Financial

Wright Medical slashes losses, Q3 sales surge

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.

READ THE REST AT MASSDEVICE

Tags

Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close