30 Day Trial

Wright Medical and Tornier Report 3Q15 Revenue

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Wright Medical posted 3Q15 non-GAAP pro forma revenue and constant currency growth of US $152.1MM, +11% vs. 3Q14. (Total Extremities $144.7MM, +12%: Upper Extremities $58.1MM, +10%, Lower Extremities $62.8MM, +16%, Biologics $17.9MM, +6%, Sports Med & Other $5.7MM, +8%; Large Joint $7.3MM, -9%)

Legacy Wright Medical posted 3Q15 sales of US $80.1MM, +16% CC vs. 3Q14. (Foot/Ankle $43.9MM, +23%; Upper Extremity $3.6MM, -11%; Biologics $12.1MM, +6%; Other $0.6MM, +18%)

Legacy Tornier reported 3Q15 revenue of US $74.9MM, +3.8% CC from 3Q14. (Total Extremities $66.1MM, +5.4%: Upper $52.5MM, +12.7%, Lower $10.8MM, -18.3%, Sports Med/Biologics $2.6MM, -4.3%; Large Joints/Other $8.8MM, -5.7%)

 

The merged entity will report as one global, consolidated segment for 4Q15 and full-year. Preliminarily, Wright anticipates 2015 pro forma net sales in a range of $636MM to $642MM. For 2016, reporting segments are slated as U.S. Upper Extremities and Sports Med, U.S. Lower Extremities and Biologics, International Extremities, BioMimetic, Global Large Bones.

Quarterly highlights include:

  • Wright U.S. Foot/Ankle growth +24% vs. 3Q14, with INFINITY driving U.S. Total Ankle growth of +54%
  • U.S. Foot/Ankle salesforce productivity at $1.2MM/rep
  • Tornier's SIMPLICITI shoulder now in full U.S. market launch
  • Tornier U.S. Upper Extremity grew +15% vs. 3Q14, ~2x the market rate
  • Completed 1st U.S. cases with AUGMENT bone graft; continuing to expect U.S. Augment revenue of $10MM to $12MM in 1st 7-8 months post-approval
  • Pricing for AUGMENT holding steady in hospital value analysis committees (seeing no pushback, presently; notes the value of having level 1 PMA clinical data)

 

Further, leadership noted that a U.S. Investigational Device Exemption trial for pyrocarbon products is slated to commence in 1Q16. 

Source: Wright Medical Group N.V.