The fourth quarter net sales were negatively impacted by distributor transitions that occurred during the third quarter of 2011 and changes in the company’s compliance processes. President and CEO of Wright Medical Group Robert Palmisano said his top priorities in the future will be growing the foot and ankle business as well as focusing on the orthopedic and reconstructive business. The company also plans to reduce inventories to improve cash flow and operational efficiency.
Full year net sales for 2012 are anticipated to fall well below the $512.9 million reported for 2011. In 2011, the company reported a 2 percent decrease in hip product sales and 3.8 percent decrease in knee products. The company’s biologics sales dropped more than 12 percent, which offset the 8.8 percent increase in extremities product sales.
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