Wright Medical Group, Inc. (NASDAQ: WMGI) reported financial results for its fourth quarter ended December 31, 2012 and provided 2013 guidance.
Net sales totaled $123.5 million during the fourth quarter ended December 31, 2012, representing a 3% decrease as reported and a 2% decrease on a constant currency basis compared to the fourth quarter of 2011. During the fourth quarter of 2012, as anticipated, global sales were negatively affected by U.S. OrthoRecon customer losses and price decreases in Japan that were effective in the second quarter of 2012, partially offset by strong growth in the global foot and ankle business.
Robert Palmisano, president and chief executive officer, commented, “Our performance in the fourth quarter reflects continued strong implementation of the transformational changes to our business. Notably, the fourth consecutive quarter of accelerating global foot and ankle growth underscores the positive progress that we continue to make in our foot and ankle business by leveraging our large, direct sales organization, introducing new products, driving productivity gains and increasing our medical education programs. We also generated strong free cash flow in 2012, which was more than triple the amount generated in the prior year.”
Palmisano commented further, “We remain optimistic about the longer term outlook for our OrthoRecon business and will continue to focus on driving significant improvements in customer satisfaction and ensuring an R&D product pipeline that meets current and future customer needs. With this focus, our team is confident that we will be able to work towards building a growing global OrthoRecon business that delivers exceptional levels of customer service, market rates of growth and significant cash contribution.”Net income for the fourth quarter of 2012 totaled $5.4 million or $0.14 per diluted share, compared to net income of $1.2 million or $0.03 per diluted share in the fourth quarter of 2011.
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