Wright Medical Group N.V. reports fourth-quarter, full-year 2016 financial results

Wright Medical Group N.V. announced its fourth-quarter and full-year financial results for 2016.

For the fourth quarter of 2016, Wright Medical reported an increase of 16% in net sales from continuing operations which, according to a company press release, totaled $193 million. Non- generally accepted accounting principles (GAAP) pro forma net sales reportedly increased by 12% in the fourth quarter in constant currency, excluding the impact of conforming to Wright’s methodology for recognizing revenue in the fourth quarter of 2015. Net loss from continuing operations in the fourth quarter totaled $30 million, non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2016 were $22.7 million.

Wright Medical anticipates sales growth for full-year 2017 to be 9% to 11%, $755 million and $765 million, and non-GAAP adjusted net earnings per share from continuing operations to be from $0.33 to $0.26 per diluted share.

“We had a good fourth quarter, and our full-year results reflect the continued strong underlying growth and positive momentum in all three of our high-growth businesses and our leadership positions in these markets,” Robert Palmisano, president and chief executive officer of Wright Medical Group N.V., said in the release. “Our pro forma constant currency global sales growth of 12%, despite an estimated 3% headwind from dis-synergies, was an acceleration from the third quarter of 2016, and combined with earlier than anticipated progress on capturing cost synergies, resulted in net sales and positive adjusted EBITDA results that exceeded our expectations. We drove significant overperformance on the top and bottom line in 2016, and we believe we are well positioned to continue driving high sales growth rates and EBITDA margin expansion.”

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