactech develops and markets
orthopaedic implant devices, related surgical instruments and
biologic materials and services to hospitals and physicians. The
company manufactures many of its orthopaedic devices at its
Gainesville facility. Exactech’s orthopaedic products are used in
the restoration of bones and joints that have deteriorated as a
result of injury or diseases such as arthritis. Exactech markets
its products in the United States, in addition to more than 30
markets in Europe, Latin America, Asia and the Pacific. Additional
information about Exactech, Inc. can be found at
http://www.exac.com. Copies of Exactech’s press releases, SEC
filings, current price quotes and other valuable information for
investors may be found at http://www.exac.com and
http://www.hawkassociates.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.
This release contains various forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which represent
the company’s expectations or beliefs concerning future events of
the company’s financial performance. These forward-looking
statements are further qualified by important factors that could
cause actual results to differ materially from those in the
forward-looking statements. These factors include the effect of
competitive pricing, the company’s dependence on the ability of
third party manufacturers to produce components on a basis which is
cost-effective to the company, market acceptance of the company’s
products and the effects of government regulation. Results actually
achieved may differ materially from expected results included in
these statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171012006389/en/
Exactech, Inc.Investor contactsJody Phillips,
352-377-1140Executive Vice President of Finance &Chief
Financial OfficerorHawk AssociatesJulie Marshall or Frank Hawkins,
305-451-1888EXAC@hawkassociates.comorMedia contactPriscilla
Bennett, 352-377-1140Vice President, Corporate & Marketing
Communication
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