During the third quarter of 2011, the company began to transition its independent distributor territories to direct sales representation. Net income totaled $4.6 million for the first quarter of 2012.
The company's foot and ankle business grew 10.9 percent during the first quarter to $29.6 million while the hips and knees business lines dropped 9.6 percent and 5.3 percent respectively. The upper extremities business line saw a 13.3 percent decrease in revenues and the biologics line dropped 21.3 percent.
President of Wright Medical Group Robert Palmisano says the company will continue focusing on its foot and ankle business.
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Wright Medical Group Sales Fall 6% After Distributor Transitions FeaturedWritten by Laura Miller | May 02, 2012
Wright Medical Group reported a 6 percent decrease in first quarter net sales to $126.7 million, driven by previously announced distributor transitions and challenges associated with the company's compliance processes.
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