Ripe from announcing a merger with Tornier, Wright Medical Group reported sales increase in the third quarter.
Here are 10 things to know about the company's third quarter financial report:
1. Net sales totaled $71.3 million, up 24 percent over the same period last year.
2. There was a net loss from continuing operations for the third quarter totaling $49.6 million, or $0.99 per diluted share. The company experienced a net loss of $124.5 million in the third quarter of last year.
3. Cash and cash equivalents and marketable securities totaled $276.2 million at the end of the third quarter, up $93.1 million as compared to the end of last year. The growth is driven by closing transactions with MicroPort, Solana Surgical and OrthoPro.
4. The company's recent INFINITY launch is "moving into high gear," according to the company President and CEO Robert Palmisano, and combined with executing the Vital Few initatives, he expects further strength and expansion in the company's competitive position in the market.
5. Mr. Palmisano also feels the merger with Tornier could be huge for the company. "We believe that our pending merger with Tornier will enhance shareholder value through the creation of the premier high-growth extremities-biologics company that is uniquely positioned with leading technologies and specialized sales force in three of the fastest-growing areas of orthopedics," he said.
6. The company is banking on the Augment Bone Graft launch to additional depth to the company's extrmities and biologics product portfolio and providing a platform technology for future new product development.
7. Wright Medical Group anticipates net sales from continuing operations, or extremity and biologics revenue for the full year to reach $298 million to $302 million. This is down from the previous guidance of $308 million to $312 million, but still up 23 percent to 25 percent from 2013.
8. Third quarter global foot and ankle net sales increased 30 percent as reported.
9. Gross profit for the quarter was $54.6 million. Operating loss was $20.6 million.
10. Total sales in the United States were $51.2 million, up 19.3 percent from the same period last year. For the nine-month's end, the company reported $149.5 million in the third quarter, up 16.5 percent from the same period last year.