CORRECTED May 2, 2013 at 12:30 p.m. This article originally mis-stated the nature of an expected insurance settlement and of Wright’s adjusted earnings-per-share forecast.

Wright Medical (NSDQ:WMGI) logged profits of $8.4 million, or 20¢ per share, on sales of $120.4 million during the 3 months ended March 31, for a 5.0% sales decline but bottom-line growth of 84.9% compared with Q1 2012.

The bottom-line growth was largely on paper, however, due to a 1-time accrual on an anticipated insurance payment for legal claims against Arlington, Tenn.-based Wright’s ProFemur hip implant.

Excluding that and other 1-time items, earnings slid $922,000 into the red, for adjusted losses of 2¢ per share – still ahead of expectations on Wall Street by 3¢.

"As anticipated, our global ortho-recon business continued to be impacted by U.S. customer losses from the prior year and current quarter," president & CEO Robert Palmisano said in prepared remarks. "However, we believe we have excellent opportunities to stabilize our U.S. business with our new divisional focus and to drive growth in a number of international markets."

Wright said it still expects to post sales of between $485 million and $495 million this year and set its adjusted EPS guidance to -26¢ to -34¢ per share, now that its acquisition of BioMimetic Therapeutics is complete.

WMGI shares closed up 2.0% yesterday, at $23.91 apiece, and were trading at $23.93 each as of about 12:35 p.m. today, up 0.07%.