- Written By: Michael Sheffield
- An increase of more than 20 percent in fourth quarter sales provided a strong ending to a busy year for Memphis-based Wright Medical Group.
Wright Medical reported net sales of $83.2 million in the fourth quarter, which was boosted by the launch of the company’s Infinity total ankle replacement system in the third quarter. An estimated 38 percent of Wright Medical’s growth in the ankle implant market was because of the Infinity system. For the year, Wright Medical’s sales increased to $298 million, compared to $242.3 million for 2013.
Wright Medical saw its net loss in the fourth quarter decline to $111.2 million from $135.2 million for the same time in 2013. Net loss for the year was $259.6 million, compared to $273.9 million for 2013.
In October, Wright Medical announced plans to merge with Tournier N.V., a Netherlands-based extremities manufacturer. That $3.3 billion deal is closeto being completed. The company also won a second look from the U.S. Food & Drug Administration for its Augment Bone Graft product last fall, which resulted in an approvable letter.
Robert Palmisano, president and CEO of Wright Medical, said the company is in position to grow in 2015.
“We will continue to focus on improving our execution to realize our full potential and believe that the positive progress we saw exiting the fourth quarter is setting us up well for accelerating growth and margin expansion in the coming quarters,” Palmisano said.
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Michael Sheffield covers bioscience and biotechnology; manufacturing; tourism and hospitality; and sports business. Contact him at firstname.lastname@example.org.