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Wright Medical reports second-quarter 2019 financial results
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Wright Medical Group N.V. announced financial results for its second-quarter 2019, which ended June 30, 2019.
During the second quarter, net sales totaled $229.7 million, which was 13.2% in constant currency, 8.9% in pro-forma constant currency and 9.4% in organic constant currency growth. Gross margins during the second quarter of 2019 were 79% and were 79.1% in a non-generally accepted accounting principles (non-GAAP) adjusted basis.
“Highlights in the quarter included 16% sales growth in U.S. shoulders, which is approximately double the market growth rate and consistent with our growth expectations for the full year,” Robert Palmisano, company president and CEO, said in the release. “We launched our new Revive revision shoulder at the end of the second quarter and that launch is off to a strong start. We expect the Revive launch, along with continued penetration of our Perform reversed glenoid system, Simpliciti shoulder and Blueprint-enabling technology will continue to drive outstanding shoulder sales growth in 2019 and beyond. Based on our excellent growth, we now expect to be #1 in shoulders worldwide by the end of this year.”
According to the release, the net loss for continuing operations was $18.9 million or $0.15 per diluted share. The second-quarter 2019 non-GAAP net loss from continuing operations was $5.7 million. The second-quarter 2019 non-GAAP adjusted earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations was $35.3 million. As of the end of second-quarter 2019, the cash and cash equivalents totaled $150.6 million. Wright Medical anticipates its net sales for the full-year 2019 will be between $925 million and $939 million. The company expects the non-GAAP adjusted EBITDA for the full-year 2019 will be between $157 million and $163 million.
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