Exactech reported $3.7 million in net income for the second quarter of 2015.
Here are five things to know about the company's financial report:
1. Exactech reported a 4 percent decrease in second quarter revenue, reaching $61.5 million.
2. Net income was also down to $3.7 million from $4.2 million compared to a year ago.
3. Weakened Euro and Japanese Yen relative to the U.S. dollar impacted the second quarter financial report.
4. The revenue for each business line was:
• Extremity implant: 8 percent increase to $20.5 million
• Knee implant: 10 percent decrease to $19 million
• Hip implant: 2 percent decrease to $10.9 million
• Biologic and spine: 9 percent decrease to $5.9 million
• Other revenue: 15 percent decrease to $5.2 million
5. For the six months end, revenue decreased 3 percent to $122.9 million. Net income was down 7 percent to $7.8 million.
6. In the first half of the year, Exactech faced strong currency headwinds and worked to optimize inventory flow and supply service levels. The company executed some disruptive but "necessary" changes within its domestic sales channel. The company also invested heavily in new products, many of which will be used in the second half of the year.
7. Sales in the United States were down 2 percent in the first half of the year to $82.5 million. U.S. sales for the second quarter were also down 2 percent to $41.3 million.
8. United States sales represented 67 percent of total sales.
9. Gross margins decreased as expected for the second quarter due to pricing and currency impacts. The total operating expenses for the quarter were down 4 percent to $36 million.
10. The company updated revenue guidance for the full year to reach $246 million to $250 million.