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EXACTECH INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2017 10-Q, filed Nov 8, 2017. Its latest SEC filing is a EFFECT from Mar 6, 2018.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Sells joint replacement implants, surgical instruments and biologic products to hospitals, surgeons and other physicians.

How Did They Make Money?

FY2016 revenue

Who Were Their Customers?

Hospitals, surgeons, other physicians and clinics are customers. In the United States, independent sales agencies and direct sales representatives sell the products; internationally, Exactech uses independent distributors and wholly owned subsidiaries.

Did Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2016, but spent more cash than it brought in: free cash flow was −$15K.

Operating income, FY2016
3% of revenue
▼ −66% vs FY2015 ($22.3M, 9%)
Net income, FY2016
0% of revenue
▼ −99% vs FY2015 ($14.8M, 6%)
Free cash flow, FY2016
0% of revenue
▼ Now a loss vs FY2015 ($8.6M, 4%)

How Were They Changing?

Since the FY2016 annual report
Latest quarter: Q3 FY2017, the three months to Sep 30, 2017
Revenue
▲ +2%
vs $59.9M in Q3 FY2016
Net income
▼ −8%
vs $3.2M in Q3 FY2016
  • Feb 15, 2018 TPG completed its acquisition of Exactech; shares were delisted Common shares were converted into the right to receive $49.25 in cash, except for specified shares held by founders and management shareholders.
  • Dec 4, 2017 TPG merger consideration increased to $49.25 per share The amended merger agreement increased the cash consideration from $42.00 per share.
  • Oct 23, 2017 Exactech agreed to be acquired by TPG The merger agreement provided for $42.00 in cash per share, with specified management shares exchanged for equity in the parent.

Grew. Revenue grew 15% in 4 years, from $224.3M in FY2012 to $257.6M in FY2016, about 4% a year.

Spine business divested The earlier report described a spine product business, including spinal fusion implants and instrumentation. The latest report says Exactech decided to divest the spine products business and completed the sale of its spine assets.

Who Did They Compete With?

Competes with DePuy Synthes, Zimmer Biomet, Stryker, and Smith and Nephew

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