Wright Medical Group Swings To Q1 Loss

(RTTNews) - Wright Medical Group, Inc. (WMGI) Wednesday reported first-quarter net loss of $30.4 million or $0.63 per share, compared net income of $8.4 million or $0.20 per share last year.

Adjusted net loss for the quarter was $0.34 per share compared to $0.08 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $71.1 million from $56.3 million last year. Analysts estimated sales of $69.34 million for the quarter.

Looking forward, the company now expects full-year 2014 net sales from continuing operations of about $308 million to $312 million, compared to prior estimate of $305 million to $312 million. The company anticipates adjusted loss from continuing operations for full-year 2014 to be in the range of $1.28 to $1.38 per share.

Analysts currently estimate loss of $1.43 per share on revenues of $309.02 million for 2014.