Wright Medical Q2 tops rev, misses earnings

Wright Medical (NSDQ:WMGI) reported its Q2 earnings yesterday, coming in above the street on revenue and below on earnings after offloading its hip and knee business to MicroPort Medical.

The Memphis, Tenn.-based company reported losses of $44.3 million, down 21% from a $56.2 million loss last year, on sales of $80.4 million with an 87¢ loss per share on the 3 months ended June 30. Revenue grew 11.1% since last year, and earnings per share grew 10.4%

Revenue came in nearly $3 million over the street expectations, but Wright’s adjusted loss per share of 53¢ was off by 12¢. The Q2 earnings release has had a marginal affect on the company’s shares, which are up 0.19% as of 2:00 p.m. EST.

“Our 2nd quarter results demonstrated the strong growth of our U.S. foot and ankle business and improvement in our international business. Specifically, our U.S. foot and ankle business grew 25% in the quarter, which was another quarter of significant growth acceleration driven by improved sales force execution, medical education and strong contribution from new products. In addition, the ongoing launch of our Infinity total ankle system drove record global total ankle growth of 67% in the quarter, underscoring the excellent results we are seeing from the combination of our leading technology, our rapid adoption process, which is focused on conversions from fusions to total ankle implant procedures, and our emphasis on physician education. Together, these contributed to the strong sales trajectory and positive momentum we continue to see this quarter and believe we will continue to see throughout 2015,” CEO Robert Palmisano said in a press release.

The company said it plans to update guidance for the next quarter after a pending $3.3 billion merger with Tornier (NSDQ:TRNX) closes, which both companies’ shareholders approved last month.

“We are continuing to work closely with our Augment vendor and the FDA following the completion of the FDA’s inspection at the vendor’s facility in June. We were pleased that none of the observations from the vendor’s recent reinspection related specifically to Augment. We also remain focused on our 2015 commitments and vital few initiatives, which will further strengthen and expand our market-leading competitive position. In addition, we believe our pending merger with Tornier and final approval of Augment will create the premier high-growth extremities-biologics company” Palmisano said.

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