Wright Medical shares rise on Q2 earnings Beat

Shares in Wright Medical (NSDQ:WMGI) rose today in pre-market trading after the medical device maker beat expectations on Wall Street with its second quarter results. The Amsterdam-based company posted losses of $67.7 million, or 64¢ per share, on sales of $205.4 million for the three months ended July 1, seeing losses grow 64.5% while sales grew 14.3% compared with the same period last year. Adjusted to exclude one-time items, losses per share were 3¢, just ahead of the 6¢ loss-per-share consensus on The Street, where analysts were looking for sales of $196.8 million, which the company also topped. “We produced outstanding results across the board in the second quarter, including 13% constant currency net sales growth, an estimated 370 basis point increase versus the first quarter of 2018, and we exited the quarter on a strong, positive trajectory, which we expect to continue throughout the remainder of 2018.  These results represent another strong performance in our U.S. upper extremities business, which grew 22% in the second quarter, driven by 24% growth in our U.S. shoulder business.  We anticipate that continued penetration of our Simpliciti shoulder system, our ongoing Perform reversed launch and accelerating adoption of our Blueprint enabling technology will continue to drive market-leading shoulder sales growth in 2018,” prez & CEO Robert Palmisano said in a press release. “Our U.S. lower extremities growth rate accelerated to 9% in the se...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat wrightmedical Source Type: news