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news.Exactech, a developer and marketer of orthopedic implant devices, has reported a net income of $3.1 million, or $0.24 per diluted share, for the fourth quarter of 2008, an increase of 15%, compared to $2.7 million, or $0.23 per fully diluted share, for the fourth quarter of 2007.
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Net income for the year ended December 31, 2008 was $11.1 million, or $0.87 per fully diluted share, compared to $8.4 million, or $0.72 per diluted share, for the year ended December 31, 2007.
For the fourth quarter of 2008, the company reported net sales of $40.3 million, an increase of 22%, compared to $33.1 million for the corresponding period of 2007. For the year ended December 31, 2008, the company posted net revenue of $161.7 million, an increase of 30%, compared to $124.2 million for the year ended December 31, 2007.
Bill Petty, Exactech’s chairman and CEO, said: “This was another strong year for Exactech. We had solid double-digit growth in all lines of business, with overall revenue increasing 30% to $161.7 million.
“With the combining of our biologic and spine divisions led by seasoned orthopedic executive Bruce Thompson, we will be reporting biologic and spine revenues together as one segment. Revenues for this segment totaled $26.5 million in 2008, which includes revenue of $7.2 million from spine products.”