Exactech cuts Q3 EPS view to 19c-21c from 23c-25c, consensus 24c
Exactech said it is adjusting guidance for the third quarter of 2017 as a result of the impact of Hurricanes Irma and Harvey. CEO and President David Petty said the estimated US revenue impact of the two hurricanes was approximately $1.2M to sales in Q3 across Florida, Texas, Georgia and the Carolinas. "We were fortunate that our facilities were undamaged during the hurricanes. However, the storms caused our surgeon customers in the affected states to postpone scheduled surgeries, directly affecting our Q3 revenue stream. In addition, due to hurricane preparation procedures at our Gainesville and Sarasota locations, our manufacturing and shipping operations lost two days of operating capacity. As a result, domestic revenues were near the bottom of our expectations. We now expect to report approximately $61.4MM in worldwide revenue for the third quarter. We also are adjusting our EPS guidance for the quarter to 19c-21c per share, a reduction of approximately 4c per share from our previously issued guidance of 23c-25c per share due to the net income impact of these lower revenues as well as the impact of the operations interruption," Petty said.