Wright Medical reports financial results for the first quarter of 2019

Wright Medical Group N.V. reported first-quarter financial results of 2019, which ended March 31, according to a press release.

“Our first-quarter net sales results represent an outstanding start to 2019, with 18% constant currency growth, and 13% pro-forma and organic constant currency growth, driven by exceptional performance across our total U.S. business with organic growth of 17%,” Robert Palmisano, president and CEO of the company, said in the release. “This was led by U.S. upper extremities growth of 21% and 11% organic U.S. foot and ankle growth, with 18% growth in our total ankle franchise and above-market growth in the ambulatory surgery center segment. In addition, Cartiva sales of $9.2 million finished ahead of expectations and returned to year-over-year growth ahead of schedule.”

During the first quarter of 2019, total net sales were $230.1 million, a 15.9% increase as reported and increases of 17.8% in constant currency, 12.7% in pro-forma constant currency and 13.1% in organic constant currency. The net loss in the first quarter from continuing operating was $30.3 million, or $0.24 per diluted share. The non-generally accepted accounting principles (non-GAAP) net loss from continuing operations was $1.7 million, and the non-GAAP adjusted earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations was $37.4 million. At the end of the first quarter of 2019, the cash and cash equivalents were a total of $161.5 million.

Wright Medical expects net sales for the full-year 2019 to be between $954 million and $966 million, or a constant currency net sales growth of 15% to 17%; pro-forma constant currency net sales growth of 11% to 13% and organic constant currency net sales growth of 10% to 12%. It anticipates the full-year 2019 adjusted EBITDA from continuing operations guidance to between $160 million and $170 million.

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