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.
Sign up for our FREE Orthopedic E-Weekly for more coverage like this sent to your inbox!
Related Articles on Orthopedic Devices:
U.S. Army Orthopedic Surgeons Present Research on Shoulder Surgery
Dr. Anthony Romeo: 6 Techniques and Treatments Revolutionizing Shoulder Surgery
67 Outstanding Shoulder Surgeons and Specialists
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.