Wright Medical (NSDQ:WMGI) shares are under pressure today after the extremity orthopedics company yesterday posted 1st-quarter numbers that missed expectations on Wall Street. Losses for Memphis-based Wright were up 22.3% to -$58.7 million, or -57¢ per share, on sales growth of 4.7% to $177.2 million for the 3 months ended March 26, compared with Q1 2016. […]
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Medtech stocks: the best and worst of Q1 2017
More than four-fifths of the 100 largest medical device companies in the world saw their stock prices increase during the first three months of 2017, according to a Medical Design & Outsourcing analysis of how the stocks of our Big 100 companies are faring. The situation suggests that even with the uncertainty around what the […]
Wright Medical posts Street-topping Q4, FY2016
Shares in Wright Medical (NSDQ:WMGI) have lifted in after-hours trading after the medical device maker surpassed expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings report. The Amsterdam-based company posted losses of $44.9 million, or 43¢ per share, on sales of $193 million for the 3 months ended Dec. 25, with […]
Wright Medical jumps on $240m hip settlement, Q3 results
Wright Medical (NSDQ:WMGI) shares are up nearly 4% today after the orthopedics company yesterday said it inked a $240 million settlement this month for nearly 1,300 product liability lawsuits brought over its metal-on-metal hip implants and released 3rd-quarter earnings that beat expectations on Wall Street. Wright, which lost an $11 million verdict in the 1st Conserve bellwether […]
Wright Medical closes $32m large joints sale to Corin Orthopaedics
Wright Medical (NSDQ:WMGI) said today that it closed the $32.3 million sale of its large joints business to Corin Orthopaedics Holdings last week, for net proceeds of about $20 million. The €29.7 million transaction involves legacy Tornier hip and knee implants acquired when Wright and Tornier merged in a $3.3 billion deal in October 2015. Wright itself got out […]
Wright Medical surges on Street-beating Q2
Wright Medical (NSDQ:WMGI) saw shares surge over 10% after releasing 2nd quarter earnings that topped the Street in earnings per share but were off on revenue. The Memphis, Tenn.-based company reported losses of $229.4 million, or $2.23 per share, on sales of $170.7 million for the 3 months ended June 26. That amounts to an […]
Wright Medical deals large joint biz to Corin Orthopaedics for $33m
Wright Medical (NSDQ:WMGI) said today that it agreed to deal its large joints business to Corin Orthopaedics Holdings for about $33 million in cash. The €29.7 million transaction, which is expected to close by the end of the 3rd quarter or early in the 4th quarter, involves legacy hip and knee implants from Tornier; Wright and Tornier merged […]
Wright Medical wants retrial in Conserve hip implant loss
Wright Medical (NSDQ:WMGI) wants a federal appeals court to overturn the verdict in the 1st bellwether trial over its Conserve metal-on-metal hip implant, arguing that a new trial is warranted because the jury had 2 bites at the apple. An Atlanta jury last year awarded plaintiff Robyn Christiansen $1 million in compensatory damages and another $10 million […]
ResMed shuffles the deck at Brightree; taps Mellott as new CEO | Personnel Moves June 21, 2016
ResMed shuffles the deck at Brightree; taps Mellott as new CEO ResMed (NYSE:RMD) yesterday announced a mix-up at its Brightree business, tapping home medical equipment industry vet Matt Mellott as its new CEO and Bobby Ghoshal as its new COO. Former Brightree CEO and prez Dave Cormack will transition into a multi-year advisory role, the company […]
Novartis pharma head Epstein steps away, most recent in string of top-level turnovers | Personnel Moves, May 27, 2015
Novartis pharma head Epstein steps away, most recent loss in string of top-level turnovers Novartis (NYSE:NVS) is facing an upheaval in its top management, seeing 7 departures over the last 5 months as shares fell 25% since last July. Last week, Novartis pharmaceuticals head David Epstein quit as his division was split up. Earlier in the month, U.S. […]
Wright Medical announces secondary offering
Wright Medical (NSDQ:WMGI) today announced a secondary offering of stock, with Warburg Pincus affiliate TMG Holdings looking to unload 6.2 million shares. The funds raised will go to the sharing stockholder and no proceeds will return to Wright Medical from the sale, which could raise up to $120 million based on current share prices. Bank […]