Exactech, Inc. Celebrate 20th Anniversary of Nasdaq Listing in StyleMay 7th, 2016 by gainesvillechamber
Founders of Exactech, Inc. celebrated the 20th anniversary of the company’s Nasdaq listing by ringing the Nasdaq Closing Bell on Tuesday, May 3. Bill Petty, M.D., Betty Petty and Gary Miller, Ph.D., traveled to the Nasdaq MarketSite in Times Square for the special milestone.
Exactech, Inc. (Nasdaq: EXAC), a Chamber member since 1989, is a developer and producer of bone and joint restoration products and biologic materials for extremities, knee, hip and spine.
“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,” said Exactech Chief Executive Officer David Petty. “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.”
Founded in 1985 by an orthopaedic surgeon, his wife and a biomedical engineer, Exactech’s first product was a cemented primary hip system, followed quickly by additional hip joint products. Building on its success in total hip replacement, the company established a relationship with Albert Burstein, PhD, and the Hospital for Special Surgery in 1992 to develop its first knee implant, the Optetrak® knee system. To raise capital to support full commercialization of Optetrak, Exactech went public with an IPO on Nasdaq in 1996 at a post-2003 2-for-1 stock split price of $4.00. The company’s IPO market cap was approximately $39 million. At the end of 1996, the company reported $13.8 million in sales and net income of $1.5 million, and has been profitable every year since.
Exactech entered the extremities market in 2005 with the launch of the Equinoxe® platform shoulder system. This product quickly gained surgeon acceptance and has been a market leader for more than 10 years. Today, Equinoxe is one of the fastest-growing shoulder systems on the market, with more than 60,000 patients treated and 73 peer-reviewed studies published.
With a focus on international expansion that was initiated in 2010, the company now operates in more than 35 countries in Europe, Latin America, Asia and the Pacific, including direct operations in nine markets outside the United States. In 2014, Exactech acquired an advanced, computer-assisted surgical technology company and introduced ExactechGPS® Guided Personalized Surgery, which has the potential to change the way total joint replacement surgery is performed.
Over the past 20 years, Exactech also developed biologic materials, invested heavily in internal manufacturing, introduced the first preformed antibiotic spacer for hip, knee and shoulder in the United States and acquired a spine company and additional spine technology.
At year-end 2015, Exactech reported revenues of $241.8 million and net income of $14.8 million with a market cap of more than $300 million. This year, the company will bring to market three systems to address complex hip, knee and shoulder surgeries in revision arthroplasty, followed by the VantageTM total ankle in 2017. The stock closed Friday April 29th, 2016 at $22.74.