Exactech's board of directors authorized a 1 million share buy back of company shares over the next two years.
Here are five key notes:
1. The stock is presently trading at a level that is an attractive investment for the company itself based on historical prices, said CEO David Petty.
2. The company's revenue dropped 3 percent in the third quarter year-over-year to $57.9 million. The net income was down 4 percent to $2.9 million, or $0.20 per diluted share.
3. In the first nine months of the year, United States sales were flat at $123.3 million. The U.S. sales represent 72 percent of total sales.
4. Exactech reported 2015 revenue guidance at $239 million to $241 million and updated the diluted EPS target at $1.02 to $1.04.
5. In October, the company launched the Acapella One CervialSpacer System with integrated anchors.
"We feel confident about the business prospects for our company as well as the likelihood of achieving these prospects," said Mr. Petty. "Economic and other market conditions, available funds and future capital requirements and alternatives available to Exactech, also led us to believe that it is in the best interests of the company and its shareholders for Exactech to undertake this repurchase to further strengthen our present and future financial position."