Wright Medical Group expects 2014 sales to increase 23 percent to $298 million, according to the company's preliminary fourth quarter and full year financial report.
Here are 10 things to know about the financial report:
1. Wright Medical reported fourth quarter revenue hit $83.3 million, which is a 23 percent growth over the same period in 2013.
2. The gross margin is expected to reach 77 percent for the fourth quarter.
3. The foot and ankle business drove the company's financial growth and there was significant contribution from acquired products and new product launches.
4. The Untied States foot and ankle business grew 33 percent in the fourth quarter over the same period in 2013, and 28 percent from the third quarter of 2014.
5. The company launched the INFINITY total ankle replacement system in the fourth quarter.
6. Wright Medical's United States foot and ankle sales force experienced productivity gains and achieved the company's goal of exiting 2014 at $1 million per rep.
7. Wright Medical President and CEO Robert Palmisano also reported the company has made "some progress in increasing visibility into the international supply chain in the fourth quarter." But there has been some negative impact on the distributor markets while direct markets performed well.
8. The upper extremity and biologics businesses remained soft. But the company is addressing these issues with the pending Tornier merger and FDA approval of the AUGMENT Bone Graft.
9. One of two pre-approval facility inspections from the FDA required for the AUGMENT Bone Graft have been completed and there were no 483 observations cited by the inspectors.
10. The company's Tornier acquisition is expected to "enhance shareholder value through the creation of a premier high-growth extremities-biologics company that is uniquely positioned with leading technologies and specialized sales forces in three of the fastest-growing areas of orthopedics," said Mr. Palmisano.