Wright Medical Q3 Loss Sharply Narrows, Slashed 2014 Outlook - Quick Facts

(RTTNews) - Wright Medical Group, Inc. (WMGI) reported that third-quarter net loss of $61.81 million or $1.24 per share, sharply narrower than $130.02 million or $2.68 per share in the prior-year quarter.

Net loss from continuing operations for the quarter sharply narrowed to $49.65 million or $0.99 per share from $124.50 million or $2.68 per share last year.

Excluding items, adjusted net loss from continuing operations was $17.66 million or $0.35 per share, compared to loss of $8.21 million or $0.19 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.34 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 24 percent to $71.31 million from $57.64 million in the same quarter last year. Analysts expected revenue of $87.05 million for the quarter.

Looking ahead to fiscal 2014, the company expects adjusted loss from continuing operations, including stock-based compensation, in a range of $1.40 to $1.46 per share, wider than the prior forecast for loss in the range of $1.28 to $1.38 per share.

The company also slashed guidance for full-year net sales from continuing operations, or Extremity and Biologics revenue, to between about $298 million and $302 million from the previous projection between $308 million and $312 million.

Street is currently looking for full-year 2014 loss of $1.37 per share on revenue of $303.52 million.