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Exactech, Inc. EXAC took a step towards it's goal of providing an all-inclusive range of knee replacement systems with the launch of ExactechGPS TKA PLUS. This is an advanced software application that provides systematic computer guidance to orthopedic surgeons during total knee arthroplasty (TKA) procedures.

TKA PLUS software application is a supplementary feature to the existing ExactechGPS- a computer technology system for well guided, improvised and personalized joint replacement surgery. The software application is expected to provide the performing orthopedic surgeon with more precision and simplified intraoperative computer guidance to track the patient's implant alignment.

In this regard, we note that the ExactechGPS is a widely accepted product with users in 12 countries. Also, it has tended to more than a whopping 8500 cases in knee replacement. The latest application is expected to help the company widen its customer base in these regions.

The TKA PLUS software can be used in conjunction with Truliant Knee System for enhanced performance in total knee replacement. After the recent receipt of  510(k) clearance from the FDA, Truliant Knee system is a complete portfolio of implants and instrumentation that provides an enriching surgical experience in total knee replacement.

Following this pilot lauch, Exactech plans a complete commercial launch of TKA PLUS software application in 2018. This product development is in line with the company's objective to gain traction in the huge and untapped Total Knee Replacement market. As per data provided by Technavio, this market is expected to grow at an estimated CAGR of 3% by 2021.

Though, Exactech may benefit from the concentrated nature of the Total Knee Replacement market, it will have to face tough competition from a stronger player like Zimmer Biomet Holdings, INC. ZBH , which already provides the iASSIST knee Personalized Guidance System for knee replacement procedures. It is worth noting here that Exactech has been performing better than the broader Medical Instruments market , gaining 15.5% as compared to the industry's 9.8% over the last three months. It also outperformed the 2.6% gain of the S&P 500 market over the same time frame.

Zacks Rank and Key Picks

Exactech currently carries a Zacks Rank #3 (Hold). A few better-ranked medical stocks are Inogen, INC. INGN and Abbott Laboratories ABT . Notably, Inogen sports a Zacks Rank #1 (Strong Buy), while Abbott Laboratories carries a Zacks Rank #2 (Buy). You can see  the complete list of today's Zacks #1 Rank stocks here.

Inogen has a long-term expected earnings growth rate of 17.5%. The stock has gained around 24.1% over the last three months.

Abbott Laboratories has an expected long-term adjusted earnings growth of 10.84%. The stock has added roughly 11.8% over the last three months.

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