Wright Medical Group Reports 2017 First Quarter Financial Results
AMSTERDAM, The Netherlands, May 03, 2017 (GLOBE NEWSWIRE) -- Wright Medical Group N.V. (NASDAQ:WMGI) today reported financial results for its first quarter ended March 26, 2017 and reaffirmed 2017 guidance.
As a result of the previously announced sale of the large joints (hip/knee) business to Corin Orthopaedics Holdings Limited (Corin), this business which was previously reported as a separate reporting segment is now reported as discontinued operations.
Net sales from continuing operations totaled $177.2 million during the first quarter ended March 26, 2017, representing 5% as reported growth, and 6% growth on a constant currency basis. Gross margins from continuing operations were 79.0% during the quarter ended March 26, 2017 and were 79.4% on a non-GAAP adjusted basis. Reconciliations of all historical non-GAAP financial measures used in this release to the most comparable GAAP measures can be found in the attached financial tables.
As a result of the previously announced sale of the large joints (hip/knee) business to Corin Orthopaedics Holdings Limited (Corin), this business which was previously reported as a separate reporting segment is now reported as discontinued operations.
Net sales from continuing operations totaled $177.2 million during the first quarter ended March 26, 2017, representing 5% as reported growth, and 6% growth on a constant currency basis. Gross margins from continuing operations were 79.0% during the quarter ended March 26, 2017 and were 79.4% on a non-GAAP adjusted basis. Reconciliations of all historical non-GAAP financial measures used in this release to the most comparable GAAP measures can be found in the attached financial tables.