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Product / Company Performance

Wright Medical Reports 1Q19 Revenue of $230.1MM, +15.9% vs. 1Q18 -

By Mike Evers, ORTHOWORLD

 

Wright Medical reported 1Q19 revenue of USD $230.1MM, +15.9% vs. 1Q18.

  • Performance driven by execution in the U.S. market, posting 22.3% growth for the quarter
  • Sales to ASCs grew in the double digits
  • Cartiva returned to growth ahead of schedule (sales declined in the run-up to Wright Medical’s purchase of Cartiva)
  • Wright Medical will sell Cartiva directly in the U.K. and Australia starting in 2H19
  • Added 130 new shoulder customers driven primarily by BLUEPRINT
  • Biologics grew on the strength of continued adoption of AUGMENT injectable, with 5% of the quarter’s growth coming from a bulk purchase of raw materials
  • Near-term additions for BLUEPRINT
    • Outcomes database allowing surgeons to track and search their patient outcomes, launching in the second half of 2019
    • AI-based surgical planning recommendations are launching in 1H20, and are drawn from a database that currently houses 5,000 cases
  • Jason Asper, former Business Development and IT Officer, was appointed Chief Digital Officer and will oversee internal IT functions as well as digital surgery

 

ORTHOWORLD estimates segment sales and growth on an as-reported basis ($MM):

  1Q19 1Q18 $ Chg % Chg
Joint Reconstruction Extremities $116.9 $98.3 $18.6 18.9%
Trauma $81.2 $71.1 $10.1 14.1%
Sports Medicine $4.9 $5.7 -$0.8 -14.3%
Orthobiologics $27.2 $23.4 $3.8 16.0%
Total $230.1 $198.5 $31.6 15.9%

Revenue by geographic region ($MM):

Geographic Region 1Q19 1Q18 $ Chg % Chg
US $177.8 $144.8 $33.0 22.8%
Ex-US $52.4 $53.7 -$1.4 -2.6%
   EMEA $36.7 $37.4 -$0.7 -1.9%
   Asia Pacific $11.0 $11.3 -$0.3 -2.6%
   Rest of World $4.7 $5.1 -$0.4 -7.7%
Total $230.1 $198.5 $31.6 15.9%

Net earnings ($MM):

1Q19 Amount % of Sales
Sales $230.1  
   Cost of Sales -$46.3 20.1%
   General and Admin -$153.3 66.6%
   Other -$50.13 21.8%
   R & D -$17.0 7.4%
Net Earnings -$36.6 -15.9%

 

Sources: Wright Medical Group; ORTHOWORLD estimates.

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