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Wright Medical announces first-quarter financial results for 2017
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Wright Medical Group Inc. N.V. has reported financial results for its first quarter of 2017, which ended on March 26.
According to a company press release, net sales from continuing operations totaled $177.2 million during the first quarter, representing 5% as reported growth and 6% growth on a constant currency basis. Gross margins from continuing operation were 79% and were 79.4% on a non-GAAP adjusted basis.
“Our upper extremities business continued to have strong growth as Simpliciti drove 13% growth in U.S. shoulder,” Robert Palmisano, president and chief executive officer of the company, said in the release. “Additionally, we launched our Perform reversed glenoid in March and anticipate that this will drive accelerating revenue in the second half of the year as we deliver additional instrument sets to the U.S. field.”
Net loss from continuing operations for the first quarter of 2017 totaled $36.7 million, or $0.35 per diluted share. The net loss for the company included an after-tax effect of $3 million of transition costs, an unrealized loss of $0.4 million related to mark-to-market adjustments on derivatives, $11 million of non-cash interest expense related to its convertible notes and a $6.2 million unrealized loss related to mark-to-market adjustments on contingent value rights issued in connection with the acquisition of BioMimetic.
The company anticipates nets sales for full-year 2017 to be approximately $775 million to $765 million.
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