Exactech Sells Spine Assets to ChoiceSpine

Exactech, a developer and producer of bone and joint restoration products for extremities, hip, knee and spine, said Wednesday it sold its spine asset to ChoiceSpine for an undisclosed sum after a decision to overhaul its Spine and Biologics business.

The restructuring and losses on the impairment of Spine and Biologics assets, including goodwill and spine assets sold, will result in a pre-tax charge to 2016 earnings in the range of $15-17 million, the company said. It will report 2016 earnings on Feb. 21.

The company said it expects 2017 revenue to be in the range of $264 – $272 million and earnings per share to be in the range of $1.24 to $1.32, straddling the consensus for $1.28 on EPS and $270 million on revenues.Shares fell over 2% to the lowest since November.

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