Exactech lays off 63, others face pay cuts

Exactech, a Gainesville-based orthopedic manufacturer, laid off 63 employees due to surgery cancellations caused by COVID-19.

Exactech, a developer and producer of implants and instruments for joint-replacement surgery founded and headquartered in Gainesville at 2320 NW 66 Court, on Monday laid off 54 employees in Gainesville and nine at its Sarasota operation.

The announcement comes a few days after Gov. Ron DeSantis on Friday signed an executive order prohibiting elective surgeries. Exceptions to DeSantis’ order will be made for procedures that, if delayed, would place a patient’s immediate health at risk or seriously worsen a medical condition.

Despite years of consistent company growth, the devices Exactech designs and manufactures for surgeries at medical centers worldwide including knee, hip and ankle replacement are suddenly irrelevant — at least temporarily.

Spokeswoman Priscilla Bennett said the company had been cutting costs since the beginning of the month to account for the postponement of surgeries around the world that use its devices, as hospitals rapidly transitioned their focus to treating COVID-19.

These cost-cutting measures included canceling travel, a hiring freeze and a halt on overtime work. However, even paring down to its “most critical operations” was not enough to account for global sale losses, Bennett said.

“With surgeries being canceled, so is our cash flow,” she said. “For weeks, we’ve been doing everything we can to avoid getting to this.”

The 63 total laid off employees come from all departments of the company, she said. All remaining employees face tiered salary cuts, with senior management taking the greatest hits, she said.

By Emily Mavrakis | Gainesville Sun

Image Credit: Exactech


About Peter Coffaro 510 Articles
Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.

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