Exactech (EXAC) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $11.79 million, or $ 0.83 a share in the quarter, against a net profit of $4.12 million, or $0.29 a share in the last year period.
Revenue during the quarter grew 5.58 percent to $66.23 million from $62.73 million in the previous year period. Gross margin for the quarter contracted 108 basis points over the previous year period to 68.53 percent. Operating margin for the quarter stood at negative 14.95 percent as compared to a positive 8.85 percent for the previous year period.
Operating loss for the quarter was $9.90 million, compared with an operating income of $5.55 million in the previous year period.
Exactech chief executive officer and president David Petty said, "We are pleased with our strong performance in 2016 and we believe we are well positioned for another solid year in 2017. The 2016 results reflect excellent surgeon acceptance of Exactech innovations, including our three new revision systems, as well as the positive impact of our sales channel development strategy.
For the first-quarter, Exactech projects revenue to be in the range of $66 million to $68 million. The company forecasts diluted earnings per share to be in the range of $0.26 to $0.28. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.30 to $0.32.
For financial year 2017, Exactech projects revenue to be in the range of $264 million to $272 million. The company forecasts diluted earnings per share to be in the range of $1.20 to $1.28, the company forecasts diluted earnings per share to be in the range of $1.24 to $1.32 on adjusted basis.
Debt moves upExactech has witnessed an increase in total debt over the last one year. It stood at $20 million as on Dec. 31, 2016, up 25 percent or $4 million from $16 million on Dec. 31, 2015. Total debt was 6.80 percent of total assets as on Dec. 31, 2016, compared with 5.77 percent on Dec. 31, 2015. Debt to equity ratio was at 0.09 as on Dec. 31, 2016, up from 0.07 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
