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Product / Company Performance
Wright Medical Reports 3Q16 Revenue
Wright Medical (WMGI) reported 3Q16 revenue of US $157.3MM, +8.7% from 3Q15. (U.S. $118.1MMMM, +11.1%; ex-U.S. $39.3MM, +2.0%) Revenue excludes discontinued operations. Growth is as reported.
ORTHOWORLD estimates 3Q16 segment sales and growth on an as-reported basis, as follows.
- Joint Reconstruction Extremities $68.5MM, +6.8%
- Trauma $60.8MM, +6.8%
- Arthroscopy/Soft Tissue Repair $5.0MM, -12.3%
- Orthobiologics $23.0MM, +27.8%
- Growth primarily supported by shoulder recon (SIMPLICITI, AEQUALIS ASCEND FLEX), INFINITY total ankle and ongoing launches of AUGMENT Bone Graft and SALVATION limb salvage
- Results impacted by anticipated revenue dis-synergies of ~3% for quarter
- U.S. shoulders +13%, U.S. total ankles +19%; both down sequentially vs. 2Q16
- Continued to convert new accounts to AUGMENT; pick-up in value analysis committee approvals at quarter-end (July and August are typically slow)
- Noted that buyer of U.S. Salto ankle business (Integra LifeSciences) has an option to purchase ex-U.S. business in 2Q17, and likely will, creating additional revenue headwinds of ~$3MM to $4MM in 2017
- Reached a settlement agreement regarding certain metal-on-metal hip litigation
- Global salesforce integration now complete, with less revenue dis-synergies that originally expected
- Finalizing options on AUGMENT injectable FDA regulatory pathway
- Completed sale of European hip and knee business (sold to Corin)
- 1H17 product launch pipeline expected to address both lower and upper extremities
Sources: Wright Medical Group, N.V.; ORTHOWORLD Inc.
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