Wright Medical (NASDAQ: WMGI), a global orthopedic medical device company specializing in the foot and ankle market, reported net sales of $138.3 million during the fourth quarter ended Dec. 31, a 6 percent increase over net sales of $129.9 million a year ago. Excluding the impact of foreign currency, net sales increased 7 percent during the fourth quarter, the company said.
Net income for the fourth quarter was $8.9 million, or 22 cents per diluted share, compared to net income of $2.2 million, or 6 cents per diluted share, in the fourth quarter of 2009.
Net income for the fourth quarter of 2010 included the after-tax effects of approximately $3 million of non-cash, stock-based compensation expense and $1.3 million of expenses associated with a deferred prosecution agreement (DPA). Net income for the fourth quarter of 2009 included the after-tax effects of approximately $5.6 million of charges to write down a significant international receivable, $3.0 million of non-cash, stock-based compensation expense, $2.6 million of non-cash charges related to the liquidation of certain foreign subsidiaries, and $2.6 million of restructuring charges.
Fourth quarter net income, as adjusted, totaled $11.8 million, or 29 cents per diluted share, compared to net income, as adjusted, of $10.8 million, or 27 cents per diluted share, for the fourth quarter of 2009.
"We are pleased with our ability to deliver fourth quarter revenue and earnings results above our communicated guidance ranges,” Gary D. Henley, president and CEO, said in a statement.
Wright Medical is based in Arlington, Tenn., just east of Memphis, where more than 1,000 of its 1,340 employees work.
