Wright Medical Group, Inc. Reports Results for Third Quarter Ended September 30, 2009
ARLINGTON, Tenn.–(BUSINESS WIRE)–Wright Medical Group, Inc. (NASDAQ: WMGI – News), a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics, today reported financial results for its third quarter ended September 30, 2009.
Net sales totaled $117.7 million during the third quarter ended September 30, 2009, representing a 6% increase over net sales of $111.1 million during the third quarter of 2008. Foreign currency had no net impact on the Company’s third quarter 2009 sales results.
For the third quarter of 2009, the Company recorded net income of $4.2 million, or $0.11 per diluted share, compared to net income for the third quarter of 2008 of $4.2 million, or $0.11 per diluted share. Net income for the third quarter of 2009 included the after-tax effects of approximately $3.3 million of non-cash stock-based compensation expense, $1.6 million of expenses related to the ongoing U.S. governmental inquiries, and $131,000 of restructuring charges related to the previously announced closure of the Company’s Toulon, France operations. Net income for the third quarter of 2008 included the after-tax effects of approximately $3.4 million of non-cash stock-based compensation expense, $1.5 million of expenses related to the ongoing U.S. Governmental inquiries, and $685,000 of restructuring charges related to the previously announced closure of the Company’s Toulon, France operations.
Excluding those items previously mentioned, third quarter net income, as adjusted, totaled $7.6 million in 2009 compared to $7.6 million in 2008, while diluted earnings per share, as adjusted, totaled to $0.19 for both the third quarter of 2009 and 2008. A reconciliation of U.S. GAAP to “as adjusted” results is included in the attached financial tables.
