November 7, 2014 by Brad Perriello
Wright Medical reports a nearly 150% reduction in 3rd-quarter losses on sales growth of 24%, but softer-than-expected sales push it to miss its earnings target by a penny.
Shares of Wright Medical (NSDQ:WMGI) slid nearly 6% yesterday despite slashed 3rd-quarter losses and a nearly 24% sales spike, after the medical device company missed its earnings-per-share target by a penny.
Memphis, Tenn.-based Wright posted losses of -$61.8 million, or $1.24 per share, on sales of $71.3 million for the 3 months ended Sept. 30, slashing its losses by 147.5% and boosting sales by 23.7% compared with Q3 2013.
Adjusted to exclude 1-time items, EPS were -35¢, just missing Wall Street’s consensus forecast for -34¢. WMGI shares closed down 5.7% at $28.44 apiece yesterday.