Wright Medical Group Reports 2018 First Quarter Financial Results

Wright Medical Group (NASDAQ:WMGI) today reported financial results for its first quarter ended April 1, 2018 and reaffirmed its 2018 guidance. Unless otherwise noted, all net sales growth rates in this release are stated on a constant currency basis.

As quoted in the press release:

Net sales from continuing operations totaled $198.5 million during the first quarter ended April 1, 2018, representing 12.0% as reported and 9.2% constant currency growth, an estimated 250 basis point improvement versus the fourth quarter of 2017 when taking into consideration the benefit from the extra four business selling days. Gross margins from continuing operations grew to 79.3% during the quarter ended April 1, 2018 and were 79.7% 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.

Robert Palmisano, president and chief executive officer, commented, “We delivered strong results across the board in the first quarter, including over 9% constant currency net sales growth, an estimated 250 basis point increase versus the fourth quarter of 2017, and we exited the quarter on a strong, positive trajectory, which we expect to continue throughout 2018. These results represent another outstanding performance in our U.S. upper extremities business, which grew 21% in the first quarter, driven by 23.5% growth in our U.S. shoulder business. We anticipate that our SIMPLICITI shoulder, our ongoing PERFORM Reversed launch and accelerating adoption of our BLUEPRINT enabling technology will continue to drive outstanding shoulder sales growth in 2018.”

Click here to read the full press release.