Wright Medical Group, Inc. (NSDQ:WMGI) said stronger international sales in its knee and hip businesses helped the company double its bottom line in the second quarter.
The Arlington, TX-based orthopedic company posted a $4.8 million profit on $127.7 million in sales for the three month period ended June 30, a 97 percent jump from the $2.4 million in net income on $118.9 million in sales for the same period last year.
For the six month period the company is $4.3 million in the black on $258.9 million in sales, down from the $5.7 million in net income on $239.8 million the company posted during the same period in 2009.
Officials said net income for the second quarter was helped by an after-tax effect of approximately $4.1 million of non-cash stock-based compensation, according to a prepared release.
Sales of the company’s hip and knee products made up the bulk of the company’s increased sales nut with 7 percent and 5 percent increases respectively. Meanwhile, international sales grew 12 percent to $51.2 million, compared to $45.7 million for the same period last year.
Wright also reported a 15 percent bump in its extremity business, which includes shoulder, elbow, hand, wrist and foot implants. The unit posted $29.5 million, compared to $25.6 million in sales for the same period last year.
