Wright Medical Group has reported financial results for its first quarter of 2016.
Here are seven key notes:
1. Wright Medical's net sales totaled $181 million during the first quarter ended March 27, 2016. Combined pro forma net sales totaled $162.1 million during the first quarter of 2015.
2. The company reported a net loss from continuing operations for the first quarter of 2016, totaling $39.3 million.
3. The company's net loss from continuing operations included:
• The after-tax effects of $11.1 million of transaction and transition costs
• $11.4 million of inventory step-up amortization
• A gain of $6.6 million related to mark-to-market adjustments on derivatives
• $7.1 million of non-cash interest expense related to its 2017 convertible notes and 2020 convertible notes
• A $5.3 million unrealized loss related to mark-to-market adjustments on contingent value rights issued in connection with the BioMimetic acquisition
4. On pro forma constant currency basis, global extremities and biologics net sales grew 14 percent.
5. The company's first quarter 2016 adjusted EBITDA was $16.2 million.
6. Wright Medical anticipates net sales for full-year 2016 to be approximately $705 million to $715 million, an increase from the previous guidance range of $695 million to $705 million.
7. The company also expects full-year 2016 adjusted EBITDA from continuing operations to reach $30 million to $35 million.