Wright Medical shares rise on Q2 beat

Shares in Wright Medical (NSDQ:WMGI) rose yesterday after the medical device maker beat expectations on Wall Street with its 2nd quarter earnings results. The Amsterdam-based company posted losses of $41.2 million, or 39¢ per share, on sales of $179.7 million for the 3 months ended June 25, seeing losses shrink 82.1% while sales grew 5.3% compared with the same period during the prior year. Adjusted to exclude 1-time items, losses per share were 7¢, just ahead of the 9¢ loss per share consensus on The Street, where analysts were looking for sales of $178.2 million for the quarter. “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.  Global net sales growth of 5%, including expected dis-synergies, adjusted 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. Highlights in the quarter included 16% sales growth in U.S. shoulders, driven by strong contributions from the ongoing rollout of our Simpliciti shoulder system, as well as the launch of our Perform Reversed glenoid, which is off to a terrific start.  We anticipate that our Perform Reversed launch will drive accelerating revenue in the second half of...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat wrightmedical Source Type: news