Wright Medical Q1 Earnings Top Wall Street

(RTTNews) - Wright Medical Group N.V. (WMGI) reported first-quarter net loss of $36.6 million or $0.29 per share, wider than last year's loss of $25.5 million or $0.24 per share last year.

Adjusted earnings for the quarter were $0.05 per share, compared with last year's adjusted loss of $0.01 per share last year.

Net sales for the first quarter rose 15.9% to $230.1 million from $198.5 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.03 per share and revenues of $226.16 million.

"Our U.S. shoulder business delivered another strong performance with 21% growth, which is approximately triple the market growth rate. We continue to take share in U.S. shoulder, and we anticipate that accelerating adoption of our BLUEPRINT enabling technology, SIMPLICITI shoulder, our ongoing PERFORM Reversed launch and the upcoming full launch of our REVIVE revision shoulder system will continue to drive outstanding shoulder sales growth in 2019 and beyond," said CEO Robert Palmisano.

The company said it continues to anticipate net sales for full-year 2019 of about $954 million to $966 million and adjusted earnings of $0.17 to $0.25 per share. Analysts currently estimate earnings of $0.21 per share and revenues of $961.57 million.