Wright Medical Group N.V. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net sales of $170,716,000 against $80,420,000 a year ago. Operating loss was $34,368,000 against $34,342,000 a year ago. Loss from continuing operations before income taxes was $45,331,000 against $37,148,000 a year ago. Net loss from continuing operations was $42,031,000 or $0.41 basic and diluted per share against $37,306,000 or $0.71 basic and diluted per share a year ago. Net loss was $229,360,000 or $2.23 basic and diluted per share against $44,315,000 or $0.84 basic and diluted per share a year ago. Non-GAAP cash loss was $11,311,000 or $0.11 per share. Non-GAAP LBITDA was $12,225,000 and non-GAAP adjusted EBITDA was $12,225,000. Both net sales and adjusted EBITDA significantly overperformed to their expectations. Sales over performance is driven by strong underlying growth, less-than-anticipated dissynergies and better-than-expected currency exchange rates.

For the six months, the company reported net sales of $340,007,000 against $158,354,000 a year ago. Operating loss was $65,062,000 against $67,463,000 a year ago. Loss from continuing operations before income taxes was $86,811,000 against $83,230,000 a year ago. Net loss from continuing operations was $82,223,000 or $0.80 basic and diluted per share against $83,554,000 or $1.79 basic and diluted per share a year ago. Net loss was $277,358,000 or $2.70 basic and diluted per share against $94,063,000 or $1.79 basic and diluted per share a year ago. Non-GAAP cash loss was $19,434,000 or $0.19 per share. Non-GAAP LBITDA was $21,872,000 and non-GAAP adjusted EBITDA was $25,217,000.

Following the previously announced transaction with Corin, the company now anticipates net sales from continuing operations for full-year 2016 of approximately $675 million to $685 million, an increase from the company's previous guidance range of $668 million to $678 million. The company is also increasing its full-year 2016 adjusted EBITDA from continuing operations to be in the range of $40 million to $45 million from its previous range of $30 million to $35 million, which included the negative impact from the Corin transaction of approximately $5 million to $6 million. Taking this into account, the company's actual adjusted EBITDA guidance increase is approximately $15 million from its previous guidance issued on May 4, 2016. This increase to adjusted EBITDA is driven by the company's first half of 2016 financial performance and the company's ability to capture synergies earlier and at a greater level than anticipated. The company anticipates adjusted cash earnings per share from continuing operations, including share-based compensation, for full-year 2016 of negative $0.54 to negative $0.47 per diluted share. The increase in adjusted EBITDA is driven by the first half performance and ability to capture synergies earlier and in a greater level than anticipated.

The company continues to expect third quarter of 2016 to be the lowest quarter for net sales and adjusted EBITDA primarily due to seasonality.

Fourth quarter of 2016 has typically been the seasonally strongest quarter for both net sales and adjusted EBITDA, and still anticipates fourth quarter to be quarter for net sales and adjusted EBITDA. However, given the significant first half EBITDA overperformance, fourth quarter may not be significantly larger than first quarter or second quarter on the EBITDA line.