Wright Medical Group N.V. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended Sept. 25, 2016; Revises Earnings Guidance for the Year 2016
For the nine months, the company reported net sales of $497,339,000, operating loss of $103,666,000, loss from continuing operations before income taxes of $141,845,000, net loss from continuing operations of $134,932,000, net loss of $387,503,000, net loss from continuing operations per share - basic and diluted of $1.31, net loss per share, basic and diluted of $3.77, non-gaap net loss from continuing operations, as adjusted of $60,344,000, adjusted non-gaap earnings of $38,937,000, adjusted non-gaap earnings per share of $0.38, non-gaap adjusted ebitda of $30,903,000 compared to the net sales of $238,493,000, operating loss of $108,505,000, loss from continuing operations before income taxes of $145,693,000, net loss from continuing operations of $146,204,000, net loss of $192,924,000, net loss from continuing operations per share - basic and diluted of $2.78, net loss per share, basic and diluted of $3.67 for the same period a year ago.
The company maintains the existing midpoint of its net sales from continuing operations for full-year 2016 guidance but narrowing the range to approximately $677 million to $683 million from its previously provided guidance range of $675 million to $685. The company previously stated it expected dis-synergies to be less than the original guidance of $25 million to $30 million for full-year 2016 and formally updating its expectation for dis-synergies to be approximately $15 million for full-year 2016, which is consistent with the assumptions the company used to update its second quarter of 2016 guidance. The company is also increasing its full-year 2016 non-GAAP adjusted EBITDA from continuing operations to be in the range of $43 million to $48 million from its previous range of $40 million to $45 million. This guidance assumes cost synergies of approximately $25 million for full-year 2016. The company anticipates non-GAAP adjusted loss from continuing operations, including share-based compensation for full-year 2016 of $0.52 to $0.47 per diluted share.