Exactech Inc. (EXAC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Exactech Inc. has a market cap of $222.4 million; its shares were traded at around $17.23 with a P/E ratio of 19.6 and P/S ratio of 1.3. Exactech Inc. had an annual average earning growth of 8.6% over the past 10 years. GuruFocus rated Exactech Inc. the business predictability rank of 5-star.EXAC is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates.
During the nine months ended September 30, 2010, sales increased 8% to $138.7 million from $129.0 million in the comparable nine months ended September 30, 2009, as we continued to expand our business. Gross margins increased to 65.5% from 64.2% as a result of growth in our generally higher margin domestic sales. Operating expenses increased 10% from the nine months ended September 30, 2009, and as a percentage of sales, operating expenses increased to 56% during the first nine months of 2010 as compared to 54% for the same period in 2009. This increase, as a percentage of sales, was due to additional expenses related to our expansion projects, including our new distribution offices in
Spain and Germany. The increase was partially offset by a reduction in compliance and legal costs to $795,000 from $3.4 million in the first nine months of 2009 as a result of lower costs associated with the DOJ inquiry. Net income for the nine months ended September 30, 2010 decreased 1%, and diluted earnings per share were $0.59 as compared to $0.61 last year.
During the nine months ended September 30, 2010, we acquired $18.5 million in property and equipment, including new production equipment and surgical instrumentation. Cash flow from operations was $6.8 million for the nine months ended September 30, 2010 as compared to a net cash flow from operations of $20.3 million during the nine months ended September 30, 2009.
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Exactech Inc. has a market cap of $222.4 million; its shares were traded at around $17.23 with a P/E ratio of 19.6 and P/S ratio of 1.3. Exactech Inc. had an annual average earning growth of 8.6% over the past 10 years. GuruFocus rated Exactech Inc. the business predictability rank of 5-star.EXAC is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
During the quarter ended September 30, 2010, sales decreased 1% to $42.0 million from $42.4 million in the comparable quarter ended September 30, 2009, as the orthopaedic market experienced lower growth in procedure volumes as compared to last year, and our international sales were negatively impacted by distribution transitions in Europe. Gross margins increased to 67.4% from 64.0% as a result of a larger mix of domestic sales where we generally experience higher margins. Operating expenses increased 11% from the quarter ended September 30, 2009, and as a percentage of sales, operating expenses increased to 60% during the third quarter of 2010 as compared to 54% for the same quarter in 2009. This increase, as a percentage of sales, was primarily due to additional expenses related to new product lines and international expansion, including our new distribution offices in Spain and Germany. The increase was partially offset by a reduction in compliance and legal costs to $216,000 from $845,000 in the third quarter 2009 as a result of lower costs associated with the Department of Justice, or DOJ, inquiry. Net income for the quarter ended September 30, 2010 decreased 46% and diluted earnings per share were $0.11 as compared to $0.21 last year.During the nine months ended September 30, 2010, sales increased 8% to $138.7 million from $129.0 million in the comparable nine months ended September 30, 2009, as we continued to expand our business. Gross margins increased to 65.5% from 64.2% as a result of growth in our generally higher margin domestic sales. Operating expenses increased 10% from the nine months ended September 30, 2009, and as a percentage of sales, operating expenses increased to 56% during the first nine months of 2010 as compared to 54% for the same period in 2009. This increase, as a percentage of sales, was due to additional expenses related to our expansion projects, including our new distribution offices in
Spain and Germany. The increase was partially offset by a reduction in compliance and legal costs to $795,000 from $3.4 million in the first nine months of 2009 as a result of lower costs associated with the DOJ inquiry. Net income for the nine months ended September 30, 2010 decreased 1%, and diluted earnings per share were $0.59 as compared to $0.61 last year.
During the nine months ended September 30, 2010, we acquired $18.5 million in property and equipment, including new production equipment and surgical instrumentation. Cash flow from operations was $6.8 million for the nine months ended September 30, 2010 as compared to a net cash flow from operations of $20.3 million during the nine months ended September 30, 2009.
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