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Exactech cuts Q3 EPS guidance citing impact from Hurricanes Irma, Harvey

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Exactech cuts Q3 EPS guidance citing impact from Hurricanes Irma, Harvey

Exactech Inc. said Hurricanes Irma and Harvey impacted its U.S. revenue for the third quarter.

The impact from the hurricanes was about $1.2 million to sales across Florida, Texas, Georgia and the Carolinas during the period, said CEO and President David Petty.

Petty said the hurricanes caused its customers to postpone scheduled surgeries, directly affecting its revenue stream for the quarter. Also, manufacturing and shipping operations lost two days of operating capacity due to hurricane preparation procedures at the Gainesville and Sarasota locations.

Exactech now expects to report about $61.4 million of worldwide revenue for the third quarter. It also revised its EPS forecast for the quarter to a range of 19 to 21 cents, down from previous EPS guidance of 23 to 25 cents due to the net income impact of the lower revenues and the impact of the operations interruption.