Wright Medical Group (WMGI) Misses Q1 EPS by 6c

Wright Medical Group (NASDAQ: WMGI) reported Q1 EPS of ($0.51), $0.06 worse than the analyst estimate of ($0.45). Revenue for the quarter came in at $77.9 million versus the consensus estimate of $74.98 million.

Robert Palmisano, president and chief executive officer, commented, "We are off to a very strong start in 2015 in the most important parts of our business. Specifically, our U.S. foot and ankle business posted another quarter of significant growth acceleration, driven by improved sales force execution and strong contribution from new products. In addition, the ongoing launch of our INFINITY total ankle system drove global total ankle growth of 49% in the quarter, underscoring the excellent results we are seeing from the combination of our leading technology, our Rapid Adoption Process, which is focused on conversions from fusions to total ankle implant procedures, and our emphasis on physician education. Together, these contributed to the strong sales trajectory and positive momentum we continue to see this quarter and believe we will continue to see throughout 2015. We also saw continued gains in U.S. foot and ankle sales force productivity, which now stands at approximately $1.1 million per sales rep, or double the level it was before we transitioned to a direct organization. Given our sustained focus and attention in this area, I am confident that we can reach a meaningfully higher level in the future."

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

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