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Wright Medical announces financial results for second quarter of 2017
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Wright Medical Group N.V. announced its second-quarter financial results, which ended on June 25, 2017.
“All of our most important financial results are right on track with our plan for the year. We also continued to make significant progress in the second quarter on the initiatives that will enable us to achieve our longer-term goals,” Robert Palmisano, president and chief executive officer, said in a company press release. “Global net sales growth of 5%, including expected dis-synergies, adjusted [earnings before interest, tax, depreciation and amortization] EBITDA of $19.8 million and gross margins of 78.8% reflect the strength of our markets and our unique position in them. We believe we are well positioned as we head into the back half of the year to accelerate our business momentum.”
According to the release, net loss from continuing operations was $21 million, or $0.20 per diluted share for the second quarter. At the end of the second quarter, cash, cash equivalents and restricted cash totaled $378.9 million. Wright Medical expects net sales for the full year to be between $755 million and $765 million, a growth rate of 9% to 11% compared with 2016 figures. For fiscal year 2017, Wright expects approximately 105.1 million diluted, weighted average ordinary shares outstanding.
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