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wright medical group inc (WMGI) Key Developments

Wright Medical Group, Inc. Announces Executive Changes

On August 20, 2014, Wright Medical Group Inc. announced that Eric Stookey, President, Extremities/Biologics, would cease to be an employee of the company effective August 20, 2014. Pascal E.R. Girin, the company’s Executive Vice President and Chief Operating Officer, will assume direct oversight of the company’s extremities and biologics businesses, while the company conducts a search process to fill the position.

Wright Medical Group Inc. Reports Unaudited Consolidated Financial Results for its Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year of 2014

Wright Medical Group Inc. reported unaudited consolidated financial results for its second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $72,364,000 compared to $60,572,000 in the second quarter of 2013. Operating loss was $29,171,000 compared to $13,181,000 a year ago. Loss from continuing operations before income taxes was $51,613,000 compared to $21,748,000 a year ago Net loss from continuing operations was $53,583,000 or $1.08 per basic and diluted share compared to $15,539,000 or $0.34 per basic and diluted share a year ago. Net loss was $56,226,000 or $1.13 per basic and diluted share compared to $17,331,000 or $0.37 per basic and diluted share a year ago. Operating loss, as adjusted was $21,990,000 compared to $7,866,000 a year ago. EBITDA was $40,167,000 compared to $11,477,000 a year ago. Adjusted LBITDA was $11,565,000 compared to adjusted EBITDA of $590,000 a year ago. Loss before taxes, as adjusted was $23,638,000 compared to $9,441,000 a year ago. Net loss, as adjusted was $23,962,000 compared to $5,785,000 a year ago. Net loss from continuing operations, as adjusted, per diluted share was $0.48 compared to $0.13 a year ago. Net cash used in operating activities was $24,350,000 compared to net cash generated from operating activities of $10,923,000 a year ago. Capital expenditures were $16,448,000 compared to $5,995,000 a year ago. Free cash flow was $40,798,000 compared to negative free cash flow of $4,928,000 a year ago. For the six months, the company reported net sales of $143,426,000 compared to $116,865,000 a year ago. Operating loss was $52,217,000 compared to $26,407,000 a year ago. Loss from continuing operations before income taxes was $94,081,000 compared to $33,070,000 a year ago Net loss from continuing operations was $83,881,000 or $1.71 per basic and diluted share compared to $20,457,000 or $0.47 per basic and diluted share a year ago. Net loss was $86,646,000 or $1.76 per basic and diluted share compared to $8,896,000 or $0.20 per basic and diluted share a year ago. Operating loss, as adjusted was $36,488,000 compared to $12,301,000 a year ago. EBITDA was $72,071,000 compared to $13,802,000 a year ago. Adjusted LBITDA was $17,752,000 compared to adjusted EBITDA of $1,990,000 a year ago. Loss before taxes, as adjusted was $40,004,000 compared to $15,653,000 a year ago. Net loss, as adjusted was $40,520,000 compared to $9,133,000 a year ago. Net loss from continuing operations, as adjusted, per diluted share was $0.82 compared to $0.21 a year ago. Net cash used in operating activities was $51,590,000 compared to net cash generated from operating activities of $5,755,000 a year ago. Capital expenditures were $24,284,000 compared to $9,735,000 a year ago. Free cash flow was $75,874,000 compared to $3,980,000 a year ago. The company reiterates its previous guidance range for net sales from continuing operations, or extremity and biologics revenue, for 2014 of approximately $308 million to $312 million. This represents a growth rate of 27% to 29% (including Solana, OrthoPro and Biotech acquisitions). This range anticipates some potential minor, short-term dis-synergies due to the closing of the transactions with MicroPort, Biotech International, Solana Surgical and OrthoPro. The company reiterates its previously issued full-year 2014 adjusted EBITDA from continuing operations, as described in the GAAP to non-GAAP reconciliation provided later in this release, of negative $20.0 million to negative $15.0 million. The company expects to exit 2014 with positive adjusted EBITDA. The company also reiterates its previously issued adjusted earnings per share from continuing operations, including stock-based compensation, for full-year 2014 of $1.28 to $1.38 per diluted share, based on approximately 49.9 million shares outstanding. The company currently estimates that the after-tax impact of those expenses will be approximately $0.23 per diluted share for the full-year 2014.

Wright Medical Group Inc. to Report Q2, 2014 Results on Aug 05, 2014

Wright Medical Group Inc. announced that they will report Q2, 2014 results at 3:00 PM, Central Standard Time on Aug 05, 2014

Wright Medical Group Inc. Announces Commercial Launch of Infinity(R) Total Ankle System

Wright Medical Group Inc. announced the full U.S. commercial launch of its Infinity(R) Total Ankle Replacement (TAR) System. The system is now available in the U.S. through Wright Medical's foot and ankle sales force. The Infinity(R) TAR System will also be available on a limited basis in select countries outside the U.S. through Wright's direct sales organization. Key features of the new Infinity(R) Total Ankle System include: Low-profile implant design -- anterior cortex sparing tibial component design. Compatibility with INBONE(R) II talar components -- provides flexibility and opportunity to address continuum of care. Seamless integration with PROPHECY(R) Pre-Operative Navigation Guides -- offers fewer surgical steps, less fluoroscopic exposure and reduced surgical time.

Wright Medical Group Inc. Reports Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2014; Revises Earnings Guidance for the Year 2014

Wright Medical Group Inc. reported unaudited consolidated earnings results for first quarter ended March 31, 2014. For the period, the company reported net sales were $71,062,000 compared to $56,293,000 in the same period last year. Operating loss was $23,046,000 compared to $13,226,000 in the same period last year. Loss from continuing operations before income taxes was $42,468,000 compared to $11,322,000 in the same period last year. Net loss from continuing operations was $30,298,000 or $0.62 per diluted share compared to $4,918,000 or $0.12 per diluted share in the same period last year. Net loss was $30,420,000 or $0.63 per diluted share compared to net income of $8,435,000 or $0.20 per diluted share in the same period last year. Operating loss, as adjusted was $14,498,000 compared to $4,434,000 in the same period last year. Net loss from continuing operations, as adjusted was $16.6 million, a decline from a net loss of $3.3 million in 2013, while diluted loss per share, as adjusted, decreased to $0.34 in the first quarter of 2014 from $0.08 in the first quarter of 2013. LBITDA was $31,904,000 against $2,325,000 for the same period a year ago. Adjusted LBITDA was $6,187,000 against adjusted EBITDA of $1,401,000 for the same period a year ago. Loss before taxes, as adjusted was $16,366,000 compared to $6,211,000 in the same period last year. Net loss, as adjusted was $16,558,000 compared to income of $3,347,000 in the same period last year. Net loss from continuing operations, as adjusted, per diluted share was $0.34 against $0.08 for the same period a year ago. Net cash used in operating activities was $27,240,000 against $5,168,000 for the same period a year ago. Capital expenditures was $7,836,000 against $3,740,000 for the same period a year ago. The company narrowed its previous guidance range of $305 million to $312 million and now anticipates net sales from continuing operations, or Extremity and Biologics revenue, for 2014 of approximately $308 million to $312 million. This represents a growth rate of 27% to 29% (including Solana, OrthoPro and Biotech acquisitions). The company reiterates its previously issued full-year 2014 adjusted EBITDA from continuing operations, as described in the GAAP to non-GAAP reconciliation provided later in this release, of negative $20.0 million to negative $15.0 million. The Company expects to exit 2014 with positive adjusted EBITDA. The company anticipates adjusted earnings per share from continuing operations, including stock-based compensation, for full-year 2014 to be in the range of $1.28 to $1.38 per diluted share, based on approximately 49.9 million shares outstanding.

 

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