Wright Medical Group reported preliminary fourth quarter 2018 results.
Here are five things to know:
1. In the fourth quarter, the company reported $238.1 million in expected net sales, which is a 9.4 percent increase over the same period last year. Full-year net sales are predicted to hit $836.2 million, a 12.2 percent growth.
2. There were four fewer selling days in 2018, and Wright Medical reported the fewer days had a disproportionate impact on business in the U.S.
3. In 2019, the company aims to hit 20 percent adjusted EBITDA margins for the fourth quarter.
4. Wright Medical updated its three-year financial targets, estimating that through 2021 it would deliver double-digit, constant currency net sales growth each year; maintain adjusted gross margin in the high 70s percent range per year; and expand EBITDA margin to the mid-20 percent range at the end of the three-year period.
"I believe our leadership positions in high-growth markets, combined with specialized sales force and differentiated technologies positions us well to achieve these targets and deliver enhanced shareholder value," said President and CEO Robert Palmisano.
5. Over the next year, the company aims to accelerate adoption of its Blueprint-enabling technology and launch the Revive revision shoulder system.