Exactech Australia Becomes Exactech Subsidiary and Ninth Direct Operation
Gainesville, Fla. – February 1, 2016 — Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for extremities, knee, hip, spine and biologics, announced today the acquisition of its independent distribution partner, Exactech Australia Pty Ltd, effective Feb. 1, 2016.
The purchase included all the stock and assets of Exactech Australia, a Sydney-based importer and distributor of Exactech’s orthopaedic implants, instrumentation and advanced surgical technology.
Exactech Vice President of International Sales & Marketing Daniel Berdat said, “Led by David Bing who will be the operation’s Managing Director, the Exactech Australia team has proven to be a profitable growth partner in an attractive market for the past four years. They were global leaders in the early distribution of our ExactechGPS® technology for computer assisted surgery and have developed a strong presence for our hip, knee and shoulder reconstruction products throughout Australia. Going direct in this market will allow us to provide even greater service to our customers and allow us to further invest in our competitive technologies.”
Exactech Australia has been an important partner to Exactech in establishing a presence in the Asia Pacific market. This sales and marketing operation distributes through independent agencies throughout Australia.
“We are delighted that key members of their existing management team will stay on as part of the new Exactech subsidiary,” Berdat said.
With this acquisition, Exactech now has direct operations in nine global markets with distribution in more than 35 countries.
Terms of the purchase were not disclosed but will be factored into Exactech’s 2016 guidance to be included in the company’s Q4 2015 earnings release later in February.
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech’s orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States, in addition to more than 30 markets in Europe, Latin America, Asia and the Pacific. Additional information about Exactech, Inc. can be found at https://www.exac.com. Copies of Exactech’s press releases, SEC filings, current price quotes and other valuable information for investors may be found at https://www.exac.com and https://www.hawkassociates.com.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
Executive Vice President of Finance & Chief Financial Officer
Julie Marshall or Frank Hawkins
Vice President, Corporate & Marketing Communication