Wright Medical reports 2016 second-quarter financial results

Wright Medical Group announced its financial results for the second quarter of 2016. According to a company press release, the net sales from continuing operations were $170.7 million.

“For the third consecutive quarter, all of our most important financial results exceeded our expectations,” Robert Palmisano, president and chief executive officer of the company, said in the release. “Global extremities and biologics pro forma constant currency net sales growth of 14%, adjusted [earnings before interest, tax, depreciation and amortization] EBITDA from continuing operations of $12.2 million and adjusted growth margins from continuing operations of 78.5% reflect the strength of our markets and our unique position in them. We continued to successfully execute our merger integration plans and with continued success, we believe we are well positioned to continue our strong business momentum and to deliver our synergy commitments as we progress through the remainder of 2016.”

For the second quarter of 2016, the total net loss from continuing operations was $42 million, or $0.41 per diluted share. As the end of this quarter, cash and cash equivalents were $326.3 million. Due to the transaction with Corin Orthopaedics Holdings Limited, Wright Medical expects net sales from continuing operations for the full year of 2016 to be between $675 million and $685 million.

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