Wright Medical Says 3Q Profit Was Unchanged

ALRINGTON, Tenn. (AP) — Wright Medical Group Inc. said Thursday its profit was unchanged in the third quarter, as greater sales of its orthopedic devices were offset by increased costs.

The company earned $4.2 million, or 11 cents per share, matching its profit from the third quarter of 2008. Revenue rose 6 percent, to $117.7 million from $111.1 million, but that was countered by higher selling, general and administrative expenses and cost of sales.

Excluding charges related to a government investigation, restructuring and stock based compensation, Wright's profit was unchanged at 19 cents per share.

According to Thomson Reuters, analysts had projected earnings of 9 cents per share and $112.9 million in revenue.

Wright said sales of extremity products rose 18 percent to $25.5 million, while hip device revenue rose 7 percent to $40.1 million and knee revenue grew 5 percent to $30.1 million. Revenue from biologic products slipped 4 percent to $19.4 million, and other revenue declined to $2.6 million from $2.9 million. The company said foreign currency exchange rates did not affect sales.