avatar Exactech, Inc. Manufacturing
  • Location: Florida 
  • Founded:
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    “We appreciate this opportunity to commemorate 20 years on Nasdaq and to recognize the positive impact our company’s growth has had on employees, surgeon customers and the patients whose lives are improved by our products. Exactech has always taken a unique approach to the business of orthopaedics. Our purpose of improving outcomes for patients and our unwavering focus on meeting our surgeons’ needs have also yielded solid financial returns for our shareholders. We ring the bell in honor of our past and with eager anticipation of our future.” – Exactech President and CEO David Petty Market Closing Bell Ceremony, Nasdaq MarketSite New York’s Times Square, Tuesday, May 3, 2016 From left to right, Gary Miller, PhD, Betty Petty, DavId Petty, William Petty, MD Press Photos by Christopher Galluzzo DEAR SHAREHOLDERS The year 2016 marked a number of milestones for our share charges related to impairment, restructuring and tax company and our shareholders. We celebrated the 20-year valuation allowances, and compares to 2015 net income of anniversary of our listing on the Nasdaq stock exchange $14.8 million and diluted earnings per share of $1.04. The by ringing the market-closing bell. Our shoulder system impairment and restructuring charges were due, in part, to achieved $100 million in sales. We were gratified by challenges in the Spine business, a market which we exited excellent surgeon acceptance of Exactech innovations, during the first quarter of 2017. Excluding these charges, notably revision hip, knee and shoulder systems. And our 2016 adjusted net income and adjusted diluted earnings channel development strategy complemented these new per share were $16.8 million and $1.18, respectively; an products in a positive and ongoing way, making us well 21% increase compared to 2015 adjusted net income and positioned for a strong 2017. adjusted diluted earnings per share of $13.9 million and $0.98. With 16% growth and the $100 million base, our extremities segment continues to be a crown jewel in Exactech’s Looking ahead, we plan to launch a new comprehensive operating results. Surgeons recognize and patients knee system, TruliantTM, during the second half of 2017. increasingly benefit from our comprehensive Equinoxe® We are expanding our ExactechGPS® computer assisted platform shoulder system and its highly competitive range surgery system from one to four applications including two of glenoid solutions. Add to this segment the new Vantage® additions to further support knee surgery as well as our first Total Ankle System where initial surgeries continue to application for the shoulder. We will continue to execute go well. our sales force development initiative, which has been an important contributor to our growth. These plans, in addition Our knee business delivered 4% growth as we ramped up to our decision to exit the spine business and some other the revision knee rollout in the fourth quarter, which should strategic restructuring, position Exactech for improved carry momentum into 2017. Hip segment revenues grew profitability in 2017 and beyond. We are proud of Exactech 8% based on contribution from the Alteon® Monobloc people around the world who remain dedicated to making Revision Hip Stem. Biologics & spine revenues decreased the company and our products better than ever. 14% to $19.5 million from $22.8 million, and other revenues decreased 9% to $14.8 million. Overall, revenue for 2016 increased 7% to $257.6 million from $241.8 million in 2015. Domestic revenue increased 5% to $176.8 million and international revenue increased 10% to $80.8 million in 2016. Diluted earnings per share for the year was $0.01 based on net income of $0.2 million, but that includes a reduction of $1.17 in earnings per

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    Director Emeritus ALBERT H BURSTEIN, PHD Senior Scientist Emeritus, Department of Research, Hospital for Special Surgery, New York, New York JAMES G. BINCH W. ANDREW KRUSEN, JR. WILLIAM B. LOCANDER, PHD BOARD OF DIRECTORS Managing Director, Lincolnshire Chairman and Chief Executive Dean, Joseph A. Butt, SJ Management, New Canaan, Officer, Dominion Financial College of Business, Loyola Connecticut Group, Inc., Tampa, Florida University, New Orleans, Louisiana DAVID W. PETTY WILLIAM PETTY, MD RICHARD C. SMITH FERN S. WATTS Chief Executive Officer, Executive Chairman and Quinn Emanuel Urquhart and Attorney at Law, Miami, President and Director, Chairman of the Board, Sullivan LLP, Washington, DC Florida Exactech, Inc. Exactech, Inc. DONNA H. EDWARDS, JD GARY J. MILLER, PHD BETTY PETTY CORPORATE OFFICERS Vice President, Legal Executive Vice President, Vice President, Research and Development Administration and Corporate Secretary DAVID W. PETTY WILLIAM PETTY, MD JOEL C. PHILLIPS, CPA BRUCE THOMPSON Chief Executive Officer, Executive Chairman and Executive Vice President, Chief Senior Vice President, President and Director Chairman of the Board Financial Officer and Treasurer General Manager, Biologics and Spine Division Legal Counsel Independent Registered Investor Contact Transfer Agent Audit Committee Greenberg Traurig, PA Public Accounting Firm Julie Marshall and Frank N. Hawkins, Jr. American Stock Transfer James G. Binch, Chairman 333 SE 2nd Avenue RSM US LLP Hawk Associates, Inc. and Trust Co. W. Andrew Krusen, Jr. Miami, Florida 33131 4725 Piedmont Row Drive 227 Atlantic Blvd. 6201 15th Avenue, 2nd Floor Richard C. Smith Suite 300 Key Largo, Florida 33037 Brooklyn, New York 11219 Charlotte, North Carolina 28210 305-451-1888 www.hawkassociates.com

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    ANNUAL SHAREHOLDER’S MEETING May 4, 2017, 9am Corporate Headquarters GLOBAL HEADQUARTERS 2320 NW 66TH COURT GAINESVILLE, FL 32653 USA  +1 352.377.1140 +1 800.EXACTECH  +1 352.378.2617 X www.exac.com ©2017 Exactech. 710-04-02 0316

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