ARLINGTON, Tenn. (AP) – Orthopedic implant maker Wright Medical said Monday its financial losses widened in the third quarter due to the write-down of its recent acquisition of bone graft maker BioMimetic.
The company said sales increased 13 percent in the quarter to $57.6 million in the period ended Sept. 30.
Despite the sales uptick, Wright's quarterly loss grew to $130 million, or $2.80 per share, from a net loss of $5.3 million, or 14 cents per share, in the third quarter of 2012. The company's results included a $137.9 million write-down on the value of the company's BioMimetic acquisition, which was completed in March this year.
Excluding the write-down and other one-time costs the company would have lost 18 cents per share.
That was in-line with estimates by Wall Street analysts who expected a per-share loss of 18 cents on sales of $56.3 million, according to FactSet.
Wright maintained its fiscal year 2014 guidance of a loss between 55 and 59 cents per share. Analysts are looking for a loss of 56 cents per share.
Wright has been working to win U.S. regulatory approval for the Augment Bone Graft product as an alternative product for use in foot and ankle fusions. The product was acquired with BioMimetic and is designed to be an alternative to use of a patient's own tissue, a method known as an autograft.
Wright said Monday the Food and Drug Administration intends to hold a dispute resolution panel to address the company's product application, which was rejected in August. The company said it will work with the FDA to schedule the panel as soon as possible.
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