September 26, 2016 12:48 AM ET

Healthcare Equipment and Supplies

Company Overview of Wright Medical Technology, Inc.

Company Overview

Wright Medical Technology, Inc. designs, manufactures, and distributes orthopedic implants and instruments. It provides implants for the foot, ankle, hand, elbow, and shoulder, as well as synthetic and tissue-based bone graft substitute materials. The company also offers upper extremity products/hardware; and biologics products, which are used to replace damaged or diseased bone, stimulate bone growth, and provide other biological solutions for surgeons and their patients. It serves customers in the United States, Europe, the Middle East, Africa, Asia, Canada, Australia, Latin America, and internationally. The company offers its products through a network of employee sales representatives an...

1023 Cherry Road

Memphis, TN 38117

United States

Founded in 1950

Phone:

901-867-9971

Fax:

800-446-0875

Key Executives for Wright Medical Technology, Inc.

Chief Executive Officer, President and Director
Age: 71
Chief Financial Officer and Senior Vice President
Age: 44
Chief Operating Officer and Executive Vice President
Age: 56
President of International
Age: 51
President of U.S. Extremities
Age: 50
Compensation as of Fiscal Year 2016.

Wright Medical Technology, Inc. Key Developments

Wright Medical Group N.V. Reports Consolidated Financial Results for the First Quarter Ended March 27, 2016; Revises Earnings Guidance for the Full-Year 2016

Wright Medical Group N.V. reported consolidated financial results for the first quarter ended March 27, 2016. For the quarter, the company’s net sales totaled $181.0 million against $77.934 million a year ago. Net loss from continuing operations totaled $39.3 million, or $0.38 per diluted share against $46.248 million or $0.88 per diluted share a year ago. The company's net loss from continuing operations included the after-tax effects of $11.1 million of transaction and transition costs, $11.4 million of inventory step-up amortization, a gain of $6.6 million related to mark-to-market adjustments on derivatives, $7.1 million of non-cash interest expense related to its 2017 convertible notes and 2020 convertible notes, and a $5.3 million unrealized loss related to mark-to-market adjustments on contingent value rights (CVRs) issued in connection with the BioMimetic acquisition. Adjusted net loss from continuing operations was $12.8 million. Operating loss was $29.380 million against $33.121 million a year ago. Loss from continuing operations before income taxes was $40.166 million against $46.082 million a year ago. Net loss was $47.992 million against $49.748 million a year ago. Non-GAAP EBITDA was $8.463 million and non-GAAP adjusted EBITDA was $16.246 million. The company anticipates net sales for full-year 2016 of approximately $705 million to $715 million, an increase from the previous guidance range of $695 million to $705 million. The midpoint of this net sales guidance range assumes extremities and biologics pro forma constant currency growth of 14%, excluding the impact of revenue dis-synergies of approximately $25 million to $30 million. The company anticipates 2016 adjusted EBITDA from continuing operations, as described in the non-GAAP to GAAP reconciliation provided later in this release, of $30.0 million to $35.0 million, an increase from the previous guidance range of $20 million to $30 million. This range reects approximately $10 million to $15 million of potential cost synergies expected to be realized in 2016 from the merger with Tornier. The company anticipates adjusted cash earnings per share from continuing operations for full-year 2016 of $0.64 to $0.59 per diluted share.

Orthophoenix LLC Receives Favorable Markman Ruling in its Case against Dfine Inc., Wright Medical Technology Inc., and Stryker Corporation

Marathon Patent Group, Inc. announced that on February 2, 2015, the United States District Court for the District of Delaware issued the claim construction order in the litigation involving its wholly-owned subsidiary Orthophoenix LLC, in its case against Dfine Inc., Wright Medical Technology Inc., and Stryker Corporation. In his opinion, Chief Judge Leonard P. Stark, addressed disputed claim terms for U.S. Patent numbers 6,440,138 ("the '138 patent"), 6,863,672 ("the '672 patent") 6,663,647 ("the '647 patent") 6,248,110 ('the '110 patent"), 6,981,981 ("the '981 patent"), and 7,044,954 ("the '954 patent"). For all but one of the disputed claim terms, the court issued a favorable claim construction adopting the constructions (or minor variations thereof) proposed by Orthophoenix. The Court rejected defendants' arguments that the claims were invalid for indefiniteness, and rejected defendants' attempts to import limitations into the claims in order to avoid infringement. Russ, August & Kabat is representing Orthophoenix.

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