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 bottom-line losses shrinking 57.6% while sales grew 15.7% compared with the same period in 2015.
After adjusting to exclude 1-time items, losses per share were 6¢, well ahead of the 11¢ consensus on The Street, where analysts were looking for sales of $183.6 million.
For the full year, Wright Medical posted losses of $432.3 million, or $4.20 per share, on sales of $690.4 million. That equates to bottom-line growth of losses of 44.8% while sales grew 70.3% compared with its fiscal year 2015.
Adjusted to exclude 1-time items, losses per share were 44¢, also ahead of The Street which expected to see losses of 49¢. The company also topped revenue expectation consensus, which was at $680.8 million.
“We had a very good fourth quarter, and our full-year results reflect the continued strong underlying growth and positive momentum in all three of our high-growth businesses and our leadership positions in these markets. Our pro forma constant currency global sales growth of 12%, despite an estimated 3% headwind from dis-synergies, was an acceleration from the third quarter of 2016, and combined with earlier than anticipated progress on capturing cost synergies, resulted in net sales and positive adjusted EBITDA results that exceeded our expectations. We drove significant overperformance on the top and bottom line in 2016, and we believe we are well positioned to continue driving high sales growth rates and EBITDA margin expansion. Highlights in the quarter included strong contributions from our Simpliciti shoulder system and the ongoing rollout of Augment and the Infinity total ankle replacement system, which for the fourth quarter drove 14% sales growth in U.S. shoulder replacement, 29% sales growth in U.S. biologics and 23% sales growth in U.S. total ankle replacement,” CEO Robert Palmisano said in a prepared statement.
The company released guidance for the upcoming fiscal year. For the full year, Wright Medical expects to see revenue of between $755 and $765 million with non-GAAP adjusted losses per share between 33¢ and 26¢ per share and EBITDA of between $78.5 and $85.5 million.
“Our 2017 guidance assumes continued strong underlying constant currency growth, driven by successfully executing our Simpliciti and Augment new product launches, launching the Perform Reverse Shoulder and expanding the U.S. sales force in order to realize our full potential. We believe that the positive progress we saw in the fourth quarter is setting us up well for continued strong revenue growth and significant margin expansion in 2017 and beyond,” CEO Palmisano said in a press release.
Shares have risen 5.4% in after hours trading, at $28.30 as of 6:17 p.m. EST.