Wright Medical Group N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 25, 2016; Provides Earnings Guidance for the Full Year 2017
For the year, the company reported net sales of $690.362 million against $405.326 million a year ago. Operating loss was $122.958 million against $188.766 million a year ago. Loss from continuing operations before income taxes was $178.340 million against $241.008 million a year ago. Net loss from continuing operations was $164.934 million or $1.60 per basic and diluted share against $298.701 million or $3.66 per basic and diluted share a year ago. Net loss was $432.373 million or $4.20 per basic and diluted share against $298.701 million or $4.61 per basic and diluted share a year ago. Non-GAAP net loss from continuing operations, as adjusted was $74.114 million. Adjusted non-GAAP earnings were $45.273 million or $0.44 per share. Non-GAAP LBITDA was $35.139 million. Non-GAAP adjusted EBITDA was $53.574 million.
For the full year 2017, the company anticipates net sales of approximately $755 million to $765 million, representing an as reported growth rate of 9% to 11%. This range assumes: a negative impact from foreign currency exchange rates as compared to 2016 of approximately 2%; $10 million of net sales dis-synergies resulting from customers lost over the course of 2016 due to the sales force integrations; approximately $3 million of dis-synergies from the anticipated divestiture of the international Salto ankle business; and a positive impact of approximately 1% due to four extra selling days in the fourth quarter of 2017. Non-GAAP adjusted EBITDA from continuing operations of $78.5 million to $85.5 million. Non-GAAP adjusted loss per share from continuing operations, including share-based compensation of $0.33 to $0.26 per diluted share.