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Biotech / Medical : Exactech (EXAC)
EXAC 49.250.0%Feb 14 4:00 PM EST
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To: HARRY GIBSON who wrote (45)9/5/1997 11:54:00 AM
From: Robert G. Harrell   of 118
 
Harry,
The short answer is as received on my Zacks overnight portfolio update: EXAC: SOUTHEAST RESEARCH decreased estimates for quarter ending 12/97 from $0.11 to $0.10 on 08/22/97
EXAC: SOUTHEAST RESEARCH changed recommendation from Strong Buy to Hold on 08/22/97

This is at least the second downgrade in recent months. The last one was $0.10 off FY97 and FY98 if I remember correctly. Zacks has lowered it to a moderate sell.

I just got off the phone with Julie Marshall at Hawk Associates and she assured me that there was no fundamental problem with the company. Apparently the company was initially overly optimistic about the initial sales of the AuRA hip replacement system. They have since told the analysts that it will be a little slower out the gate than originally thought. I notice in the annual report that they didn't plan full scale marketing until 3Q 97 so they may not be that far off plan. I missed the first 10-12 minutes of the conference call but from what I did hear, they are making some adjustments in their sales force. I remember them mentioning that one rep had sort of dropped off the face of the planet. Julie is going to send me a tape of the conference call. If I discover anything of substance on it, I'll post it.

Julie didn't say this but I wouldn't be surprised if currency fluctuations might have knocked a little off earnings. I think they have significant sales overseas. This dip is probably a good buying opportunity.

Go Gators
Bob
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