Wright Medical’s Infinity total ankle system sales surge boost Q1 results hitting $77.9 million

Memphis-based Wright Medical Group continues to see sales increase as it gets closer to being able to launch a new bone graft product.
The medical device company reported a 10 percent increase in sales for the first quarter, hitting $77.9 million. That sales increase was led by the continued adoption of Wright Medical’s Infinity total ankle system, which grew by 49 percent in the quarter.
The company continues to report a net loss, totaling $46.2 million, or 91 cents per diluted share, in the first quarter. In the same period of 2014, Wright Medical (NASDAQ: WMGI) reported a net loss of $30.3 million, or 62 cents per share.
However, it continues to receive encouraging news on its Augment bone graft product, which was part of Wright Medical’s 2013 acquisition of Nashville-based BioMimetic Therapeutics Inc. in a $380 million transaction. The company is anticipating final approval from the U.S. Food and Drug Administration for Augment to come in the second half of 2015.
One thing that may not be occurring in the second quarter is the closing of Wright Medical’s merger with Tornier, which was announced last year. The Federal Trade Commission has asked for more information from both companies before it approves the merger. While closing in the second quarter is “still possible,” according to a Wright Medical statement, the third quarter is more likely.
“We are off to a very strong start in 2015 in the most important parts of our business. Specifically, our U.S. foot and ankle business posted another quarter of significant growth acceleration, driven by improved sales force execution and strong contribution from new products,” said Robert Palmisano, CEO of Wright Medical. “We also saw continued gains in U.S. foot and ankle sales force productivity, which now stands at approximately $1.1 million per sales rep, or double the level it was before we transitioned to a direct organization. Given our sustained focus and attention in this area, I am confident that we can reach a meaningfully higher level in the future.”