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Last $24.89 USD
Change Today -0.02 / -0.08%
Volume 1.0M
WMGI On Other Exchanges
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As of 8:10 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

wright medical group inc (WMGI) Key Developments

Wright Medical Group Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Full Year 2015

Wright Medical Group Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company net sales totaled $77.9 million during, representing a 10% increase as reported and 14% increase on a constant currency basis compared to the first quarter of 2014. Net loss from continuing operations totaled $46.2 million or $0.91 per diluted share, compared to net loss of $30.3 million or $0.62 per diluted share in the first quarter of 2014. The company's adjusted EBITDA from continuing operations, as defined in the GAAP to non-GAAP reconciliation provided later in this release, were negative $11.8 million, compared to negative $6.2 million in the same quarter of the prior year. Loss from continuing operations before income taxes was $46.082 million compared to $42.468 million a year ago. Net loss was $49.748 million or $0.98 per diluted share compared to $30.420 million or $0.63 per diluted share a year ago. Operating loss was $33.121 million compared to $23.046 million a year ago. Operating loss, as adjusted was $22.045 million compared to $14.498 million a year ago. LBITDA was $30.539 million compared to $31.904 million a year ago. Net loss, as adjusted was $25.902 million or $0.51 per diluted share compared to $16.558 million or $0.34 per diluted share a year ago. Net cash used in operating activities was $25.246 million compared to $27.240 million a year ago. Capital expenditures were $11.854 million compared to $7.836 million a year ago. The company continues to anticipate net sales for 2015 of approximately $325 million to $335 million, representing constant currency growth of 13% to 16% from 2014. The company continues to anticipate 2015 adjusted EBITDA from continuing operations, as described in the GAAP to non-GAAP reconciliation provided later in this release, of negative $22.0 million to negative $27.0 million. The company continues to anticipate adjusted earnings per share from continuing operations, including stock-based compensation, for full-year 2015 of $1.67 to $1.77 per diluted share, based on approximately 51.1 million shares outstanding.

Wright Medical Group, Inc. Enters into Definitive Agreements Settling Patent Infringement Suit

On April 13, 2015, Wright Medical Group Inc. entered into definitive agreements settling a patent infringement suit filed by ConforMIS Inc. against the company in September 2013 alleging that the PROPHECY knee and ankle systems infringe four ConforMIS patents. These agreements memorialize an agreement in principle that was reached in October 2014, which was previously disclosed. Under the settlement, the company entered into a license agreement with ConforMIS under which the company received a fully paid, perpetual, non-exclusive, worldwide license under ConforMIS's patent portfolio to make, use and sell patient-specific instrumentation, and any product, device or system that is used in connection with such patient-specific instrumentation, in the foot and ankle, but excluding patient-specific implants. The licensed products include the Prophecy system for use with the company's InBone and Infinity total ankle replacement systems. In conjunction with the ConforMIS license, the Company also entered into an agreement with MicroPort Orthopedics pursuant to which the company agreed to pay on behalf of MicroPort, subject to the terms of that agreement, certain expenses, license fees and royalties owed by MicroPort Orthopedics to ConforMIS under a license agreement simultaneously entered into by MicroPort and ConforMIS. The royalties payable by the company on behalf of MicroPort, which the company expects to run through 2026, are payable based on sales of MicroPort's Prophecy patient-specific instrumentation system for use with the Advance and Evolution total knee replacement systems, which the company sold to MicroPort in January 2014.

Wright Medical Group Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year of 2015

Wright Medical Group Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net sales of $83.294 million against $67.824 million a year ago. Operating loss was $26.940 million against $23.240 million a year ago. Loss from continuing operations before income was $106.105 million against $24.749 million a year ago. Net loss from continuing operations was $106.968 million or $2.11 per diluted share against $135.211 million or $2.88 per diluted share a year ago. Net loss was $111.230 million or $2.19 per diluted share against $135.029 million or $2.88 per diluted share a year ago. Adjusted LBITDA was $812,000 against $3.166 million a year ago. Net cash used in operating activities was $29.850 million against $42.322 million a year ago. Capital expenditures was $12.897 million against $15.018 million a year ago. LBITDA was $93,833,000 against $14,818,000 a year ago. Loss before tax was $106,105,000 against $24,749,000 a year ago. Adjusted loss before tax was $13,737,000 against $13,015,000 a year ago. Adjusted net loss was $12,868,000 against $7,879,000 a year ago. For the year, the company reported net sales of $298.027 million against $242.330 million a year ago. Operating loss was $99.806 million against $282.206 million a year ago. Loss from continuing operations before income was $246.830 million against $230.403 million a year ago. Net loss from continuing operations was $240.496 million or $4.83 per diluted share against $280.168 million or $6.19 per diluted share a year ago. Net loss was $259.683 million or $5.22 per diluted share against $273.945 million or $6.05 per diluted share a year ago. Adjusted LBITDA was $24.431 against $5.945 million a year ago. Net cash used in operating activities was $116.002 million against $36.601 million a year ago. Capital expenditures was $48.603 million against $37.530 million a year ago. LBITDA was $200,949,000 against $192,503,000 a year ago. Loss before tax was $246,830,000 against $230,403,000 a year ago. Adjusted loss before tax was $71,181,000 against $42,126,000 a year ago. Adjusted net loss was $71,055,000 against $25,220,000 a year ago. The company anticipates 2015 adjusted EBITDA from continuing operations, as described in the GAAP to non-GAAP reconciliation provided later in this release, of negative $22.0 million to negative $27.0 million. The company anticipates adjusted earnings per share from continuing operations, including stock-based compensation, for full-year 2015 of $1.67 to $1.77 per diluted share, based on approximately 51.1 million shares outstanding. While the amount of the non-cash stock-based compensation charges will vary depending upon a number of factors, the company currently estimates that the after-tax impact of those expenses will be approximately $0.24 per diluted share for the full-year 2015.

Wright Medical Group Inc. Presents at Barclays Global Healthcare Conference, Mar-12-2015 09:30 AM

Wright Medical Group Inc. Presents at Barclays Global Healthcare Conference, Mar-12-2015 09:30 AM. Venue: Loews Miami Beach Hotel, 1601 Collins Avenue, Miami, Florida, United States. Speakers: Robert J. Palmisano, Chief Executive Officer, President and Director.

Wright Medical Seeks Acquisitions

Wright Medical Group Inc. (NasdaqGS:WMGI) announced its intention to commence an offering, subject to market and other conditions, of $400 million aggregate principal amount of cash convertible senior notes due 2020 to be offered and sold to initial purchasers who would resell the notes to qualified institutional buyers. Wright Medical expects to use a portion of the net proceeds from the offering to pay the cost of the cash convertible note hedge transactions. Wright Medical intends to use the remaining net proceeds from the offering for general corporate purposes, including possible acquisitions and to repay up to approximately $250 million aggregate principal amount of the company's outstanding indebtedness in privately negotiated transactions.

 

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