Wright Medical Group Inc. Reports Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2014; Revises Earnings Guidance for the Year 2014
Apr 30 14
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.
Wright Medical Group Inc., Annual General Meeting, May 13, 2014
Mar 31 14
Wright Medical Group Inc., Annual General Meeting, May 13, 2014., at 08:00 Central Standard Time. Location: Wright Medical Group Inc.. Agenda: To consider election of directors to serve on board of directors for a term of one year; to consider the compensation of executive officers; to consider ratification of the selection of KPMG LLP as independent registered public accounting firm for 2014; and to transact any other business that properly comes before the meeting.
Wright Medical Group Inc. Presents at Jefferies 2014 Global Healthcare Conference, Jun-04-2014 03:00 PM
Mar 5 14
Wright Medical Group Inc. Presents at Jefferies 2014 Global Healthcare Conference, Jun-04-2014 03:00 PM. Venue: Grand Hyatt, New York, New York, United States. Speakers: Lance A. Berry, Chief Financial Officer and Senior Vice President.