Wright Medical Group reported its third quarter financial results and updated 2017 annual guidance.
Here are seven takeaways:
1. The company's net sales from continuing operations reached $170.5 million for the third quarter 2017.
2. For the third quarter 2017, gross margins from continuing operations were 77.5 percent.
3. Wright Medical' saw net loss from continuing operations of $34.1 million or $0.33 per diluted share for the third quarter of 2017.
4. The U.S. upper extremities line grew 19 percent.
5. At the end of the third quarter in 2017, the company's cash, cash equivalents and restricted cash totaled $277.8 million.
6. Wright Medical updated its net sales guidance for the full year of 2017 to $740 million to $745 million. This reflects a decrease from the original $755 million to $765 million guidance.
7. The company boosted its full year 2017 non-GAAP adjusted EBITDA to $84 million to $88 million, up from the $78.5 million to $85.5 million original guidance.
"Our U.S. upper extremities business had an exceptional quarter and grew 19 percent. However, in total, the third quarter fell short of our expectations. The third quarter was negatively impacted by the hurricanes. In addition, our U.S. lower extremities business did not perform as we expected as the benefit from the sales force additions is developing slower than we originally anticipated. We have adjusted our net sales guidance accordingly. Despite this impact, we made positive progress on non-GAAP adjusted EBITDA margins, which improved approximately 370 basis points over prior year," said Robert Palmisano, president and CEO.