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TheStreet Open House

Wright Medical Group, Inc. Reports 2012 Fourth Quarter And Full-Year Financial Results And Provides 2013 Guidance

Stocks in this article: WMGI

The proxy statement/prospectus and other relevant materials (when they become available), and any and all documents filed with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Wright by directing a written request to Wright Medical Group, Inc, 5677 Airline Road, Arlington, TN 38002, Attention: Investor Relations, and by BioMimetic by directing a written request to BioMimetic Therapeutics, Inc., 389 Nichol Mill Lane, Franklin, TN 37067, Attention: Investor Relations.

BioMimetic and its respective executive officers and directors and other persons, including Wright and its respective executive officers and directors, may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed transaction. Information about the executive officers and directors of BioMimetic and their ownership of BioMimetic common stock is set forth in its annual report on Form 10-K for the year ended December 31, 2011, filed with the SEC on March 13, 2012 and the proxy statement for BioMimetic’s 2012 annual meeting of stockholders, filed with the SEC on April 27, 2012. Information about the executive officers and directors of Wright Medical Group is set forth in its annual report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 24, 2012 and the proxy statement for Wright Medical Group’s 2012 annual meeting of stockholders, filed with the SEC on March 27, 2012. Certain directors and executive officers of BioMimetic and other persons may have direct or indirect interests in the merger due to securities holdings, pre-existing or future indemnification arrangements and rights to severance payments if their employment is terminated prior to or following the transaction. If and to the extent that any of the BioMimetic participants will receive any additional benefits in connection with the transaction, the details of those benefits will be described in the proxy statement/prospectus relating to the transaction. Investors and security holders may obtain additional information regarding the direct and indirect interests of BioMimetic and its executive officers and directors in the transaction.

 

Wright Medical Group, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data--unaudited)

 
    Three Months Ended     Twelve Months Ended

December 31, 2012

   

December 31, 2011

December 31, 2012

   

December 31, 2011

Net sales $ 123,477 $ 126,872 $ 483,776 $ 512,947
Cost of sales 39,649 40,449 149,978 156,906
Cost of sales - restructuring   571   435   2,471  
Gross profit 83,828 85,852 333,363 353,570
Operating expenses:
Selling, general and administrative 74,200 72,361 290,261 301,588
Research and development 7,456 6,331 27,033 30,114
Amortization of intangible assets 1,949 782 5,772 2,870
Gain on sale of intellectual property (15,000 ) (15,000 )
Restructuring charges   2,273   1,153   14,405  
Total operating expenses 68,605 81,747 309,219 348,977
Operating income 15,223 4,105 24,144 4,593
Interest expense, net 3,920 1,755 10,188 6,529
Other (income) expense, net 3,360   (56 ) 5,395   4,719  
Income (loss) before income taxes 7,943 2,406 8,561 (6,655 )
Provision (benefit) for income taxes 2,591   1,243   3,277   (1,512 )
Net income (loss) $ 5,352   $ 1,163   $ 5,284   $ (5,143 )
Net income (loss) per share, basic $ 0.14   $ 0.03   $ 0.14   $ (0.13 )
Net income (loss) income per share, diluted $ 0.14   $ 0.03   $ 0.14   $ (0.13 )
Weighted-average number of shares outstanding-basic 38,959   38,430   38,769   38,279  
Weighted-average number of shares outstanding-diluted 39,342   38,673   39,086   38,279  
 
 

Wright Medical Group, Inc.

Consolidated Sales Analysis

(dollars in thousands--unaudited)

 
    Three Months Ended     Twelve Months Ended

December 31, 2012

   

December 31, 2011

   

% change

December 31, 2012

   

December 31, 2011

   

% change

Geographic
Domestic $ 70,657 $ 73,265 (3.6 %) $ 275,686 $ 295,943 (6.8 %)
International   52,820   53,607 (1.5 %)   208,090   217,004 (4.1 %)
Total net sales $ 123,477 $ 126,872 (2.7 %) $ 483,776 $ 512,947 (5.7 %)
 
Three Months Ended Twelve Months Ended

December 31, 2012

December 31, 2011

% change

December 31, 2012

December 31, 2011

% change

OrthoRecon
Hips $ 35,929 $ 42,715 (15.9 %) $ 150,550 $ 173,201 (13.1 %)
Knees 27,968 30,559 (8.5 %) 114,896 123,988 (7.3 %)
Other   1,200   923 30.0 %   4,225   5,005 (15.6 %)
Total OrthoRecon 65,097 74,197 (12.3 %) 269,671 302,194 (10.8 %)
 
Extremities
Foot and Ankle 35,360 29,524 19.8 % 122,897 107,734 14.1 %
Upper Extremity 5,876 6,553 (10.3 %) 24,977 27,742 (10.0 %)
Biologics 15,240 15,563 (2.1 %) 60,495 69,409 (12.8 %)
Other   1,904   1,035 84.0 %   5,736   5,868 (2.2 %)
Total Extremities 58,380 52,675 10.8 % 214,105 210,753 1.6 %
           
Total Sales $ 123,477 $ 126,872 (2.7 %) $ 483,776 $ 512,947 (5.7 %)
 
 

Wright Medical Group, Inc.

Supplemental Sales Information

(unaudited)

 
    Fourth Quarter 2012 Sales Growth

Domestic As Reported

   

Int’l Constant Currency

   

Int’l As Reported

   

Total Constant Currency

   

Total As Reported

OrthoRecon
Hips (17 %) (13 %) (15 %) (14 %) (16 %)
Knees (17 %) 4 % 2 % (8 %) (8 %)
Other 154 %     11 %     10 %     30 %     30 %
Total OrthoRecon (17 %) (7 %) (9 %) (11 %) (12 %)
 
Extremities
Foot and Ankle 16 % 37 % 36 % 20 % 20 %
Upper Extremity (17 %) 10 % 8 % (10 %) (10 %)
Biologics (8 %) 21 % 22 % (2 %) (2 %)
Other 100 %     76 %     76 %     84 %     84 %
Total Extremities 6 % 30 % 30 % 11 % 11 %
                         
Total Sales (4 %)     0 %     (1 %)     (2 %)     (3 %)
 
 

Wright Medical Group, Inc.

Supplemental Sales Information

(unaudited)

 
    2012 Sales Growth

Domestic As Reported

   

Int’l Constant Currency

   

Int’l As Reported

   

Total Constant Currency

   

Total As Reported

OrthoRecon
Hips (18 %) (8 %) (10 %) (12 %) (13 %)
Knees (13 %) 2 % 0 % (6 %) (7 %)
Other (13 %)     (14 %)     (16 %)     (14 %)     (16 %)
Total OrthoRecon (15 %) (5 %) (7 %) (9 %) (11 %)
 
Extremities
Foot and Ankle 12 % 26 % 22 % 15 % 14 %
Upper Extremity (13 %) (1 %) (3 %) (9 %) (10 %)
Biologics (16 %) 1 % 0 % (13 %) (13 %)
Other 12 %     (6 %)     (9 %)     0 %     (2 %)
Total Extremities 0 % 11 % 8 % 2 % 2 %
                         
Total Sales (7 %)     (2 %)     (4 %)     (5 %)     (6 %)
 
   
Sales as a % of Total Sales

Three Months Ended December 31, 2012

   

Twelve Months Ended December 31, 2012

Domestic     International     Total Domestic     International     Total
OrthoRecon
Hips 10 % 19 % 29 % 10 % 21 % 31 %
Knees 11 % 12 % 23 % 12 % 12 % 24 %
Other 0 %     1 %     1 % 0 %     1 %     1 %
Total OrthoRecon 21 % 32 % 53 % 23 % 33 % 56 %
 
Extremities
Foot and Ankle 23 % 6 % 29 % 21 % 5 % 25 %
Upper Extremity 3 % 2 % 5 % 4 % 2 % 5 %
Biologics 9 % 3 % 12 % 10 % 3 % 13 %
Other 1 %     1 %     2 % 0 %     1 %     1 %
Total Extremities 36 % 11 % 47 % 34 % 10 % 44 %
                           
Total Sales 57 %     43 %     100 % 57 %     43 %     100 %
 
 

Wright Medical Group, Inc.

Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency

(dollars in thousands--unaudited)

 
    Three Months Ended     Twelve Months Ended
December 31, 2012 December 31, 2012

International Net Sales

   

Total Net Sales

International Net Sales

   

Total Net Sales

Net sales, as reported $ 52,820 $ 123,477 $ 208,090 $ 483,776
Currency impact as compared to prior period   1,030   1,030   5,346   5,346

Net sales, excluding the impact of foreign currency

$ 53,850 $ 124,507 $ 213,436 $ 489,122
 
 

Wright Medical Group, Inc.

Reconciliation of As Reported Results to Non-GAAP Financial Measures

(in thousands, except per share data--unaudited)

 
    Three Months Ended     Twelve Months Ended

December 31, 2012

   

December 31, 2011

December 31, 2012

   

December 31, 2011

Operating Income
Operating income, as reported $ 15,223 $ 4,105 $ 24,144 $ 4,593
Reconciling items impacting Gross Profit:
Non-cash, stock-based compensation 347 349 1,401 1,412
Cost of sales - restructuring 571 435 2,471
Employment matters (1) 99
Inventory step-up amortization 16   32   158   32  
Total 363   952   1,994   4,014  
Reconciling items impacting Selling, General and Administrative expense:
Non-cash, stock-based compensation 2,018 1,945 8,898 7,028
U.S. governmental inquiries/DPA related (54 ) 3,379 6,593 12,920
Distributor conversions 403 1,027
Due diligence and transactions costs 1,798 1,798
Employment matters (1) 1,783
Product liability insurance recovery (2,432 ) (2,432 )
Product liability provision       13,199  
Total 1,733   5,324   15,884   34,930  
Reconciling items impacting Amortization of Intangible Assets:
Amortization of distributor non-competes 1,290 3,029
Reconciling items impacting Research and Development expense:
Non-cash, stock-based compensation 141 126 675 668
Employment matters (1)       135  
Total 141   126   675   803  
Other Reconciling Items:
Gain on sale of intellectual property (15,000 ) (15,000 )
Restructuring charges   2,273   1,153   14,405  
Operating income, as adjusted $ 3,750   $ 12,780   $ 31,879   $ 58,745  

Operating income, as adjusted, as a percentage of net sales

3.0 % 10.1 % 6.6 % 11.5 %

____________________________

(1) Costs associated with settlement of certain employment matters and the hiring of a new CEO.

 
 

Wright Medical Group, Inc.

Reconciliation of As Reported Results to Non-GAAP Financial Measures

(in thousands, except per share data--unaudited)

 
    Three Months Ended     Twelve Months Ended

December 31, 2012

   

December 31, 2011

December 31, 2012

   

December 31, 2011

Net Income
Income (loss) before taxes, as reported $ 7,943 $ 2,406 $ 8,561 $ (6,655 )
Pre-tax impact of reconciling items:
Non-cash, stock-based compensation 2,507 2,420 10,974 9,108
U.S. governmental inquiries/DPA related (54 ) 3,379 6,593 12,920
Restructuring charges 2,844 1,588 16,876
Inventory step-up amortization 16 32 158 32
Distributor conversion and non-competes 1,693 4,055
Loss on interest rate swap termination 1,769
Non-cash interest expense on 2017 Convertible Notes 2,086 2,773
Derivatives mark-to-market adjustment 3,472 1,142
Due diligence and transactions costs 1,798 1,798

Write-off of deferred financing fees associated with Senior Credit Facility and 2014 Convertible Notes

2,721
Employment matters (1) 2,017
Product liability insurance recovery (2,432 ) (2,432 )
Product liability provision 13,199
Gain on sale of intellectual property (15,000 ) (15,000 )
Deferred financing fees and transaction costs associated with Convertible Notes Tender Offer    

 

 

4,099  
Income before taxes, as adjusted 2,029   11,081   24,700   51,596  
 
Provision (benefit) for income taxes, as reported $ 2,591 $ 1,243 $ 3,277 $ (1,512 )
Non-cash, stock-based compensation 1,078 853 3,767 2,946
U.S. governmental inquiries/DPA related 85 1,754 2,380 5,125
Restructuring charges 1,591 620 6,165
Inventory step-up amortization 1 12 57 12
Distributor conversion and non-competes 661 1,456
Loss on interest rate swap termination 691
Non-cash interest expense on 2017 Convertible Notes 727 996
Derivatives mark-to-market adjustment 1,310 420
Write-off of deferred financing fees associated with Senior Credit Facility and 2014 Convertible Notes 1,063
Employment matters (1) 720
Product liability insurance recovery (853 ) (853 )
Product liability provision 4,740
Gain on sale of intellectual property (5,387 ) (5,387 )
Deferred financing fees and transaction costs associated with Convertible Notes Tender Offer 1,599
IRS audit liability   (1,041 )   (1,041 )
Provision for income taxes, as adjusted $ 213   $ 4,412   $ 8,487   $ 18,754  
Effective tax rate, as adjusted 10.5 % 39.8 % 34.4 % 36.3 %
Net income, as adjusted $ 1,816   $ 6,669   $ 16,213   $ 32,842  

____________________________

(1) Costs associated with settlement of certain employment matters and the hiring of a new CEO.

 
 

Wright Medical Group, Inc.

Reconciliation of As Reported Results to Non-GAAP Financial Measures

(continued)

 
    Three Months Ended     Three Months Ended
December 31, 2012 December 31, 2011
As Reported     As Adjusted As Reported     As Adjusted
Basic net income $ 5,352 $ 1,816 $ 1,163 $ 6,669
Interest expense on convertible notes N/A N/A N/A 137
Diluted net income $ 5,352 $ 1,816 $ 1,163 $ 6,806
 
Basic shares 38,959 38,959 38,430 38,430
Dilutive effect of stock options and restricted shares 383 383 243 243
Dilutive effect of convertible notes N/A N/A N/A 891
Diluted shares 39,342 39,342 38,673 39,564
 
Net income per share, diluted $ 0.14 $ 0.05 $ 0.03 $ 0.17
 
       
Twelve Months Ended Twelve Months Ended
December 31, 2012 December 31, 2011
As Reported     As Adjusted As Reported     As Adjusted
Basic net income (loss) $ 5,284 $ 16,213 $ (5,143) $ 32,842
Interest expense on convertible notes N/A N/A N/A 1,203
Diluted net income $ 5,284 $ 16,213 $ (5,143) $ 34,045
 
Basic shares 38,769 38,769

38,279 

38,279
Dilutive effect of stock options and restricted shares 317 317 N/A 136
Dilutive effect of convertible notes N/A N/A

N/A

1,909
Diluted shares 39,086 39,086

38,279 

40,324
 
Net income per share, diluted $ 0.14 $ 0.41 $ (0.13) $ 0.84
 
 

Wright Medical Group, Inc.

Reconciliation of As Reported Results to Non-GAAP Financial Measures

(continued)

 
    Three Months Ended     Twelve Months Ended

December 31, 2012

   

December 31, 2011

December 31, 2012

   

December 31, 2011

Net Income per Diluted Share

Net income (loss), as reported, per diluted share

$ 0.14 $ 0.03 $ 0.14 $ (0.13 )
Interest expense on convertible notes N/A 0.00 N/A 0.03
Effect of convertible notes on diluted shares N/A (0.00 ) N/A 0.01
Non-cash, stock-based compensation 0.04 0.04 0.18 0.15
U.S. governmental inquiries/DPA related 0.00 0.04 0.11 0.19
Restructuring charges 0.03 0.02 0.27
Inventory step-up amortization 0.00 0.00 0.00 0.00
Distributor conversion and non-competes 0.03 0.07
Loss on interest rate swap termination 0.03
Non-cash interest expense on 2017 Convertible Notes 0.03 0.05
Derivatives mark-to-market adjustment 0.05 0.02
Due diligence and transactions costs 0.05 0.05
Write-off of deferred financing fees associated with Senior Credit Facility and 2014 Convertible Notes 0.04
Employment matters (1) 0.03
Product liability insurance recovery (0.04 ) (0.04 )
Product liability provision 0.21
Gain on sale of intellectual property (0.24 ) (0.25 )
Deferred financing fees and transaction costs associated with Convertible Notes Tender Offer 0.06
IRS audit liability   0.03     0.03  

Net income, as adjusted, per diluted share (2)

$ 0.05   $ 0.17   $ 0.41   $ 0.84  

____________________________

(1) Costs associated with settlement of certain employment matters and the hiring of a new CEO.

(2) Reconciling items may not add to total net income, as adjusted, per diluted share due to rounding differences.

 
   

Wright Medical Group, Inc.

Reconciliation of Free Cash Flow

(dollars in thousands--unaudited)

 
    Three Months Ended   Twelve Months Ended

December 31, 2012

   

December 31, 2011

December 31, 2012

   

December 31, 2011

Net cash provided by operating activities 11,070     12,655 68,822     61,441
Capital expenditures (6,032 )     (11,759 ) (19,323 )     (46,957 )
Free cash flow 5,038       896   49,499       14,484  
 
 

Wright Medical Group, Inc.

Segment Income Statement

(In thousands, except share data)

(unaudited)

 
    Three months ended December 31, 2012
OrthoRecon     Extremities     Corporate     Other (1)     Total
Net sales $ 65,097 $ 58,380 $ $ $ 123,477
Cost of sales 26,136       13,150             363       39,649  
Gross profit 38,961 45,230 (363 ) 83,828
 
Operating expenses:
Selling, general and administrative 30,937 27,369 14,161 1,733 74,200
Research and development 3,769 3,546 141 7,456
Amortization of intangible assets 58 601 1,290 1,949
Gain on sale of intellectual property (15,000 ) (15,000 )
Restructuring charges                          
Total operating expenses 34,764 31,516 14,161 (11,836 ) 68,605
                         
Operating income (loss) $ 4,197       $ 13,714       $ (14,161 )     $ 11,473       $ 15,223  
 
Operating income (loss) as a percent of net sales 6.4 %     23.5 %     N/A     N/A     12.3 %
 
Three months ended December 31, 2012
OrthoRecon Extremities Corporate Other (1) Total
Depreciation expense $ 5,522 $ 2,892 $ 679 $ $ 9,093
Amortization expense 58 601 1,290 1,949
Capital expenditures 1,297 1,142 3,593 6,032

____________________________

(1) Other consists exclusively of the reconciling items from Operating Income, as reported, to Operating Income, as adjusted, as included in the reconciliations above.

 
 

Wright Medical Group, Inc.

Segment Income Statement

(continued)

 
    Three months ended December 31, 2011
OrthoRecon     Extremities     Corporate     Other (1)     Total
Net sales $ 74,197 $ 52,675 $ $ $ 126,872
Cost of sales 26,625       13,443             952       41,020  
Gross profit 47,572 39,232 (952 ) 85,852
 
Operating expenses:
Selling, general and administrative 32,075 22,443 12,519 5,324 72,361
Research and development 2,088 4,117 126 6,331
Amortization of intangible assets 134 648 782
Restructuring charges                   2,273       2,273  
Total operating expenses 34,297 27,208 12,519 7,723 81,747
                         
Operating income (loss) $ 13,275       $ 12,024       $ (12,519 )     $ (8,675 )     $ 4,105  
 
Operating income (loss) as a percent of net sales 17.9 % 22.8 % N/A N/A 3.2 %
 
Three months ended December 31, 2011
OrthoRecon Extremities Corporate Other (1) Total
Depreciation expense $ 6,468 $ 2,913 $ 1,632 $ $ 11,013
Amortization expense 134 648 782
Capital expenditures 5,023 3,101 3,635 11,759

____________________________

(1) Other consists exclusively of the reconciling items from Operating Income, as reported, to Operating Income, as adjusted, as included in the reconciliations above.

 
 

Wright Medical Group, Inc.

Segment Income Statement

(continued)

 
    Twelve months ended December 31, 2012
OrthoRecon     Extremities     Corporate     Other (1)     Total
Net sales $ 269,671 $ 214,105 $ $ $ 483,776
Cost of sales 101,044       47,375             1,994       150,413  
Gross profit 168,627 166,730 (1,994 ) 333,363
 
Operating expenses:
Selling, general and administrative 121,945 101,303 51,129 15,884 290,261
Research and development 12,821 13,537 675 27,033
Amortization of intangible assets 334 2,409 3,029 5,772
Gain on sale of intellectual property (15,000 ) (15,000 )
Restructuring charges                   1,153       1,153  
Total operating expenses 135,100 117,249 51,129 5,741 309,219
                         
Operating income (loss) $ 33,527       $ 49,481       $ (51,129 )     $ (7,735 )     $ 24,144  
 
Operating income as a percent of net sales 12.4 %     23.1 %     N/A     N/A     5.0 %
 
Twelve months ended December 31, 2012
OrthoRecon Extremities Corporate Other (1) Total
Depreciation expense $ 23,928 $ 11,386 $ 2,961 $ $ 38,275
Amortization expense 334 2,409 3,029 5,772
Capital expenditures 5,582 7,056 6,685 19,323

____________________________

(1) Other consists exclusively of the reconciling items from Operating Income, as reported, to Operating Income, as adjusted, as included in the reconciliations above.

 
 

Wright Medical Group, Inc.

Segment Income Statement

(continued)

 
    Twelve months ended December 31, 2011
OrthoRecon     Extremities     Corporate     Other (1)     Total
Net sales $ 302,194 $ 210,753 $ $ $ 512,947
Cost of sales 99,467       55,896             4,014       159,377  
Gross profit 202,727 154,857 (4,014 ) 353,570
 
Operating expenses:
Selling, general and administrative 127,030 90,489 49,139 34,930 301,588
Research and development 14,344 14,967 803 30,114
Amortization of intangible assets 458 2,412 2,870
Restructuring charges                   14,405       14,405  
Total operating expenses 141,832 107,868 49,139 50,138 348,977
                         
Operating income (loss) $ 60,895       $ 46,989       $ (49,139 )     $ (54,152 )     $ 4,593  
 
Operating income as a percent of net sales 20.2 %     22.3 %     N/A     N/A     0.9 %
 
Twelve months ended December 31, 2011
OrthoRecon Extremities Corporate Other (1) Total
Depreciation expense $ 26,070 $ 10,876 $ 3,281 $ $ 40,227
Amortization expense 458 2,412 2,870
Capital expenditures 19,031 12,926 15,000 46,957

____________________________

(1) Other consists exclusively of the reconciling items from Operating Income, as reported, to Operating Income, as adjusted, as included in the reconciliations above.

 
 

Wright Medical Group, Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands--unaudited)

 
   

December 31, 2012

 

December 31, 2011

Assets
Current assets:
Cash and cash equivalents $ 320,360 $ 153,642
Marketable securities 12,646 13,597
Accounts receivable, net 98,636 98,995
Inventories 144,250 164,600
Prepaid expenses and other current assets 76,253 69,699
Total current assets 652,145 500,533
 
Property, plant and equipment, net 138,242 160,284
Goodwill and intangible assets, net 79,360 75,651
Marketable securities 4,502
Other assets 83,706 13,610
Total assets $ 953,453 $ 754,580
 

Liabilities and stockholders’ equity

Current liabilities:
Accounts payable $ 10,342 $ 11,651
Accrued expenses and other current liabilities 65,304 55,831
Current portion of long-term obligations 786 8,508
Total current liabilities 76,432 75,990
Long-term obligations 258,504 166,792
Other liabilities 95,076 43,334
Total liabilities 430,012 286,116
 

Stockholders’ equity

523,441 468,464

Total liabilities and stockholders’ equity

$ 953,453 $ 754,580
 




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