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Wright Medical announces net sales of $205 million for second quarter of 2018
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Wright Medical Group N.V. reported net sales of $205.4 million for the second quarter of 2018, according to a press release of the company’s financial results.
“These results represent another strong performance in our U.S. upper extremities business, which grew 22% in the second quarter, driven by 24% growth in our U.S. shoulder business,” said Robert Palmisano, president and CEO of Wright Medical. He added, “Our U.S. lower extremities growth rate accelerated to 9% in the second quarter, driven by approximately 15% growth in total ankle and improved growth in our core lower extremities business.”
According to the press release, net loss from continuing operations was $90.6 million, or $0.85 per diluted share, and the adjusted net loss from continuing operations was $9.6 million for the second quarter of 2018.
The non-generally accepted accounting principles adjusted earnings before interest, taxes, depreciation, and amortization for second quarter of 2018 was $25.6 million.
The company had $313.2 million in cash and cash equivalents as of July 1.
“We are on a good trajectory headed into the second half of the year when we expect the third-quarter launch of our PROstep Minimally Invasive Surgery System to provide further momentum for this business,” said Palmisano. “We also received PMA approval for Augment Injectable Bone Graft and initiated launch activities in the U.S.”
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