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Quarterly Review

4Q13/2013 Revenue: Wright Medical

4Q13 revenue: $67.8MM, +17% (U.S. 49.2MM, +10%; ex-U.S. $18.5MM, +35%; Biotech ~$1.9MM)

  • Foot/Ankle $43.0MM, +22% (U.S. +17, ex-U.S. +41%; Total Ankle overall +44%)
  • Upper Extremity $6.5MM, +14%
  • Biologics $15.8MM, +5%
  • Other Extremities $2.3MM, +21%

 

  • Completed acquisition of Biotech, expanding direct sales in France and international distribution
  • Excluding Biotech, global Foot/Ankle +19%, ex-U.S. +28%; global Upper Extremity +9%
  • Recent acquisitions of Solana Surgical and OrthoPro complement foot/ankle products, will support ~25 new products in 2014, including cannulated and resorbable hammertoe products
  • Solana + OrthoPro combined 2013 revenue ~$22MM
  • Very little of 44% growth in total ankle arose from competitive conversions
  • Ex-U.S. biologics driven primarily by Augment sales in Australia

 

2013 revenue: $242.3MM, +14% (U.S. 177.6MM, +7%; ex-U.S $64.8MM, +35%)

  • Foot/Ankle $150.6MM, +23%
  • Upper Extremity $24.6MM, flat
  • Biologics $59.7$MM, flat
  • Other Extremities $7.2MM, +25%

 

2013 revenue from discontinued operations: $269.6MM, -14%

  • Hips $125.6MM, -17%
  • Knees $102.9MM, -11%
  • Other $3.2MM, -24%

 

  • Trained ~2.500 U.S. foot/ankle specialists in 2013, +25% from 2012 (expecting same for 2014)
  • ~86% of 2013 U.S. foot/ankle surgeries covered by inventory hubs (goal was 70%)
  • FDA dispute resolution panel for Augment Bone Graft scheduled for 5/19/14
  • 2014 product launches include INFINITY total ankle (likely 2H14), 3rd-gen device, for use with PROPHECY pre-op navigation (“an easier product to use than is the INBONE product”), as well as a new PRO-TOE
  • 2014 geographic focus to be narrow: select EU countries plus key markets in Australia, Brazil, Canada, China, Japan

 

2014 revenue outlook: range of $305MM to $312MM

  • Global Foot/Ankle growth in high-teens to low-20s
  • U.S. Foot/Ankle expected to accelerate
  • Global Biologics growth in low/mid-single digits
  • Upper Extremities “roughly flat”