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H/Advisors Abernathy handles Exactech as it declares Chapter 11 to relieve the financial pressure flowing from the more than 2,500 lawsuits alleging that it sold defective knee and hip implants.
CEO Darin Johnson said Exactech experienced a strong operating performance in 2024, and that the Gainesville (FL) based company is on a good growth trajectory.
"However, despite the strength of the underlying business, we face unsustainable liabilities associated with knee and hip litigation related to the packaging recalls we voluntarily initiated between 2021 and 2022,” he added.
The bankruptcy process will pump fresh capital into Exactech, strengthen its balance sheet and ensure that it provides “innovative, industry-leading implants for surgeons and their patients for years to come,” according to Johnson.
H/Advisors Abernathy’s Deven Anand and Sydney Isaacs handle the Exactech account.
France's Havas owns H/Advisors.
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