Wright Medical Group N.V. Reports 2016 Third Quarter Financial Results And Updates 2016 Guidance

   Third Quarter 2016 Net Sales From Continuing Operations of $157 Million As Reported

Third Quarter 2016 Global Extremities and Biologics Net Sales Increased 96%, Driven By Year over Year Impact from Tornier Merger, and 9% on a Non-GAAP Pro Forma Constant Currency Basis

Third Quarter 2016 Net Loss From Continuing Operations of $53 Million; Non-GAAP Adjusted EBITDA From Continuing Operations of $6 Million

Company Reaches Settlement Agreement in Metal-On-Metal Hip Litigation

AMSTERDAM, The Netherlands, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Wright Medical Group N.V. (NASDAQ:WMGI) today reported financial results for its third quarter ended September 25, 2016 and provided updated 2016 guidance.  As a result of the previously announced sale of the large joints (hip/knee) business to Corin Orthopaedics Holdings Limited (Corin), this business which was previously reported as a separate reporting segment is now reported as discontinued operations.

As a result of the merger between Wright Medical Group, Inc. and Tornier N.V. on October 1, 2015, legacy Wright's historical results of operations replaced legacy Tornier's historical results of operations for all periods prior to the merger and the results of the two legacy businesses have been consolidated only from that date forward in accordance with United States generally accepted accounting principles (GAAP).  This release and Wright's website at ir.wright.com contain certain unaudited non-GAAP combined pro forma financial results for Wright Medical Group N.V. which give effect to the merger as if it had occurred on the first day of fiscal 2015, as well as reconciliations to the most comparable GAAP measures.

Net sales from continuing operations totaled $157.3 million during the third quarter ended September 25, 2016.  Combined pro forma net sales from continuing operations totaled $144.8 million during the third quarter of 2015.  Global extremities and biologics net sales grew 96% as reported, and on a non-GAAP pro forma constant currency basis, grew 9%.  Gross margins from continuing operations were 70.7% during the quarter ended September 25, 2016 and were 78.2% on a non-GAAP adjusted basis.  Reconciliations of all historical non-GAAP financial measures used in this release to the most comparable GAAP measures can be found in the attached financial tables.

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