Wright Medical Group (WMGI) Tops Q1 EPS by 8c

Wright Medical Group (NASDAQ: WMGI) reported Q1 EPS of ($0.34), $0.08 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $71.1 million versus the consensus estimate of $69.49 million.

Robert Palmisano, president and chief executive officer, commented, “We delivered a strong start to 2014 with excellent execution on the MicroPort, Solana Surgical and OrthoPro transactions. As anticipated, we did experience some minor, short-term dis-synergies in the U.S. due to these transactions. Our International business grew 63% and continues to make good progress in our key markets. The foot and ankle business had strong constant currency growth of 31% globally and total ankle replacement sales grew 38%, extending our leadership position in this market. Implementation of our new Vital Few initiatives is on track, with continued focus on driving sales productivity gains in our U.S. foot and ankle business and building a fast-growing, international business.”

Palmisano continued, “We submitted our Augment PMA amendment on April 29, 2014. Although it took us a few weeks longer to file the amendment than we originally anticipated, we believe the extra time allowed us to work collaboratively with the FDA to gain a more precise understanding of their expectations for the content of the amendment. As previously communicated, we expect the Office of Device Evaluation to issue a determination on whether the PMA is approvable no later than 180 days after this submission date.”

For earnings history and earnings-related data on Wright Medical Group (WMGI) click here.

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