Wright Medical surges on Street-beating Q2

Wright Medical (NSDQ:WMGI) saw shares surge over 10% after releasing 2nd quarter earnings that topped the Street in earnings per share but were off on revenue. The Memphis, Tenn.-based company reported losses of $229.4 million, or $2.23 per share, on sales of $170.7 million for the 3 months ended June 26. That amounts to an over 400% increase in losses while sales grew over 100% compared with the same period in 2015. After adjusting to exclude 1-time items, losses per share were 11¢, half of the 22¢ losses per share The Street expected to see for the quarter. The Street’s revenue expectations of $219.7 million were missed by more than $40 million. “For the 3rd consecutive quarter, all of our most important financial results exceeded our expectations.  Global extremities and biologics pro forma constant currency net sales growth of 14%, adjusted EBITDA from continuing operations of $12.2 million and adjusted gross margins from continuing operations of 78.5% reflect the strength of our markets and our unique position in them.  We continued to successfully execute our merger integration plans and with this continued success, we believe we are well positioned to continue our strong business momentum and to deliver on our synergy commitments as we progress through the remainder of 2016. Highlights in the quarter included strong contributions from the ongoing rollout of our Simpliciti and Aequalis Ascend Flex shoulder systems, which drove 20% sales growth in U.S. shou...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wright Medical Group Inc. Source Type: news