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Quarterly Review

3Q13 Revenue: Wright Medical

$57.6MM, +14% (U.S. $42.9MM, +8%; ex-U.S. $14.6MM, +32%)

  • Foot/Ankle $35.2MM, +22% (U.S. +17%, ex-U.S. +45%; INBONE Total Ankle +50%)
  • Upper Extremity $5.9MM, -2% (U.S. -1%, ex-U.S. -7%)
  • Biologics $15.1MM, +5% (U.S. -6%, ex-U.S. +45%)
  • Other $1.2MM, +24% (U.S. -24%, ex-U.S. +48%)


  • FDA will convene a Dispute Resolution Panel to consider scientific issues before making decision on request to withdraw Augment not approvable letter
  • Strong performance in Europe supported by significant growth in China and U.K. following acquisition of WG Medical (latter contributing ~$3.5MM to date, growing ~$1MM/quarter)
  • Sales force productivity increased to ~$780,000/rep (up from $600,000 in 2011)
  • ~1,600 U.S. foot/ankle specialists trained YTD, on tract for ~2,100 for year
  • Planning to use PROPHECY ankle as a competitive advantage
  • INFINITY ankle in physician preference testing, may launch in 2H14
  • Ex-U.S. Biologics growth supported by Augment in Australia
  • Would be helpful to do additional acquisitions in biologics, but pickings are slim
  • In 4Q, announced acquisition of Biotech International to expand direct foot/ankle presence, add extremity revenue in Europe (especially France)
  • MicroPort transaction should close in late 4Q; manufacturing and distribution functions now operating independently in separate facilities