Exactech 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Trading Symbol	EXAC
Document Fiscal Period Focus	Q2
Entity Registrant Name	EXACTECH INC
Entity Central Index Key	913,165
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,149,038

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 10,052,000	$ 12,713,000
Accounts receivable, net of allowances of $1,239 and $1,011	54,143,000	52,442,000
Prepaid expenses and other assets, net	4,155,000	2,552,000
Income taxes receivable	312,000	486,000
Inventories – current	74,913,000	71,429,000
Total current assets	143,575,000	139,622,000
PROPERTY AND EQUIPMENT:
Land	4,505,000	4,494,000
Machinery and equipment	38,595,000	37,008,000
Surgical instruments	131,489,000	123,533,000
Furniture and fixtures	4,722,000	4,655,000
Facilities	21,322,000	20,348,000
Projects in process	1,835,000	1,218,000
Total property and equipment	202,468,000	191,256,000
Accumulated depreciation	(98,142,000)	(96,713,000)
Net property and equipment	104,326,000	94,543,000
OTHER ASSETS:
Deferred financing and deposits, net	891,000	858,000
Deferred tax assets	777,000
Non-current inventories	11,459,000	8,995,000
Goodwill	22,265,000	18,850,000
Total other assets	47,888,000	41,342,000
TOTAL ASSETS	295,789,000	275,507,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	15,888,000	13,932,000
Income taxes payable	950,000	603,000
Accrued expenses and other liabilities	11,096,000	9,498,000
Other current liabilities	2,768,000	792,000
Total current liabilities	30,702,000	24,825,000
LONG-TERM LIABILITIES:
Deferred tax liabilities	423,000	443,000
Line of credit	20,000,000	16,000,000
Other long-term liabilities	5,787,000	5,850,000
Total long-term liabilities	26,210,000	22,293,000
Total liabilities	56,912,000	47,118,000
SHAREHOLDERS’ EQUITY:
Common stock	143,000	142,000
Additional paid-in capital	85,156,000	81,963,000
Treasury Stock	(3,042,000)
Accumulated other comprehensive loss	(10,438,000)	(11,986,000)
Retained earnings	167,058,000	158,270,000
Total shareholders’ equity	238,877,000	228,389,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	295,789,000	275,507,000
Product licenses and designs
OTHER ASSETS:
Product licenses and designs, net	10,614,000	11,121,000
Patents and trademarks
OTHER ASSETS:
Product licenses and designs, net	1,293,000	1,426,000
Customer relationships
OTHER ASSETS:
Product licenses and designs, net	$ 589,000	$ 92,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,239	$ 1,011

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
NET SALES	$ 66,124	$ 61,493	$ 131,422	$ 122,869
COST OF GOODS SOLD	20,268	19,334	40,636	37,976
Gross profit	45,856	42,159	90,786	84,893
OPERATING EXPENSES:
Sales and marketing	23,835	21,464	47,154	43,314
General and administrative	5,640	5,776	11,554	11,623
Research and development	5,329	4,602	10,399	9,131
Depreciation and amortization	4,410	4,182	8,734	8,624
Total operating expenses	39,214	36,024	77,841	72,692
INCOME FROM OPERATIONS	6,642	6,135	12,945	12,201
OTHER INCOME (EXPENSE):
Interest income	2	2	6	4
Other income	32	37	72	65
Interest expense	(268)	(275)	(530)	(577)
Foreign currency gain (loss), net	98	(557)	592	(759)
Total other income (expense)	(136)	(793)	140	(1,267)
INCOME BEFORE INCOME TAXES	6,506	5,342	13,085	10,934
PROVISION FOR INCOME TAXES	2,120	1,681	4,297	3,161
NET INCOME	$ 4,386	$ 3,661	$ 8,788	$ 7,773
BASIC EARNINGS PER SHARE	$ 0.31	$ 0.26	$ 0.62	$ 0.56
DILUTED EARNINGS PER SHARE	$ 0.31	$ 0.26	$ 0.62	$ 0.55

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 4,386	$ 3,661	$ 8,788	$ 7,773
Other comprehensive income (loss), net of tax:
Change in fair value of cash flow hedge		22	0	4
Change in currency translation	(1,024)	488	1,548	(2,786)
Other comprehensive income (loss), net of tax	(1,024)	510	1,548	(2,782)
Comprehensive income	$ 3,362	$ 4,171	$ 10,336	$ 4,991

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES:
Net income	$ 8,788,000	$ 7,773,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for allowance for doubtful accounts and sales returns	228,000	52,000
Inventory allowance	1,748,000	529,000
Depreciation and amortization	9,367,000	9,429,000
Restricted common stock issued for services	193,000	213,000
Compensation cost of stock awards	988,000	921,000
Loss on disposal of equipment	678,000	1,126,000
Foreign currency option loss	221,000	261,000
Foreign currency exchange (gain) loss	(926,000)	498,000
Deferred income taxes	(958,000)	(1,239,000)
Changes in assets and liabilities, net of business combination effect, which provided (used) cash:
Accounts receivable	(1,986,000)	(3,070,000)
Prepaids and other assets	(1,549,000)	(1,186,000)
Inventories	(6,708,000)	3,276,000
Accounts payable	1,501,000	(1,377,000)
Income taxes receivable/payable	537,000	627,000
Accrued expense & other liabilities	741,000	501,000
Net cash provided by operating activities	12,863,000	18,334,000
INVESTING ACTIVITIES:
Purchases of property and equipment	(17,498,000)	(11,605,000)
Purchase of business, net of cash acquired	(833,000)	(2,566,000)
Proceeds from sale of property and equipment	118,000	0
Net cash used in investing activities	(18,213,000)	(14,171,000)
FINANCING ACTIVITIES:
Net borrowings on line of credit	4,000,000	0
Principal payments on debt	0	(1,500,000)
Payments of contingency consideration	669,000	0
Payments on capital leases	(25,000)	(36,000)
Debt issuance costs	0	(15,000)
Repurchase of common stock	(3,042,000)	0
Proceeds from issuance of common stock	2,433,000	2,309,000
Net cash provided by financing activities	2,697,000	758,000
Effect of foreign currency translation on cash and cash equivalents	(8,000)	(120,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,661,000)	4,801,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	12,713,000	10,051,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	10,052,000	14,852,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	286,000	413,000
Income taxes	5,642,000	3,930,000
Non-cash investing and financing activities:
Change in fair value of cash flow hedge	0	4,000
Capitalized lease additions	29,000	0
Purchase of equipment payable	289,000	0
Business combination, contingent consideration payable	$ 2,147,000	$ 6,349,000

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis Of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Exactech, Inc. and its subsidiaries (the “Company” or “Exactech”, “we”, “us” or “our”), which are for interim periods, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission relating to interim financial statements. These unaudited condensed consolidated financial statements do not include all disclosures provided in the Company's audited annual financial statements. The condensed financial statements should be read in conjunction with the audited financial statements and notes contained in Exactech's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission. In the opinion of management, all adjustments considered necessary for a fair presentation have been included, consisting of normal recurring adjustments. Our subsidiaries, Exactech Asia, Exactech UK, Exactech Japan, Exactech France, Exactech Taiwan, Exactech Deutschland, Exactech Ibérica, Exactech International Operations, Blue Ortho, Exactech Australia and Exactech U.S., are consolidated for financial reporting purposes, and all intercompany balances and transactions have been eliminated. Results of operations for the six month period ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year. Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. During the first quarter of 2016, we changed the classification of surgical instrumentation not yet placed in service from non-current inventory in the other assets category to surgical instrumentation in the property, plant and equipment category. In order to present comparable financial statements, we reclassified $14.4 million of non-current inventory in the December 31, 2015 balance sheet to property, plant and equipment. We also reclassified the effect of the classification change on the cash flow statement for the six months ended June 30, 2015 by reducing cash used for inventory by $2.2 million in cash flow from operations and increasing the cash used for property, plant and equipment in cash flow from investing. The prior period reclassification had no impact on our condensed consolidated statements of income or equity in the condensed consolidated balance sheets.

New Accounting Pronouncements A

New Accounting Pronouncements And Standards	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements And Standards	2. NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS In March 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance related to accounting for employee share-based payments. The guidance simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. We are currently assessing the impact of adopting this guidance on our financial statements. In February 2016, the FASB issued updated guidance on leases. The new standard requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. A modified retrospective approach should be applied for leases existing at the beginning of the earliest comparative period presented in the financial statements. The guidance is effective for annual and interim periods beginning after December 15, 2018, and early adoption is permitted. We are currently assessing the impact of adopting this guidance on our financial statements. In November 2015, the FASB issued amended guidance on income taxes, which simplifies the classification of deferred income tax liabilities and assets in a classified statement of financial position. The amendment requires entities that present a classified balance sheet to classify all deferred tax liabilities and assets as a noncurrent amount. The amendment is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and may be early adopted on a prospective basis or on a retrospective basis to all periods presented. In the first quarter of 2016 we adopted the amended guidance on a retrospective basis, and reclassified $1.7 million of current deferred tax assets to non-current deferred tax liabilities as of December 31, 2015. In September 2015, the FASB issued guidance on business combination provisional adjustments during the measurement period. The new standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance is effective for annual and interim periods beginning on or after December 15, 2017, and early application is permitted. We are currently assessing the impact of adopting this guidance on our financial statements; however, we do not expect the adoption of this guidance to have a material impact on our financial position or results of operations. In May 2014, the FASB issued new revenue recognition guidance that supersedes the existing revenue recognition guidance and most industry-specific guidance applicable to revenue recognition. The new guidance is based on the principle that revenue is recognized upon the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and clarify guidance for multiple-element arrangements. In July 2015, the FASB delayed the effective date of this guidance by one year. The guidance is effective for the first fiscal quarter of 2018, and early application is not permitted earlier than January 1, 2015. We are currently assessing the impact of adopting this guidance on our financial statements.

Fair Value Measures

Fair Value Measures	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measures	3. FAIR VALUE MEASURES Our financial instruments include cash and cash equivalents, trade receivables, debt, and foreign currency hedges. The carrying amounts of cash and cash equivalents, and trade receivables approximate fair value due to their short maturities. The carrying amount of debt approximates fair value due to the variable rate associated with the debt. The fair values of foreign currency hedges are based on dealer quotes. The table below provides information on our liabilities that are measured at fair value on a recurring basis: (In Thousands) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2016 Liabilities Contingent consideration $ 8,369 $ — $ — $ 8,369 Total: $ 8,369 $ — $ — $ 8,369 December 31, 2015 Liabilities Contingent consideration $ 6,222 $ — $ — $ 6,222 Total: $ 6,222 $ — $ — $ 6,222 The fair value of our contingent consideration liability is management's best estimate based on the present value of estimated payment scenarios, which is determined based on inputs not observable in the market. We use assumptions we believe would be made by a market participant. We evaluate our estimates on a quarterly basis, as additional data impacting the assumptions is obtained, and recognize any changes in the unaudited condensed consolidated statements of income. See Note 12, Business Acquisition, for further discussion on the contingent consideration.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	4. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill – The following table provides the changes to the carrying value of goodwill for the six month period ended June 30, 2016: (in thousands) Extremities Knee Hip Biologics and Spine Other Total Balance as of December 31, 2015 $ 4,461 $ 5,132 $ 904 $ 7,553 $ 800 $ 18,850 Acquired goodwill 927 1,545 463 — 154 3,089 Foreign currency translation effects 129 134 40 — 23 326 Balance as of June 30, 2016 $ 5,517 $ 6,811 $ 1,407 $ 7,553 $ 977 $ 22,265 We test goodwill for impairment annually as of the 1 st Other Intangible Assets – The following table summarizes the carrying values of our other intangible assets at June 30, 2016 and December 31, 2015: (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Weighted Avg Amortization Period Balance at June 30, 2016 Product licenses and designs $ 16,822 $ 6,208 $ 10,614 11.0 Patents and trademarks 4,678 3,385 1,293 14.2 Customer relationships 3,503 2,914 589 6.9 Balance at December 31, 2015 Product licenses and designs $ 16,675 $ 5,554 $ 11,121 11.0 Patents and trademarks 4,678 3,252 1,426 14.2 Customer relationships 2,923 2,831 92 6.9

Hedging Activities And Foreign

Hedging Activities And Foreign Currency Translation	6 Months Ended
	Jun. 30, 2016
Foreign Currency Translation And Hedging Activities [Abstract]
Hedging Activities And Foreign Currency Translation	5. HEDGING ACTIVITIES AND FOREIGN CURRENCY TRANSLATION Foreign Currency Transactions The following table provides information on the components of our foreign currency activities recognized in the unaudited condensed consolidated statements of income: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Foreign currency transactions gain (loss) $ 200 $ 110 $ 926 $ (498 ) Foreign currency option loss (102 ) (667 ) (334 ) (261 ) Foreign currency gain (loss), net $ 98 $ (557 ) $ 592 $ (759 ) Foreign Currency Transactions – Gains and losses resulting from our transactions and our subsidiaries’ transactions that are made in currencies different from our and their own are included in income as they occur and as other income (expense) in the condensed consolidated statements of income. Foreign Currency Options – During 2016, we entered into foreign currency forward contracts as economic hedges against the exchange rate fluctuations of the U.S. Dollar (USD) against the Euro (EUR), the British Pound (GBP) and the Japanese Yen (JPY). During the six months ended June 30, 2016, we recognized losses of $0.3 million related to these instruments. The recognized losses are recorded in other income (expense) in the unaudited condensed consolidated statements of income related to the fair value of these currency options based upon dealers’ quotes. During 2015, we entered into foreign currency forward contracts as economic hedges against the strengthening of the USD against the EUR and the JPY. During the six months ended June 30, 2015, we recognized a loss of $0.3 million in the condensed consolidated statements of income related to the fair value of these currency options based upon dealers’ quotes. Foreign Currency Translation We are exposed to market risk related to changes in foreign currency exchange rates. The functional currency of substantially all of our international subsidiaries is their local currency. Transactions are translated into USD, and translation gains and losses are recognized in “Other comprehensive income (loss)”. Fluctuations in exchange rates affect our financial position and results of operations. The majority of our foreign currency exposure is to the EUR, GBP, Australian Dollar (AUD) and JPY. During the six months ended June 30, 2016, translation gains were $1.5 million, which were primarily due to the weakening of the GBP and offset partially by the strengthening of the JPY and the AUD in each case against the USD. During the six months ended June 30, 2015, translation losses were $2.8 million, which were primarily due to the weakening of the JPY against the USD, offset partially by the strengthening of the EUR and GBP against the USD. While we may experience translation gains and losses during the balance of the year ending December 31, 2016, these gains and losses are not expected to have a material adverse effect on our financial position, results of operations or cash flows. Hedging Activities We do not enter into or hold derivative instruments for trading or speculative purposes. During December 2015, we terminated our interest rate swap, which we had entered into to eliminate variability in future cash flows by converting LIBOR-based variable-rate interest payments into fixed-rate interest payments. The fair value of our interest rate swap agreement was based on dealer quotes. The change in fair value during the six months ended June 30, 2015 of $4,000 was recorded as accumulated other comprehensive loss in the consolidated balance sheets.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	6. INVENTORIES Inventories are valued at the lower of cost or net realizable value, using a FIFO method, and include implants consigned to customers and agents. The consigned or loaned inventory remains our inventory until we are notified of implantation. We are also required to maintain substantial levels of inventory, as it is necessary to maintain all sizes of each component to fill customer orders. The size of the component to be used for a specific patient is typically not known with certainty until the time of surgery. Due to this uncertainty, a minimum of one of each size of each component in the system to be used must be available to each sales representative at the time of surgery. As a result of this need to maintain substantial levels of inventory, we are subject to the risk of inventory obsolescence, and having to carry inventory in excess of expected sales (slow moving inventory). In the event that a substantial portion of our inventory becomes obsolete, it would have a material adverse effect on the Company. An allowance charge for slow moving inventories is recorded based upon an analysis of slow moving inventory items. For slow moving inventory, this analysis compares the quantity of inventory on hand to the historical sales of such inventory. As a result of this analysis, we record an estimated allowance for slow moving inventory. Due to the nature of slow moving inventory and changes in sales patterns and release schedules, this allowance may fluctuate up or down, as a charge or recovery. For items that we identify as obsolete, we record a charge to reduce their carrying value to net realizable value. Allowance charges for the three and six months ended June 30, 2016 were $394,000 and $1,748,000, respectively. Allowance charges for the three and six months ended June 30, 2015 were $491,000 and $529,000, respectively. The allowance charges increased as a result of our inventory builds for new and existing products. We also test our inventory levels for the amount of inventory that we expect to sell within one year. At certain times, such as when we stock new subsidiaries, add consignment locations, and launch new products, the level of inventory can exceed the forecasted level of cost of goods expected to be sold for the next twelve months. We classify such inventory as non-current. The following table summarizes our classifications of inventory as of June 30, 2016 and December 31, 2015: (in thousands) June 30, 2016 December 31, 2015 Raw materials $ 20,622 $ 19,481 Work in process 1,791 1,633 Finished goods on hand 15,403 14,497 Finished goods on loan/consignment 48,556 44,813 Inventory total 86,372 80,424 Non-current inventories 11,459 8,995 Inventories, current $ 74,913 $ 71,429

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax	7. INCOME TAX At June 30, 2016, net operating loss carry forwards of our foreign and domestic subsidiaries totaled $27.3 million, some of which begin to expire in 2020. For accounting purposes, the estimated tax effect of these net operating loss carry forwards results in a deferred tax asset. The deferred tax asset associated with these losses was $8.3 million with a valuation allowance of $4.5 million charged against this deferred tax asset assuming these losses will not be fully realized. At December 31, 2015, these net operating loss carry forwards totaled $27.3 million, and the deferred tax asset was $8.5 million with a valuation allowance of $4.3 million charged against this deferred tax asset assuming these losses will not be fully realized. Our income tax returns are subject to examination in numerous state, federal and foreign jurisdictions due to the multiple income tax jurisdictions in which we operate. We are not currently aware of any material open examinations in any such jurisdiction. As of June 30, 2016, we had no liability recorded as an uncertain tax benefit.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	8. DEBT Debt consisted of the following as of June 30, 2016 and December 31, 2015: (in thousands) June 30, 2016 December 31, 2015 Business line of credit payable on a revolving basis, plus interest based on adjustable rate as determined by one month LIBOR based on our ratio of funded debt to EBITDA, 1.75% as of June 30, 2016. 20,000 16,000 Total debt $ 20,000 $ 16,000 The following is a schedule of future debt maturities as of June 30, 2016, for the years ending December 31 (in thousands): 2016 $ — 2017 — 2018 — 2019 — 2020 20,000 Thereafter — $ 20,000

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	9. COMMITMENTS AND CONTINGENCIES Litigation There are various claims, lawsuits, and disputes with third parties and pending actions involving various allegations against us incident to the operation of our business, principally product liability cases. While we believe that the various claims are without merit, we are unable to predict the ultimate outcome of such litigation. We therefore maintain insurance, subject to self-insured retention limits, for all such claims, and establish accruals for product liability and other claims based upon our experience with similar past claims, advice of counsel and the best information reasonably available. At June 30, 2016 and December 31, 2015, we had $125,000 and $100,000 accrued, respectively, for product liability claims. These product liability claims are subject to various uncertainties, and it is possible that they may be resolved unfavorably to us. While it is not possible to predict with certainty the outcome of the various cases, it is the opinion of management that, upon ultimate resolution, the cases will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Our insurance policies covering product liability claims must be renewed annually. Although we have been able to obtain insurance coverage for product liability claims at a cost and on other terms and conditions that have been acceptable to us, we may not be able to procure acceptable policies in the future. Purchase Commitments At June 30, 2016, we had outstanding commitments for the purchase of inventory, raw materials and supplies of $18.5 million and outstanding commitments for the purchase of capital equipment of $8.1 million. Purchases under our distribution agreements were $1.7 million during the six months ended June 30, 2016. In June 2016 we entered into an agreement to pay a total of $5.9 million for the naming of the Exactech Arena at the newly remodeled Stephen C. O’Connell Center, a sports and entertainment complex on the University of Florida’s campus. Payments will be made annually over the term of the agreement. The sponsorship gives us presence at the venue, use of University of Florida facilities and television coverage and commercial spots on Fox Sports Sun and Fox Sports Florida during arena events. The 10-year agreement will become effective December 1, 2016, and contains an option to extend for an additional five years. Our Taiwanese subsidiary, Exactech Taiwan, entered into a license agreement with the Industrial Technology Research Institute (ITRI) and the National Taiwan University Hospital (NTUH) for the rights to technology and patents related to the repair of cartilage lesions. As of June 30, 2016, we have paid approximately $2.1 million for the licenses, patents, and equipment related to this license agreement, and we will make royalty payments when the technology becomes marketable. Using the technology, we plan to launch a cartilage repair program that will include a device and method for the treatment and repair of cartilage in the knee joint. It is expected that the project will require us to complete human clinical trials under the guidance of the Food & Drug Administration in order to obtain pre-market approval for the device in the United States. The agreement terms include a license fee based on the achievement of specific, regulatory milestones and a royalty arrangement based on sales once regulatory clearances are established.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	10. SEGMENT INFORMATION We evaluate our operating segments by our major product lines: extremity implants, knee implants, hip implants, biologics and spine, and other products. The “other products” segment includes miscellaneous sales categories, such as surgical instruments held for sale, bone cement, instrument rental fees, shipping charges, and other implant product lines. Evaluation of the performance of operating segments is based on their respective incomes from operations before taxes, interest income and expense, and nonrecurring items. Intersegment sales and transfers are not significant. The accounting policies of the reportable segments are the same as those described in Note 2 of the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. Total assets not identified with a specific segment are listed as “corporate” and include cash and cash equivalents, accounts receivable, income taxes receivable, deposits and prepaid expenses, deferred tax assets, land, facilities, office furniture and computer equipment, notes receivable, and other investments. Depreciation and amortization on corporate assets is allocated to the product segments for purposes of evaluating the income (loss) from operations, and capitalized surgical instruments are allocated to the appropriate product line supported by those assets. Summarized information concerning our reportable segments is shown in the following table (in thousands): Three Months Ended June 30, Extremity Knee Hip Biologics & Spine Other Corporate Total 2016 Net sales $ 24,224 $ 19,190 $ 12,377 $ 5,433 $ 4,900 $ — $ 66,124 Segment profit (loss) 5,113 718 326 328 157 (136 ) 6,506 Total assets, net 42,381 74,295 40,822 25,034 9,156 104,101 295,789 Capital expenditures 1,361 2,888 1,516 228 464 2,038 8,495 Depreciation and Amortization 727 1,772 694 233 197 1,084 4,707 2015 Net sales $ 20,479 $ 18,957 $ 10,944 $ 5,873 $ 5,240 $ — $ 61,493 Segment profit (loss) 4,199 911 497 185 343 (793 ) 5,342 Total assets, net 35,440 66,031 33,280 23,241 12,803 103,691 274,486 Capital expenditures 857 1,134 761 1,059 422 220 4,453 Depreciation and Amortization 866 1,658 720 276 128 939 4,587 Six Months Ended June 30, Extremity Knee Hip Biologics & Spine Other Corporate Total 2016 Net sales $ 48,384 $ 38,577 $ 23,712 $ 10,827 $ 9,922 $ — $ 131,422 Segment profit (loss) 10,037 1,706 539 457 206 140 13,085 Total assets, net 42,381 74,295 40,822 25,034 9,156 104,101 295,789 Capital expenditures 2,613 4,096 2,518 492 4,603 3,494 17,816 Depreciation and Amortization 1,439 3,760 1,363 495 369 1,941 9,367 2015 Net sales $ 41,559 $ 37,395 $ 21,895 $ 11,013 $ 11,007 $ — $ 122,869 Segment profit (loss) 8,736 2,127 1,033 325 (20 ) (1,267 ) 10,934 Total assets, net 35,440 66,031 33,280 23,241 12,803 103,691 274,486 Capital expenditures 1,909 3,196 1,678 1,125 660 869 9,437 Depreciation and Amortization 1,573 3,708 1,445 559 266 1,878 9,429 Geographic distribution of our long-lived assets and inventory is shown in the following table (in thousands): As of: June 30, 2016 December 31, 2015 Domestic International Domestic International Long lived assets, gross $ 166,457 $ 61,014 $ 161,672 $ 53,859 Accumulated depreciation and amortization (88,484 ) (22,165 ) (88,958 ) (19,391 ) Long lived assets, net 77,973 38,849 72,714 34,468 Inventory $ 50,876 $ 35,496 $ 43,725 $ 36,699 Geographic distribution of our sales is summarized in the following table (in thousands): Three Months Ended June 30, 2016 2015 % Inc/Decr Domestic sales $ 44,612 $ 41,295 8.0 International sales 21,512 20,198 6.5 Total sales $ 66,124 $ 61,493 7.5 Six Months Ended June 30, 2016 2015 % Inc/Decr Domestic sales $ 89,185 $ 82,543 8.0 International sales 42,237 40,326 4.7 Total sales $ 131,422 $ 122,869 7.0

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders Equity Note [Abstract]
Shareholders' Equity	11. SHAREHOLDERS’ EQUITY The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for net income and net income available to common shareholders: Income (Numerator) Shares (Denominator) Per Share Income (Numerator) Shares (Denominator) Per Share Three Months Ended Three Months Ended (in thousands, except per share amounts) June 30, 2016 June 30, 2015 Net income $ 4,386 $ 3,661 Basic EPS: Net income available to common shareholders $ 4,386 14,112 $ 0.31 $ 3,661 13,947 $ 0.26 Effect of dilutive securities: Stock options 186 220 Diluted EPS: Net income available to common shareholders plus assumed conversions $ 4,386 14,298 $ 0.31 $ 3,661 14,167 $ 0.26 Six Months Ended Six Months Ended (in thousands, except per share amounts) June 30, 2016 June 30, 2015 Net income $ 8,788 $ 7,773 Basic EPS: Net income available to common shareholders $ 8,788 14,084 $ 0.62 $ 7,773 13,965 $ 0.56 Effect of dilutive securities: Stock options 159 238 Diluted EPS: Net income available to common shareholders plus assumed conversions $ 8,788 14,243 $ 0.62 $ 7,773 $ 14,203 $ 0.55 For the three months ended June 30, 2016, weighted average options to purchase 185,724 shares of common stock were outstanding but were not included in the computation of diluted EPS because the options were antidilutive under the treasury stock method. For the three months ended June 30, 2015, weighted average options to purchase 323,201 shares of common stock were not included in the computation of diluted EPS because the options were antidilutive under the treasury stock method. For the six months ended June 30, 2016, weighted average options to purchase 182,625 shares of common stock were outstanding but were not included in the computation of diluted EPS because the options were antidilutive under the treasury stock method. For the six months ended June 30, 2015, weighted average options to purchase 262,770 shares of common stock were not included in the computation of diluted EPS because the options were antidilutive under the treasury stock method. Changes in Shareholders’ Equity: The following is a summary of the changes in shareholders’ equity for the six months ended June 30, 2016: Common Stock Additional Paid-In Common Stock Held in Retained Accumulated Other Comprehensive (in thousands) Shares Amount Capital Treasury Earnings Income (Loss) Total Balance December 31, 2015 14,154 $ 142 $ 81,963 $ — $ 158,270 $ (11,986 ) $ 228,389 Net income — — — — 8,788 — 8,788 Other comprehensive income (loss), net of tax — — — — — 1,548 1,548 Exercise of stock options 123 1 2,074 — — — 2,075 Issuance of restricted common stock for services 9 — 193 — — — 193 Issuance of common stock under Employee Stock Purchase Plan 23 — 358 — — — 358 Repurchase of common stock — — — (3,042 ) — — (3,042 ) Compensation cost of stock options — — 988 — — — 988 Tax impact on stock awards — — (420 ) — — — (420 ) Balance June 30, 2016 14,309 $ 143 $ 85,156 $ (3,042 ) $ 167,058 $ (10,438 ) $ 238,877 Treasury Stock: In December 2015, our Board of Directors authorized the repurchase of up to 1.0 million shares of our common stock over a two-year period. As of June 30, 2016, we had repurchased 163,529 shares of our common stock at an average price of $18.60 per share, or an aggregate of $3.0 million. Stock-based Compensation Awards: We sponsor an Executive Incentive Compensation Plan, which provides for the award of stock-based compensation, including options, stock appreciation rights, restricted stock and other stock-based incentive compensation awards to key employees, directors and independent agents and consultants. We implemented a comprehensive, consolidated incentive compensation plan upon shareholder approval at our Annual Meeting of Shareholders on May 7, 2009, which was amended and restated at our 2014 Annual Meeting of Shareholders, held on May 8, 2014, to increase the maximum number of shares issuable under the 2009 Plan by 500,000. We refer to this plan, as amended, as the 2009 Plan. The maximum number of common shares issuable under the 2009 Plan is 1,500,000 plus (a) the number of shares with respect to awards previously granted under our preexisting plans that terminate without being exercised, expire, are forfeited or canceled, plus (b) the number of shares that remain available for future issuance under our preexisting plans plus (c) the number of shares that are surrendered in payment of any awards or any tax withholding with respect thereto. Common stock issued upon exercise of stock options is settled with authorized but unissued shares available. Under the 2009 Plan, the exercise price of option awards equals the market price of our common stock on the date of grant, and each award has a maximum term of ten years. As of June 30, 2016, there were 417,679 total shares remaining issuable under the 2009 Plan. The aggregate compensation cost charged against income with respect to awards issued under the 2009 Plan and the 2009 Employee Stock Purchase Plan, referred to as the 2009 ESPP, was $1.0 million and $0.9 million for the six months ended June 30, 2016 and 2015, respectively. Income tax benefit on exercises of non-qualified stock options was $0.3 million and $0.3 million for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, total unrecognized compensation cost related to unvested awards was $1.4 million and is expected to be recognized over a weighted-average period of 1.8 years. Stock Options: A summary of the status of stock option activity under our stock-based compensation plans as of June 30, 2016 and changes during the year to date is presented below: 2016 Options Weighted Avg Exercise Price Weighted Avg Remaining Contractual Term Aggregate Intrinsic Value (In thousands) Outstanding - January 1 1,217,003 $ 18.70 Granted 18,500 23.00 Exercised (122,644 ) 16.92 $ 446 Forfeited or Expired (139,566 ) 17.65 Outstanding - June 30 973,293 $ 19.16 3.74 $ 7,376 Exercisable - June 30 550,921 $ 18.01 3.00 $ 4,808 Outstanding options, consisting of five-year to ten-year incentive and non-qualified stock options, vest and become exercisable ratably over a three to five year period from the date of grant. The outstanding options expire from five to ten years from the date of grant or upon termination of employment with Exactech, and are contingent upon continued employment during the applicable option term. Certain non-qualified stock options are granted to non-employee sales agents and consultants, and they typically vest ratably over a period of three to four years from the date of grant and expire in five years or less from the date of grant, or upon termination of the agent's or consultant’s contract with Exactech. Restricted Stock Awards: Under the 2009 Plan, we may grant restricted stock awards to eligible employees, directors, and independent agents and consultants. Restrictions on transferability, risk of forfeiture and other restrictions are determined by the Compensation Committee of the Board of Directors, or the Committee, at the time of the award. During February 2016, the Committee approved equity compensation to the outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each outside director consists of the grant of stock awards with an aggregate market value of $77,500, payable in four equal quarterly grants of common stock based on the market prices of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2016 is presented below: Grant date February 29, 2016 May 31, 2016 Aggregate shares of restricted stock granted 5,190 3,925 Grant date fair value $ 97,000 $ 97,000 Weighted average fair value per share $ 18.65 $ 24.68 During February 2015, the Committee approved equity compensation to the outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each outside director consisted of the grant of stock awards with an aggregate market value of $77,500, payable in four equal quarterly grants of common stock based on the market prices of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2015 is presented below: Grant date February 27, 2015 May 29, 2015 Aggregate shares of restricted stock granted 4,974 4,530 Grant date fair value $ 116,000 $ 97,000 Weighted average fair value per share $ 23.35 $ 21.38 All of the restricted stock awards in 2016 and 2015 were fully vested at each of the grant dates. The restricted stock awards require no service period and thus contain no risk of, or provision for, forfeiture. Employee Stock Purchase Plan: On February 18, 2009, our Board of Directors adopted the 2009 ESPP, and our shareholders approved the 2009 ESPP at our Annual Meeting of Shareholders on May 7, 2009. Under the 2009 ESPP, employees are able to purchase shares of our common stock at a fifteen percent (15%) discount via payroll deduction, up to a maximum number of shares issuable under the 2009 ESPP of 300,000. In February 2016, our Board of Directors adopted an amendment to the 2009 ESPP, to increase the maximum number of shares issuable under the 2009 ESPP to 450,000, which was approved by our shareholders at our Annual Meeting of Shareholders held on May 2, 2016. There are four offering periods during an annual period. As of June 30, 2016, 166,000 shares remained available for purchase under the 2009 ESPP. The fair value of the employees' purchase rights is estimated using the Black-Scholes model. Purchase information and fair value assumptions are presented in the following table: Six Months Ended June 30, 2016 2015 Shares purchased 23,179 19,737 Dividend yield — — Expected life 1 year 1 year Expected volatility 32 % 31 % Risk free interest rates 0.7 % 0.2 % Weighted average per share fair value $ 4.08 $ 5.08

Business Acquisition

Business Acquisition	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	12. BUSINESS ACQUISITION Exactech Australia On February 1, 2016, we completed the acquisition of all of the outstanding capital stock of Exactech Australia Pty Ltd, an Australia-based company. Exactech Australia has been our independent importer and distribution partner in Australia for the past four years. The acquisition was accomplished to further the partnership between us and the team at Exactech Australia and to further service customers in the Asia Pacific area. The aggregate purchase price for Exactech Australia will range from $3.1 million AUD to $7.6 million AUD, of which $1.6 million AUD, or $1.1 million USD at a 0.7034 AUD:USD exchange rate, was paid to the Exactech Australia shareholders in cash at the closing of the acquisition, and the remainder will be paid to such shareholders contingent on the achievement of certain future milestones. We expect the contingent payment to be paid over the next two years. Consideration also included $2.0 million USD in forgiven accounts receivable that were owed to us as of February 1, 2016. We are currently awaiting finalization of Exactech Australia’s closing balance sheet to complete purchase accounting. The estimated fair value of the contingent consideration was determined using the following assumptions: discount rates of 3.7%, probability levels of milestone range of outcomes, and expected timing of achievement of contingent consideration earn-out amounts. We financed the acquisition from our operating cash flows. Upon completion of the acquisition, we effectively concluded a pre-existing distribution agreement for the distribution of our products, which was stated at fair value; therefore, we recognized no impact to the statement of income. The accounting for our acquisition of Exactech Australia is preliminary, pending final results of operations and deferred tax liability determination. The preliminary goodwill was determined as the excess of the consideration over the fair value of the net assets acquired, and was due to the synergies we obtained in the extended service in Australia. Goodwill was allocated to the knee, extremity and hip segments based on expected sales for the segments. Pro forma revenue and earnings for the business combination have not been presented because the effects, both individually and in the aggregate, were not material to our results of operations. The following table summarizes the preliminary purchase price allocation and determination of goodwill, which is not deductible for tax purposes, as of February 1, 2016 (in thousands): Amounts at Acquisition Consideration: Cash $ 1,152 Fair value of contingent consideration 2,435 Total Purchase Price 3,587 Forgiveness of pre-existing debt 2,006 5,593 Acquisition related expenses - incurred as of June 30, 2016 $ 131 Preliminary identifiable assets acquired and liabilities assumed: Current assets acquired 1,616 Property and equipment 722 Current liabilities assumed (208 ) Deferred tax liability assumed (161 ) Identifiable intangible assets 535 2,504 Goodwill 3,089 Net assets acquired $ 5,593 The identifiable intangible assets are being amortized using the straight-line method using estimated ten year useful lives, and are recorded net of accumulated amortization in Customer relationships on the unaudited condensed consolidated balance sheet. Blue Ortho On January 15, 2015, we completed the acquisition of all of the outstanding capital stock of Blue Ortho SAS, a France-based company. Blue Ortho is the computer-assisted surgical technology development and manufacturing firm that partnered with the Company to develop the ExactechGPS ® The aggregate purchase price for Blue Ortho is a maximum of €10.0 million, of which €2.0 million, or $2.3 million at a 1.16 USD exchange rate at closing, was paid to the Blue Ortho shareholders in cash at the closing of the acquisition, and the remainder will be paid to such shareholders contingent on the achievement of certain future surgical case milestones. The estimated fair value of the contingent consideration was determined using the following assumptions: discount rates of 4.5-6.5%, probability levels of milestone range of outcomes, and expected timing of achievement of contingent consideration earn-out amounts. We expect the contingent consideration to be paid over the next five to ten years. We financed the acquisition from our operating cash flows. We acquired tangible assets of $1.5 million, assumed liabilities of $2.9 million, intangible assets, comprising product licenses and designs, of $7.5 million, and goodwill of $6.5 million. Pro forma revenue and earnings for the business combination have not been presented because the effects, both individually and in the aggregate, were not material to our results of operations. Contingent Consideration The following table summarizes the contingent consideration balance and activity for the six month period ended June 30, 2016 (in thousands): Exactech Australia Blue Ortho Total Beginning fair value of contingent liability, December 31, 2015 $ — $ 6,222 $ 6,222 Initial fair value of contingent consideration 2,435 — 2,435 Period change in valuation 42 98 140 Payments — (669 ) (669 ) Foreign currency translation effects 127 114 241 Contingent liability balance, June 30, 2016 2,604 5,765 8,369 Current liability (1,276 ) (1,411 ) (2,687 ) Non-current liability $ 1,328 $ 4,354 $ 5,682 Due to our expected timing of earn-out payments, a portion of the contingent consideration is classified in other current liabilities on our unaudited condensed consolidated balance sheets. The remainder is classified as other non-current liabilities. The change in the contingent consideration during the six months ended June 30, 2016 was recognized as interest expense in the unaudited condensed consolidated statements of income.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below provides information on our liabilities that are measured at fair value on a recurring basis: (In Thousands) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2016 Liabilities Contingent consideration $ 8,369 $ — $ — $ 8,369 Total: $ 8,369 $ — $ — $ 8,369 December 31, 2015 Liabilities Contingent consideration $ 6,222 $ — $ — $ 6,222 Total: $ 6,222 $ — $ — $ 6,222

Goodwill and Other Intangible20

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill – The following table provides the changes to the carrying value of goodwill for the six month period ended June 30, 2016: (in thousands) Extremities Knee Hip Biologics and Spine Other Total Balance as of December 31, 2015 $ 4,461 $ 5,132 $ 904 $ 7,553 $ 800 $ 18,850 Acquired goodwill 927 1,545 463 — 154 3,089 Foreign currency translation effects 129 134 40 — 23 326 Balance as of June 30, 2016 $ 5,517 $ 6,811 $ 1,407 $ 7,553 $ 977 $ 22,265
Schedule of Finite-Lived Intangible Assets by Major Class	Other Intangible Assets – The following table summarizes the carrying values of our other intangible assets at June 30, 2016 and December 31, 2015: (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Weighted Avg Amortization Period Balance at June 30, 2016 Product licenses and designs $ 16,822 $ 6,208 $ 10,614 11.0 Patents and trademarks 4,678 3,385 1,293 14.2 Customer relationships 3,503 2,914 589 6.9 Balance at December 31, 2015 Product licenses and designs $ 16,675 $ 5,554 $ 11,121 11.0 Patents and trademarks 4,678 3,252 1,426 14.2 Customer relationships 2,923 2,831 92 6.9

Hedging Activities And Foreig21

Hedging Activities And Foreign Currency Translation (Tables)	6 Months Ended
	Jun. 30, 2016
Foreign Currency Translation And Hedging Activities [Abstract]
Schedule of Foreign Exchange Contracts, Statement of Financial Position	The following table provides information on the components of our foreign currency activities recognized in the unaudited condensed consolidated statements of income: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Foreign currency transactions gain (loss) $ 200 $ 110 $ 926 $ (498 ) Foreign currency option loss (102 ) (667 ) (334 ) (261 ) Foreign currency gain (loss), net $ 98 $ (557 ) $ 592 $ (759 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Summary of classification of Inventory	The following table summarizes our classifications of inventory as of June 30, 2016 and December 31, 2015: (in thousands) June 30, 2016 December 31, 2015 Raw materials $ 20,622 $ 19,481 Work in process 1,791 1,633 Finished goods on hand 15,403 14,497 Finished goods on loan/consignment 48,556 44,813 Inventory total 86,372 80,424 Non-current inventories 11,459 8,995 Inventories, current $ 74,913 $ 71,429

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consisted of the following as of June 30, 2016 and December 31, 2015: (in thousands) June 30, 2016 December 31, 2015 Business line of credit payable on a revolving basis, plus interest based on adjustable rate as determined by one month LIBOR based on our ratio of funded debt to EBITDA, 1.75% as of June 30, 2016. 20,000 16,000 Total debt $ 20,000 $ 16,000
Schedule of Maturities of Long-term Debt	The following is a schedule of future debt maturities as of June 30, 2016, for the years ending December 31 (in thousands): 2016 $ — 2017 — 2018 — 2019 — 2020 20,000 Thereafter — $ 20,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized information concerning our reportable segments is shown in the following table (in thousands): Three Months Ended June 30, Extremity Knee Hip Biologics & Spine Other Corporate Total 2016 Net sales $ 24,224 $ 19,190 $ 12,377 $ 5,433 $ 4,900 $ — $ 66,124 Segment profit (loss) 5,113 718 326 328 157 (136 ) 6,506 Total assets, net 42,381 74,295 40,822 25,034 9,156 104,101 295,789 Capital expenditures 1,361 2,888 1,516 228 464 2,038 8,495 Depreciation and Amortization 727 1,772 694 233 197 1,084 4,707 2015 Net sales $ 20,479 $ 18,957 $ 10,944 $ 5,873 $ 5,240 $ — $ 61,493 Segment profit (loss) 4,199 911 497 185 343 (793 ) 5,342 Total assets, net 35,440 66,031 33,280 23,241 12,803 103,691 274,486 Capital expenditures 857 1,134 761 1,059 422 220 4,453 Depreciation and Amortization 866 1,658 720 276 128 939 4,587 Six Months Ended June 30, Extremity Knee Hip Biologics & Spine Other Corporate Total 2016 Net sales $ 48,384 $ 38,577 $ 23,712 $ 10,827 $ 9,922 $ — $ 131,422 Segment profit (loss) 10,037 1,706 539 457 206 140 13,085 Total assets, net 42,381 74,295 40,822 25,034 9,156 104,101 295,789 Capital expenditures 2,613 4,096 2,518 492 4,603 3,494 17,816 Depreciation and Amortization 1,439 3,760 1,363 495 369 1,941 9,367 2015 Net sales $ 41,559 $ 37,395 $ 21,895 $ 11,013 $ 11,007 $ — $ 122,869 Segment profit (loss) 8,736 2,127 1,033 325 (20 ) (1,267 ) 10,934 Total assets, net 35,440 66,031 33,280 23,241 12,803 103,691 274,486 Capital expenditures 1,909 3,196 1,678 1,125 660 869 9,437 Depreciation and Amortization 1,573 3,708 1,445 559 266 1,878 9,429
Geographic Distribution of Sales, Long-Lived Assets and Inventory	Geographic distribution of our long-lived assets and inventory is shown in the following table (in thousands): As of: June 30, 2016 December 31, 2015 Domestic International Domestic International Long lived assets, gross $ 166,457 $ 61,014 $ 161,672 $ 53,859 Accumulated depreciation and amortization (88,484 ) (22,165 ) (88,958 ) (19,391 ) Long lived assets, net 77,973 38,849 72,714 34,468 Inventory $ 50,876 $ 35,496 $ 43,725 $ 36,699 Geographic distribution of our sales is summarized in the following table (in thousands): Three Months Ended June 30, 2016 2015 % Inc/Decr Domestic sales $ 44,612 $ 41,295 8.0 International sales 21,512 20,198 6.5 Total sales $ 66,124 $ 61,493 7.5 Six Months Ended June 30, 2016 2015 % Inc/Decr Domestic sales $ 89,185 $ 82,543 8.0 International sales 42,237 40,326 4.7 Total sales $ 131,422 $ 122,869 7.0

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders Equity Note [Abstract]
Schedule of Earnings Per Share Reconciliation	The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for net income and net income available to common shareholders: Income (Numerator) Shares (Denominator) Per Share Income (Numerator) Shares (Denominator) Per Share Three Months Ended Three Months Ended (in thousands, except per share amounts) June 30, 2016 June 30, 2015 Net income $ 4,386 $ 3,661 Basic EPS: Net income available to common shareholders $ 4,386 14,112 $ 0.31 $ 3,661 13,947 $ 0.26 Effect of dilutive securities: Stock options 186 220 Diluted EPS: Net income available to common shareholders plus assumed conversions $ 4,386 14,298 $ 0.31 $ 3,661 14,167 $ 0.26 Six Months Ended Six Months Ended (in thousands, except per share amounts) June 30, 2016 June 30, 2015 Net income $ 8,788 $ 7,773 Basic EPS: Net income available to common shareholders $ 8,788 14,084 $ 0.62 $ 7,773 13,965 $ 0.56 Effect of dilutive securities: Stock options 159 238 Diluted EPS: Net income available to common shareholders plus assumed conversions $ 8,788 14,243 $ 0.62 $ 7,773 $ 14,203 $ 0.55
Schedule of Changes in Shareholders' Equity	The following is a summary of the changes in shareholders’ equity for the six months ended June 30, 2016: Common Stock Additional Paid-In Common Stock Held in Retained Accumulated Other Comprehensive (in thousands) Shares Amount Capital Treasury Earnings Income (Loss) Total Balance December 31, 2015 14,154 $ 142 $ 81,963 $ — $ 158,270 $ (11,986 ) $ 228,389 Net income — — — — 8,788 — 8,788 Other comprehensive income (loss), net of tax — — — — — 1,548 1,548 Exercise of stock options 123 1 2,074 — — — 2,075 Issuance of restricted common stock for services 9 — 193 — — — 193 Issuance of common stock under Employee Stock Purchase Plan 23 — 358 — — — 358 Repurchase of common stock — — — (3,042 ) — — (3,042 ) Compensation cost of stock options — — 988 — — — 988 Tax impact on stock awards — — (420 ) — — — (420 ) Balance June 30, 2016 14,309 $ 143 $ 85,156 $ (3,042 ) $ 167,058 $ (10,438 ) $ 238,877
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	A summary of the status of stock option activity under our stock-based compensation plans as of June 30, 2016 and changes during the year to date is presented below: 2016 Options Weighted Avg Exercise Price Weighted Avg Remaining Contractual Term Aggregate Intrinsic Value (In thousands) Outstanding - January 1 1,217,003 $ 18.70 Granted 18,500 23.00 Exercised (122,644 ) 16.92 $ 446 Forfeited or Expired (139,566 ) 17.65 Outstanding - June 30 973,293 $ 19.16 3.74 $ 7,376 Exercisable - June 30 550,921 $ 18.01 3.00 $ 4,808
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity	Under the 2009 Plan, we may grant restricted stock awards to eligible employees, directors, and independent agents and consultants. Restrictions on transferability, risk of forfeiture and other restrictions are determined by the Compensation Committee of the Board of Directors, or the Committee, at the time of the award. During February 2016, the Committee approved equity compensation to the outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each outside director consists of the grant of stock awards with an aggregate market value of $77,500, payable in four equal quarterly grants of common stock based on the market prices of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2016 is presented below: Grant date February 29, 2016 May 31, 2016 Aggregate shares of restricted stock granted 5,190 3,925 Grant date fair value $ 97,000 $ 97,000 Weighted average fair value per share $ 18.65 $ 24.68 During February 2015, the Committee approved equity compensation to the outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each outside director consisted of the grant of stock awards with an aggregate market value of $77,500, payable in four equal quarterly grants of common stock based on the market prices of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2015 is presented below: Grant date February 27, 2015 May 29, 2015 Aggregate shares of restricted stock granted 4,974 4,530 Grant date fair value $ 116,000 $ 97,000 Weighted average fair value per share $ 23.35 $ 21.38
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity	On February 18, 2009, our Board of Directors adopted the 2009 ESPP, and our shareholders approved the 2009 ESPP at our Annual Meeting of Shareholders on May 7, 2009. Under the 2009 ESPP, employees are able to purchase shares of our common stock at a fifteen percent (15%) discount via payroll deduction, up to a maximum number of shares issuable under the 2009 ESPP of 300,000. In February 2016, our Board of Directors adopted an amendment to the 2009 ESPP, to increase the maximum number of shares issuable under the 2009 ESPP to 450,000, which was approved by our shareholders at our Annual Meeting of Shareholders held on May 2, 2016. There are four offering periods during an annual period. As of June 30, 2016, 166,000 shares remained available for purchase under the 2009 ESPP. The fair value of the employees' purchase rights is estimated using the Black-Scholes model. Purchase information and fair value assumptions are presented in the following table: Six Months Ended June 30, 2016 2015 Shares purchased 23,179 19,737 Dividend yield — — Expected life 1 year 1 year Expected volatility 32 % 31 % Risk free interest rates 0.7 % 0.2 % Weighted average per share fair value $ 4.08 $ 5.08

Business Acquisition (Tables)

Business Acquisition (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the preliminary purchase price allocation and determination of goodwill, which is not deductible for tax purposes, as of February 1, 2016 (in thousands): Amounts at Acquisition Consideration: Cash $ 1,152 Fair value of contingent consideration 2,435 Total Purchase Price 3,587 Forgiveness of pre-existing debt 2,006 5,593 Acquisition related expenses - incurred as of June 30, 2016 $ 131 Preliminary identifiable assets acquired and liabilities assumed: Current assets acquired 1,616 Property and equipment 722 Current liabilities assumed (208 ) Deferred tax liability assumed (161 ) Identifiable intangible assets 535 2,504 Goodwill 3,089 Net assets acquired $ 5,593
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	The following table summarizes the contingent consideration balance and activity for the six month period ended June 30, 2016 (in thousands): Exactech Australia Blue Ortho Total Beginning fair value of contingent liability, December 31, 2015 $ — $ 6,222 $ 6,222 Initial fair value of contingent consideration 2,435 — 2,435 Period change in valuation 42 98 140 Payments — (669 ) (669 ) Foreign currency translation effects 127 114 241 Contingent liability balance, June 30, 2016 2,604 5,765 8,369 Current liability (1,276 ) (1,411 ) (2,687 ) Non-current liability $ 1,328 $ 4,354 $ 5,682

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Basis Of Presentation [Line Items]
Reclassification of non-current inventory to property, plant and equipment	$ 14.4
Reclassification of non-current inventory to property, plant and equipment
Basis Of Presentation [Line Items]
Reclassification of non-current inventory to property, plant and equipment	$ 2.2

New Accounting Pronouncements28

New Accounting Pronouncements And Standards (Narrative) (Details) $ in Millions	Mar. 31, 2016USD ($)
New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reclassification of current deferred tax asset to non-current deferred tax liabilities	$ 1.7

Fair Value Measures (Details)

Fair Value Measures (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent Consideration Fair Value	$ 8,369	$ 6,222
Liabilities, Fair Value Disclosure, Recurring	8,369	6,222
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent Consideration Fair Value	8,369	6,222
Liabilities, Fair Value Disclosure, Recurring	$ 8,369	$ 6,222

Goodwill And Other Intangible30

Goodwill And Other Intangible Assets (Goodwill) (Details) - USD ($)	Oct. 01, 2015	Jun. 30, 2016
Goodwill [Roll Forward]
Beginning Balance		$ 18,850,000
Acquired goodwill		3,089,000
Foreign currency translation effects		326,000
Ending Balance		22,265,000
Goodwill impairment	$ 0
Extremities
Goodwill [Roll Forward]
Beginning Balance		4,461,000
Acquired goodwill		927,000
Foreign currency translation effects		129,000
Ending Balance		5,517,000
Knee
Goodwill [Roll Forward]
Beginning Balance		5,132,000
Acquired goodwill		1,545,000
Foreign currency translation effects		134,000
Ending Balance		6,811,000
Hip
Goodwill [Roll Forward]
Beginning Balance		904,000
Acquired goodwill		463,000
Foreign currency translation effects		40,000
Ending Balance		1,407,000
Biologics and Spine
Goodwill [Roll Forward]
Beginning Balance		7,553,000
Ending Balance		7,553,000
Other
Goodwill [Roll Forward]
Beginning Balance		800,000
Acquired goodwill		154,000
Foreign currency translation effects		23,000
Ending Balance		$ 977,000

Goodwill And Other Intangible31

Goodwill And Other Intangible Assets (Other intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Product licenses and designs
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 16,822	$ 16,675
Accumulated Amortization	6,208	5,554
Net Carrying Value	$ 10,614	$ 11,121
Weighted Avg Amortization Period	11 years	11 years
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 4,678	$ 4,678
Accumulated Amortization	3,385	3,252
Net Carrying Value	$ 1,293	$ 1,426
Weighted Avg Amortization Period	14 years 2 months 12 days	14 years 2 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 3,503	$ 2,923
Accumulated Amortization	2,914	2,831
Net Carrying Value	$ 589	$ 92
Weighted Avg Amortization Period	6 years 10 months 24 days	6 years 10 months 24 days

Hedging Activities And Foreig32

Hedging Activities And Foreign Currency Translation (Foreign Currency Transaction and Hedging Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Foreign Currency Transaction [Abstract]
Foreign currency transactions gain (loss)	$ 200	$ 110	$ 926	$ (498)
Foreign currency option loss	(102)	(667)	(334)	(261)
Foreign currency gain (loss), net	$ 98	$ (557)	$ 592	$ (759)

Hedging Activities And Foreig33

Hedging Activities And Foreign Currency Translation (Foreign Currency Transaction) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Foreign currency option loss	$ (102)	$ (667)	$ (334)	$ (261)
Foreign currency translations gain (loss), net			$ 1,500	$ (2,800)

Hedging Activities And Foreig34

Hedging Activities And Foreign Currency Translation (Hedging Activities) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss	$ (10,438,000)	$ (11,986,000)	$ (4,000)

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory allowance	$ 394,000	$ 491,000	$ 1,748,000	$ 529,000

Inventories (Schedule of Invent

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 20,622	$ 19,481
Work in process	1,791	1,633
Finished goods on hand	15,403	14,497
Finished goods on loan/consignment	48,556	44,813
Inventory total	86,372	80,424
Non-current inventories	11,459	8,995
Inventories, current	$ 74,913	$ 71,429

Income Tax (Details)

Income Tax (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 27,300,000	$ 27,300,000
Deferred tax assets	8,300,000	8,500,000
Valuation allowance	4,500,000	$ 4,300,000
Liability for uncertain tax positions	$ 0

Debt (Schedule of Long-term Deb

Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Line of credit	$ 20,000	$ 16,000
Total debt	$ 20,000	$ 16,000

Debt (Schedule of Long-term D39

Debt (Schedule of Long-term Debt) (Parenthetical) (Details)	Jun. 30, 2016
Debt Disclosure [Abstract]
Interest rate at period end	1.75%

Debt (Schedule of Debt Maturiti

Debt (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 0
2,017	0
2,018	0
2,019	0
2,020	20,000
Thereafter	0
Total debt	$ 20,000	$ 16,000

Commitments And Contingencies (

Commitments And Contingencies (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Legal Disclosure [Abstract]
Amount accrued for product liability claims	$ 125,000	$ 125,000	$ 100,000
Outstanding commitments for purchase of inventory, raw materials and supplies	18,500,000	18,500,000
Outstanding commitments for purchase of capital equipment	8,100,000	8,100,000
Purchases under distribution agreements		1,700,000
Product development payments	2,100,000	$ 2,100,000
Naming of Exactech Arena
Legal Disclosure [Abstract]
Total amount agreed to pay for the naming of the Exactech Arena	$ 5,900,000
Agreement period	10 years
Agreement effective date	Dec. 1, 2016
Optional extended agreement period	5 years

Segment Information (Business S

Segment Information (Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 66,124	$ 61,493	$ 131,422	$ 122,869
Segment profit (loss)	6,506	5,342	13,085	10,934
Total assets, net	295,789	274,486	295,789	274,486	$ 275,507
Capital expenditures	8,495	4,453	17,816	9,437
Depreciation and Amortization	4,707	4,587	9,367	9,429
Extremities
Segment Reporting Information [Line Items]
Net sales	24,224	20,479	48,384	41,559
Segment profit (loss)	5,113	4,199	10,037	8,736
Total assets, net	42,381	35,440	42,381	35,440
Capital expenditures	1,361	857	2,613	1,909
Depreciation and Amortization	727	866	1,439	1,573
Knee
Segment Reporting Information [Line Items]
Net sales	19,190	18,957	38,577	37,395
Segment profit (loss)	718	911	1,706	2,127
Total assets, net	74,295	66,031	74,295	66,031
Capital expenditures	2,888	1,134	4,096	3,196
Depreciation and Amortization	1,772	1,658	3,760	3,708
Hip
Segment Reporting Information [Line Items]
Net sales	12,377	10,944	23,712	21,895
Segment profit (loss)	326	497	539	1,033
Total assets, net	40,822	33,280	40,822	33,280
Capital expenditures	1,516	761	2,518	1,678
Depreciation and Amortization	694	720	1,363	1,445
Biologics and Spine
Segment Reporting Information [Line Items]
Net sales	5,433	5,873	10,827	11,013
Segment profit (loss)	328	185	457	325
Total assets, net	25,034	23,241	25,034	23,241
Capital expenditures	228	1,059	492	1,125
Depreciation and Amortization	233	276	495	559
Other
Segment Reporting Information [Line Items]
Net sales	4,900	5,240	9,922	11,007
Segment profit (loss)	157	343	206	(20)
Total assets, net	9,156	12,803	9,156	12,803
Capital expenditures	464	422	4,603	660
Depreciation and Amortization	197	128	369	266
Corporate
Segment Reporting Information [Line Items]
Segment profit (loss)	(136)	(793)	140	(1,267)
Total assets, net	104,101	103,691	104,101	103,691
Capital expenditures	2,038	220	3,494	869
Depreciation and Amortization	$ 1,084	$ 939	$ 1,941	$ 1,878

Segment Information (Revenue an

Segment Information (Revenue and Long-term Assets by Geographic Location) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Geographical [Line Items]
Inventory	$ 86,372		$ 86,372		$ 80,424
Net sales	$ 66,124	$ 61,493	$ 131,422	$ 122,869
Total sales, % Inc/Decr	7.50%		7.00%
Domestic [Member]
Geographical [Line Items]
Long lived assets, gross	$ 166,457		$ 166,457		161,672
Accumulated depreciation and amortization	(88,484)		(88,484)		(88,958)
Long lived assets, net	77,973		77,973		72,714
Inventory	50,876		50,876		43,725
Net sales	$ 44,612	41,295	$ 89,185	82,543
Total sales, % Inc/Decr	8.00%		8.00%
International [Member]
Geographical [Line Items]
Long lived assets, gross	$ 61,014		$ 61,014		53,859
Accumulated depreciation and amortization	(22,165)		(22,165)		(19,391)
Long lived assets, net	38,849		38,849		34,468
Inventory	35,496		35,496		$ 36,699
Net sales	$ 21,512	$ 20,198	$ 42,237	$ 40,326
Total sales, % Inc/Decr	6.50%		4.70%

Shareholders' Equity (Earnings

Shareholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Net Income	$ 4,386	$ 3,661	$ 8,788	$ 7,773
Net income available to common shareholders	4,386	3,661	8,788	7,773
Net income available to common shareholders plus assumed conversions	$ 4,386	$ 3,661	$ 8,788	$ 7,773
Net income available to common shareholders (in shares)	14,112	13,947	14,084	13,965
Effect of dilutive securities, stock options (in shares)	186	220	159	238
Net income available to common shareholders plus assumed conversions (in shares)	14,298	14,167	14,243	14,203
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.26	$ 0.62	$ 0.56
Diluted earnings per share (in dollars per share)	$ 0.31	$ 0.26	$ 0.62	$ 0.55

Shareholders' Equity (Earning45

Shareholders' Equity (Earnings Per Share) (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Antidilutive shares	185,724	323,201	182,625	262,770

Shareholders' Equity (Changes i

Shareholders' Equity (Changes in Shareholders Equity) (Details) - USD ($)	May 31, 2016	Feb. 29, 2016	May 29, 2015	Feb. 27, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance							$ 228,389,000
Net income					$ 4,386,000	$ 3,661,000	8,788,000	$ 7,773,000
Other comprehensive income (loss), net of tax							$ 1,548,000
Exercise of stock options (in shares)							122,644
Exercise of stock options							$ 2,075,000
Issuance of restricted common stock for services (in shares)	3,925	5,190	4,530	4,974
Issuance of restricted common stock for services	$ 97,000	$ 97,000	$ 97,000	$ 116,000			$ 193,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)							23,179	19,737
Issuance of common stock under Employee Stock Purchase Plan							$ 358,000
Repurchase of common stock							(3,042,000)
Compensation cost of stock options							988,000
Tax impact on stock awards							(420,000)
Balance					$ 238,877,000		$ 238,877,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)							14,154,000
Balance							$ 142,000
Exercise of stock options (in shares)							123,000
Exercise of stock options							$ 1,000
Issuance of restricted common stock for services (in shares)							9,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)							23,000
Balance (in shares)					14,309,000		14,309,000
Balance					$ 143,000		$ 143,000
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance							81,963,000
Exercise of stock options							2,074,000
Issuance of restricted common stock for services							193,000
Issuance of common stock under Employee Stock Purchase Plan							358,000
Compensation cost of stock options							988,000
Tax impact on stock awards							(420,000)
Balance					85,156,000		85,156,000
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock							(3,042,000)
Balance					(3,042,000)		(3,042,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance							158,270,000
Net income							8,788,000
Balance					167,058,000		167,058,000
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance							(11,986,000)
Other comprehensive income (loss), net of tax							1,548,000
Balance					$ (10,438,000)		$ (10,438,000)

Shareholders' Equity (Treasury

Shareholders' Equity (Treasury Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Class Of Stock [Line Items]
Repurchase of shares, period	2 years
Number of common shares repurchased	163,529
Common shares reacquired, average price per share	$ 18.60
Common shares reacquired, aggregate value	$ 3
Maximum
Class Of Stock [Line Items]
Common shares authorized to be repurchased		1,000,000

Shareholders' Equity (Stock-bas

Shareholders' Equity (Stock-based Compensation Awards) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	May 08, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized					1,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	450,000	500,000
Remaining shares issuable under 2009 Plan			417,679
Allocated Share-based Compensation Expense			$ 1	$ 0.9
Income tax benefit			0.3	$ 0.3
Unrecognized compensation cost related to unvested awards			$ 1.4
Recognition weighted-average period			1 year 9 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Stock Option Plan, Term			10 years

Shareholders' Equity (Stock Opt

Shareholders' Equity (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding - January 1, Options (in shares)	1,217,003
Granted, Options (in shares)	18,500	176,125
Exercised, Options (in shares)	(122,644)
Forfeited or Expired, Options (in shares)	(139,566)
Outstanding - June 30, Options (in shares)	973,293
Exercisable - June 30, Options (in shares)	550,921
Outstanding - December 31, Weighted Avg Exercise Price (in dollars per share)	$ 18.70
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	23
Exercised, Weighted Avg Exercise Price (in dollars per share)	16.92
Forfeited or Expired, Weighted Avg Exercise Price (in dollars per share)	17.65
Outstanding - June 30, Weighted Avg Exercise Price (in dollars per share)	19.16
Exercisable - June 30, Weighted Avg Exercise Price (in dollars per share)	$ 18.01
Outstanding - March 31, Weighted Avg Remaining Contractual Term	3 years 8 months 27 days
Exercisable - March 31, Weighted Avg Remaining Contractual Term	3 years
Exercised, Aggregate Intrinsic Value (In thousands)	$ 446
Outstanding - June 30, Aggregate Intrinsic Value (In thousands)	7,376
Exercisable - June 30, Aggregate Intrinsic Value (In thousands)	$ 4,808

Shareholders' Equity (Stock O50

Shareholders' Equity (Stock Options) (Narrative) (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Options (in shares)	18,500	176,125
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Stock Option Plan, Term	10 years
Stock Options [Member] | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Stock Option Plan, Term	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Expiration period of stock options	5 years
Stock Options [Member] | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Stock Option Plan, Term	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Expiration period of stock options	10 years
Non-Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of stock options	5 years
Non-Employee Stock Option | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Non-Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years

Shareholders' Equity (Restricte

Shareholders' Equity (Restricted Stock Awards) (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)period	Jun. 30, 2015USD ($)period	Jun. 30, 2016period
Restricted Stock Awards Disclosure [Abstract]
Restricted Stock Awards, Value, Granted To Director | $	$ 77,500	$ 77,500
Number Of Offering Period In Annual Period			4
Restricted Stock
Restricted Stock Awards Disclosure [Abstract]
Number Of Offering Period In Annual Period	4	4

Shareholders' Equity (Restric52

Shareholders' Equity (Restricted Stock Awards) (Details) - USD ($)	May 31, 2016	Feb. 29, 2016	May 29, 2015	Feb. 27, 2015	Jun. 30, 2016
Restricted Stock Awards Disclosure [Abstract]
Aggregate shares of restricted stock granted (in shares)	3,925	5,190	4,530	4,974
Issuance of restricted common stock for services	$ 97,000	$ 97,000	$ 97,000	$ 116,000	$ 193,000
Weighted average fair value per share (in dollars per share)	$ 24.68	$ 18.65	$ 21.38	$ 23.35

Shareholders' Equity (Employee

Shareholders' Equity (Employee Stock Purchase Plan) (Narrative) (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2016shares	Jun. 30, 2014shares	Jun. 30, 2016periodshares
Stockholders Equity Note [Abstract]
ESPP, discount from market price			15.00%
ESPP reserved shares			300,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	450,000	500,000
Number Of Offering Period In Annual Period | period			4
ESPP remaining reserved shares			166,000

Shareholders' Equity (Employe54

Shareholders' Equity (Employee Stock Purchase Plan) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Shares purchased	23,179	19,737
Dividend yield	0.00%	0.00%
Expected life	1 year	1 year
Expected volatility	32.00%	31.00%
Risk free interest rates	0.70%	0.20%
Weighted average per share fair value (in dollars per share)	$ 4.08	$ 5.08

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) $ in Thousands, € in Millions, AUD in Millions	Feb. 01, 2016USD ($)AUD / $	Feb. 01, 2016AUD	Jan. 15, 2015USD ($)	Jan. 15, 2015EUR (€)$ / €	Jun. 30, 2016USD ($)	Feb. 01, 2016AUDAUD / $	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Goodwill					$ 22,265		$ 18,850
Exactech Australia Pty Ltd [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition					Feb. 1, 2016
Business Acquisition, Percentage Of Voting Interests Acquired	100.00%					100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 5,593
Business Combination, Consideration Transferred	$ 1,100	AUD 1.6
Foreign Currency Exchange Rate, Translation | AUD / $	0.7034					0.7034
Contingent consideration payment period	2 years	2 years
Business combination consideration receivable	$ 2,000
Discount rate used to calculate fair value of contingent consideration	3.70%	3.70%
Liabilities assumed	$ 208
Goodwill	$ 3,089
Exactech Australia Pty Ltd [Member] | Minimum
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | AUD						AUD 3.1
Exactech Australia Pty Ltd [Member] | Maximum
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | AUD						AUD 7.6
Blue Ortho [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | €				€ 10
Business Combination, Consideration Transferred			$ 2,300	€ 2
Foreign Currency Exchange Rate, Translation | $ / €				1.16
Acquired of tangible assets					$ 1,500
Liabilities assumed					2,900
Intangible product licenses and designs					7,500
Goodwill					$ 6,500
Blue Ortho [Member] | Minimum
Business Acquisition [Line Items]
Contingent consideration payment period			5 years	5 years
Discount rate used to calculate fair value of contingent consideration			4.50%	4.50%
Blue Ortho [Member] | Maximum
Business Acquisition [Line Items]
Contingent consideration payment period			10 years	10 years
Discount rate used to calculate fair value of contingent consideration			6.50%	6.50%

Business Acquisition Business C

Business Acquisition Business Combination Table (Details) $ in Thousands, € in Millions	Feb. 01, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jan. 15, 2015EUR (€)
Business Acquisition [Line Items]
Goodwill		$ 22,265		$ 18,850
Contingent Consideration Fair Value, Beginning		6,222
Contingent Consideration, Initial Fair Value		2,435
Contingent Consideration, Period Change in Valuation		140
Contingent consideration payment		(669)	$ 0
Contingent Consideration, Translation Adjustment		241
Contingent Consideration Fair Value, Ending		8,369
Business Combination, Contingent Consideration, Liability, Current		(2,687)
Business Combination, Contingent Consideration, Liability, Noncurrent		5,682
Exactech Australia Pty Ltd [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 1,152
Contingent Consideration Fair Value	2,435
Business Combination, Consideration Recognized	3,587
Business Combination, Consideration Transferred, Other	2,006
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	5,593
Business Combination, Acquisition Related Costs		131
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,616
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	722
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(208)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent	(161)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	535
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	2,504
Goodwill	$ 3,089
Contingent Consideration, Initial Fair Value		2,435
Contingent Consideration, Period Change in Valuation		42
Contingent Consideration, Translation Adjustment		127
Contingent Consideration Fair Value, Ending		2,604
Business Combination, Contingent Consideration, Liability, Current		(1,276)
Business Combination, Contingent Consideration, Liability, Noncurrent		1,328
Blue Ortho [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | €					€ 10
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(2,900)
Goodwill		6,500
Contingent Consideration Fair Value, Beginning		6,222
Contingent Consideration, Period Change in Valuation		98
Contingent consideration payment		(669)
Contingent Consideration, Translation Adjustment		114
Contingent Consideration Fair Value, Ending		5,765
Business Combination, Contingent Consideration, Liability, Current		(1,411)
Business Combination, Contingent Consideration, Liability, Noncurrent		$ 4,354