Exactech, Inc. develops, manufactures, markets, distributes and sells orthopedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians in the United States and internationally. The Company's operating segments are represented by its major product lines: knee implants, hip implants, biologics and spine, extremity implants and other products. Its other products segment includes miscellaneous sales categories, such as surgical instruments held for sale, bone cement, instrument rental fees, shipping charges, and other implant product lines. The Company manufactures some components of its knee, extremity, and hip joint replacement systems at its facility in Gainesville, Florida. Its joint replacement products are used by orthopedic surgeons to repair or replace joints that have deteriorated as a result of injury or disease. Its spinal implants are used as an adjunct to the fusion of vertebrae in the treatment of spinal disease and deformity.

Exactech was founded in 1985 and is headquartered in Gainesville, US

Exactech has offices in Gainesville, Capinghem, Bella Vista, Chūō-ku and in 10 other locations

Gainesville, US (HQ)

2320 NW 66 Ct

Ostwald, FR

Rue d'Illkirch

Redditch, GB

Grosvenor House Prospect Hill

Kiel, DE

193 Werftstraße

Zhubei City, TW

2 Section 2, Shengyi Rd

Caledonia, CA

322 Argyle St S

Exactech's revenue was reported to be $69.5 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 69.5 m |

## Gross profit (Q1, 2017) | 48.8 m |

## Gross profit margin (Q1, 2017), % | 70% |

## Net income (Q1, 2017) | 4.6 m |

## EBIT (Q1, 2017) | 6.4 m |

## Market capitalization (15-Aug-2017) | 413.2 m |

## Cash (31-Mar-2017) | 11.2 m |

Exactech's current market capitalization is $413.2 m.

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | Y, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 237.1 m | 248.4 m | 241.8 m | 257.6 m |

## Revenue growth, % | 5% | (3%) | 7% | |

## Cost of goods sold | 73 m | 74.2 m | 73.6 m | 80.3 m |

## Gross profit | 164.1 m | 174.1 m | 168.2 m | 177.3 m |

## Gross profit Margin, % | 69% | 70% | 70% | 69% |

## Sales and marketing expense | 92.5 m | |||

## R&D expense | 21.4 m | |||

## General and administrative expense | 22.2 m | |||

## Operating expense total | 140.1 m | 147.9 m | 145.9 m | 169.7 m |

## EBIT | 23.9 m | 26.3 m | 22.3 m | 7.6 m |

## EBIT margin, % | 10% | 11% | 9% | 3% |

## Interest expense | 1.2 m | 1.1 m | 1.3 m | 1 m |

## Interest income | 8 k | 16 k | 9 k | 15 k |

## Net Income | 15.4 m | 16.5 m | 14.8 m | 162 k |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 63.9 m | 57.9 m | 61.4 m | 61.5 m | 56.2 m | 65.3 m | 66.1 m | 59.9 m | 69.5 m |

## Cost of goods sold | 19.6 m | 16.9 m | 18.6 m | 19.3 m | 16.6 m | 20.4 m | 20.3 m | 18.8 m | 20.6 m |

## Gross profit | 44.4 m | 41 m | 42.7 m | 42.2 m | 39.6 m | 44.9 m | 45.9 m | 41.1 m | 48.8 m |

## Gross profit Margin, % | 69% | 71% | 70% | 69% | 70% | 69% | 69% | 69% | 70% |

## Sales and marketing expense | 22.9 m | 21.3 m | 21.9 m | 21.5 m | 20.6 m | 23.3 m | 23.8 m | 21.7 m | 25.1 m |

## R&D expense | 4.9 m | 4.5 m | 4.5 m | 4.6 m | 5.3 m | 5.1 m | 5.3 m | 5.1 m | 6.2 m |

## General and administrative expense | 5.7 m | 5.4 m | 5.8 m | 5.8 m | 5.2 m | 5.9 m | 5.6 m | 5.2 m | 6.5 m |

## Operating expense total | 33.4 m | 31.1 m | 32.2 m | 31.8 m | 31 m | 34.3 m | 34.8 m | 32 m | 37.8 m |

## EBIT | 6.8 m | 5.5 m | 6.1 m | 6.1 m | 4.5 m | 6.3 m | 6.6 m | 4.6 m | 6.4 m |

## EBIT margin, % | 11% | 10% | 10% | 10% | 8% | 10% | 10% | 8% | 9% |

## Interest expense | (260 k) | (253 k) | (302 k) | (275 k) | (283 k) | (262 k) | (268 k) | (186 k) | (226 k) |

## Interest income | 5 k | 5 k | 2 k | 2 k | 3 k | 4 k | 2 k | 29 k | 3 k |

## Pre tax profit | 6.5 m | 4.6 m | 5.6 m | 5.3 m | 4.2 m | 6.6 m | 6.5 m | 4.5 m | 6.9 m |

## Income tax expense | 2.3 m | 1.6 m | 1.5 m | 1.7 m | 1.3 m | 2.2 m | 2.1 m | 1.4 m | 2.2 m |

## Net Income | 4.2 m | 3 m | 4.1 m | 3.7 m | 2.9 m | 4.4 m | 4.4 m | 3.2 m | 4.6 m |

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 6 m | 10.1 m | 12.7 m | 13.1 m |

## Accounts Receivable | 59.1 m | 50.7 m | 52.4 m | 99.1 m |

## Inventories | 71.6 m | 72.8 m | 71.4 m | 65.3 m |

## Current Assets | 142.6 m | 139.2 m | 141.4 m | 143.1 m |

## Goodwill | 13.5 m | 13.1 m | 18.9 m | 13.8 m |

## Total Assets | 261.8 m | 261 m | 277.2 m | 294.2 m |

## Accounts Payable | 16.3 m | 13.6 m | 13.9 m | 17.6 m |

## Total Debt | 26.3 m | 23.3 m | 20 m | |

## Current Liabilities | 30.5 m | 26.2 m | 24.8 m | 33.1 m |

## Non-Current Liabilities | 38.9 m | 23.5 m | 24 m | 26.9 m |

## Total Liabilities | 69.4 m | 49.7 m | 48.9 m | 60 m |

## Additional Paid-in Capital | 69.2 m | 76.1 m | 82 m | 87.3 m |

## Retained Earnings | 127 m | 143.5 m | 158.3 m | 158.4 m |

## Total Equity | 192.4 m | 211.4 m | 228.4 m | 234.2 m |

## Debt to Equity Ratio | 0.1 x | 0.1 x | 0.1 x | |

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.1 x | |

## Financial Leverage | 1.4 x | 1.2 x | 1.2 x | 1.3 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 11 m | 9.1 m | 12.3 m | 14.9 m | 17.1 m | 9.1 m | 10.1 m | 12.6 m | 11.2 m |

## Current Assets | 141 m | 135.9 m | 141.4 m | 145.7 m | 145.9 m | 140.9 m | 143.6 m | 144.7 m | 140.5 m |

## Goodwill | 13.5 m | 13.2 m | 17.4 m | 19 m | 19.1 m | 22.6 m | 22.3 m | 22.5 m | 14.2 m |

## Total Assets | 262.2 m | 257.9 m | 272.5 m | 274.5 m | 277.2 m | 290.7 m | 295.8 m | 300.1 m | 297.1 m |

## Accounts Payable | 17.4 m | 15.6 m | 14.2 m | 13.3 m | 12.6 m | 17.1 m | 15.9 m | 14.1 m | 16.7 m |

## Current Liabilities | 31.8 m | 27.6 m | 28.8 m | 26.7 m | 26.3 m | 33.4 m | 30.7 m | 30.4 m | 35.4 m |

## Non-Current Liabilities | 26.3 m | 24.3 m | 30 m | 28 m | 27.3 m | 23.1 m | 26.2 m | 25.8 m | 21.4 m |

## Common Stock | 137 k | 138 k | 140 k | 141 k | 141 k | 143 k | 143 k | 143 k | 145 k |

## Additional Paid-in Capital | 72.9 m | 74.3 m | 77.7 m | 79.6 m | 80.3 m | 83.9 m | 85.2 m | 86.1 m | 89 m |

## Retained Earnings | 135.4 m | 138.4 m | 147.6 m | 151.3 m | 154.2 m | 162.7 m | 167.1 m | 170.2 m | 163 m |

## Total Equity | 204.1 m | 206 m | 213.7 m | 219.8 m | 223.5 m | 234.3 m | 238.9 m | 243.8 m | 240.3 m |

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.2 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 15.4 m | 16.5 m | 14.8 m | 162 k |

## Depreciation and Amortization | 17.6 m | 18.5 m | 16.9 m | 18 m |

## Accounts Receivable | (11 m) | 6.4 m | (3.1 m) | (2.1 m) |

## Inventories | (9.7 m) | (9.1 m) | (6.9 m) | (15.7 m) |

## Accounts Payable | 910 k | (2.7 m) | (1.2 m) | 2.4 m |

## Cash From Operating Activities | 16.7 m | 32 m | 28.1 m | 30 m |

## Purchases of PP&E | (15.3 m) | (18.2 m) | (19.5 m) | (30.1 m) |

## Cash From Investing Activities | (15.7 m) | (18.6 m) | (20.5 m) | (33.7 m) |

## Cash From Financing Activities | (751 k) | (8.8 m) | (4.7 m) | 4.2 m |

## Interest Paid | 1 m | 1.1 m | 878 k | 574 k |

## Income Taxes Paid | 8.9 m | 9.2 m | 7.4 m | 9.4 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 4.2 m | 3 m | 4.1 m | 3.7 m | 2.9 m | 4.4 m | 4.4 m | 3.2 m | 4.6 m |

## Depreciation and Amortization | 4.1 m | 4.3 m | 4.4 m | 4.2 m | 4.1 m | 4.3 m | 4.4 m | 4.6 m | 4.7 m |

## Accounts Payable | 17.4 m | 15.6 m | 14.2 m | 13.3 m | 12.6 m | 17.1 m | 15.9 m | 14.1 m | 16.7 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 94.8 k |

## Financial Leverage | 1.2 x |