Wright Medical shares tumble on Q3 sales miss, growing losses

Shares in Wright Medical (NSDQ:WMGI) fell today after the medical device maker missed sales expectations on Wall Street with its 3rd quarter earnings results. The Netherlands-based company posted losses of $131.9 million, or $1.26 per share, on sales of $170.5 million for the 3 months ended September 30, seeing losses grow 19.7% while sales grew a smaller 8.4% compared with the same period last year. Adjusted to exclude 1-time items, losses per share were 16¢, just ahead of the 17¢ consensus on Wall Street, where analysts expected to see revenue of $173.6 million. “Our U.S. upper extremities business had an exceptional quarter and grew 19%. However, in total, the third quarter fell short of our expectations. The third quarter was negatively impacted by the hurricanes. In addition, our U.S. lower extremities business did not Perform as we expected as the benefit from the sales force additions is developing slower than we originally anticipated. We have adjusted our net sales guidance accordingly. Despite this impact, we made positive progress on non-GAAP adjusted EBITDA margins, which improved approximately 370 basis points over prior year. Highlights in the quarter included 19% sales growth in U.S. shoulders, led by the ongoing launch of our Perform Reversed glenoid, which is on a strong growth trajectory, and continued contributions from our Simpliciti shoulder system. We anticipate that our Perform Reversed launch and accelerating adoption of Blueprint enabling tec...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup wrightmedical Source Type: news