VOL. 132 | NO. 153 | Thursday, August 3, 2017
Wright Medical Grows Net Sales 5 Percent in Q2
By Andy Meek
Medical device company Wright Medical Group N.V., which has its U.S. headquarters in Memphis, saw net sales of $179.7 million during the second quarter, the company reported Wednesday, Aug. 2, a 5 percent improvement over the year-ago quarter.
Wright president and CEO Robert Palmisano said that 5 percent global net sales growth should improve, as the company plans to “accelerate our business momentum” in the latter half of the year. The company also narrowed its net loss during the quarter, shrinking that to $21 million from more than $42 million during the same quarter in 2016.
Other highlights for the quarter included 16 percent sales growth in the company’s U.S. shoulders segment. In the U.S. lower extremities and biologics business, Wright saw 32 percent growth in “the most technologically advanced portions of our portfolio,” which includes its Augment Bone Graft, Salvation Limb Salvage and Total Ankle Replacement systems.
The company also launched its Invision Total Ankle Revision System in July.
Growth in the core U.S. lower extremities business was slower, but Wright said it hired about 100 sales representatives during the quarter, and it expects those additions to boost results in that business in the third and fourth quarters.
Palmisano said the company is on track with key revenue growth drivers for 2017 and is sticking to its full-year revenue guidance of $755 million to $765 million. That would be 9 percent to 11 percent growth over 2016.