First Quarter 2018 Net Sales of $199
Million
Wright Medical Group N.V. (NASDAQ:WMGI) today reported financial
results for its first quarter ended April 1, 2018 and reaffirmed
its 2018 guidance. Unless otherwise noted, all net sales growth
rates in this release are stated on a constant currency basis.
Net sales from continuing operations totaled $198.5 million
during the first quarter ended April 1, 2018, representing 12.0% as
reported and 9.2% constant currency growth, an estimated 250 basis
point improvement versus the fourth quarter of 2017 when taking
into consideration the benefit from the extra four business selling
days. Gross margins from continuing operations grew to 79.3% during
the quarter ended April 1, 2018 and were 79.7% on a non-GAAP
adjusted basis. Reconciliations of all historical non-GAAP
financial measures used in this release to the most comparable GAAP
measures can be found in the attached financial tables.
Robert Palmisano, president and chief executive officer,
commented, "We delivered strong results across the board in the
first quarter, including over 9% constant currency net sales
growth, an estimated 250 basis point increase versus the fourth
quarter of 2017, and we exited the quarter on a strong, positive
trajectory, which we expect to continue throughout 2018. These
results represent another outstanding performance in our U.S. upper
extremities business, which grew 21% in the first quarter, driven
by 23.5% growth in our U.S. shoulder business. We anticipate that
our SIMPLICITI shoulder, our ongoing PERFORM Reversed launch and
accelerating adoption of our BLUEPRINT enabling technology will
continue to drive outstanding shoulder sales growth in 2018."
Palmisano further commented, "After two quarters of relatively
flat to down sales versus the prior year, our U.S. lower
extremities growth rate accelerated to 2.5% in the first quarter,
driven by approximately 14% growth in total ankle and a return to
growth in our core lower extremities business as we exited the
quarter. In addition, we continued to make strong progress in our
ORTHOLOC ankle and small bone fracture product launches. Most
importantly, we saw an increased benefit from the sales force
expansion and maturation as evidenced by the return to growth in
our core lower extremities business. While we are not ready to
declare victory, this positive progress and our current trajectory
are very encouraging."
Net loss from continuing operations for the first quarter of
2018 totaled $19.9 million, or $(0.19) per diluted share.
The company's net loss from continuing operations for the first
quarter of 2018 included an unrealized gain of $3.9 million related
to mark-to-market adjustments on contingent value rights (CVRs)
issued in connection with the BioMimetic acquisition, non-cash
interest expense of $12.0 million related to its convertible notes,
an unrealized loss of $1.7 million related to mark-to-market
adjustments on derivatives, $0.9 million of transaction and
transition costs associated with non-cash inventory provisions, and
non-cash foreign currency translation charges of $0.8 million.
The company's first quarter 2018 non-GAAP net loss from
continuing operations, as adjusted for the above items, was $8.2
million. The company's first quarter 2018 non-GAAP adjusted EBITDA
from continuing operations, as defined in the non-GAAP to GAAP
reconciliation provided later in this release, was $26.7 million.
The attached financial tables include reconciliations of all
historical non-GAAP measures to the most comparable GAAP
measures.
Cash and cash equivalents totaled $138.1 million as of the end
of the first quarter of 2018.
Update on U.K. Insurance Dispute
In September 2015, the third insurance carrier in the policy
year applicable to titanium modular neck fracture claims denied
coverage under its $25 million excess liability policy. The company
disputed the carrier's position and, in accordance with the dispute
resolution provisions of the policy, initiated an arbitration
proceeding in London. The arbitration was completed on February 15,
2018. On April 11, 2018, the arbitration tribunal issued its
ruling. Thereafter, we and the insurance carrier agreed to resolve
the entire matter in exchange for a single lump sum payment by the
carrier to the company in the amount of $30.75 million,
representing the full policy limits of $25 million plus an
additional $5.75 million for costs and interest. The company
received this payment from the carrier on May 8, 2018. This
insurance recovery will be reflected within the company's results
of discontinued operations for the quarter ended July 1, 2018.
Update on Financing
The company announced today that it has recently secured an
additional $40 million of capacity under its existing loan
agreement. Lance Berry, chief financial officer, commented,
"Earlier in the year we indicated that we would be evaluating our
options for opportunistically enhancing our liquidity. The $30.75
million of proceeds from the U.K. insurance settlement, combined
with the additional $40 million of loan capacity, provides us with
adequate financial flexibility, and we have no further need for
additional capital at this time."
Outlook
Palmisano stated, "Overall, first quarter net sales growth
improved significantly as compared to recent quarters, and we also
delivered EBITDA margin expansion of 310 basis points, both of
which we believe put us on a strong pathway for the remainder of
the year and right on track to achieve our previously stated goal
of adjusted EBITDA margins of 20% by the end of 2019. While our
first quarter results exceeded our expectations, we are not ready
to increase guidance at this time and are reiterating our full-year
guidance, which calls for annual constant currency net sales growth
of 9% to 11%, excluding the impact of the four fewer selling days
in fourth quarter of 2018. I believe that we are set up well for
2018. Our end markets remain healthy and fast growing, our gross
margins are outstanding, and our new product pipeline is full of
innovative and commercially impactful products across all parts of
our business."
The company continues to anticipate net sales for full-year 2018
of approximately $800 million to $812 million. This guidance range
has approximately 1% cushion from foreign currency exchange rates
as compared to current rates. In addition, this range implies
full-year 2018 constant currency net sales growth of 9% to 11%,
excluding the estimated $9 million impact of the four fewer selling
days in fourth quarter of 2018.
The company continues to anticipate full-year 2018 non-GAAP
adjusted EBITDA from continuing operations, as described in the
non-GAAP reconciliation provided later in this release, to be in
the range of $104 million to $111 million.
The company continues to expect its non-GAAP adjusted earnings
per share from continuing operations, including share-based
compensation, as described in the non-GAAP to GAAP reconciliation
provided later in this release, for full-year 2018 to be a loss of
$0.16 to $0.23 per diluted share.
The company estimates approximately 106.5 million diluted
weighted average ordinary shares outstanding for fiscal year
2018.
The company's non-GAAP adjusted EBITDA from continuing
operations target is measured by adding back to net loss from
continuing operations charges for interest, income taxes,
depreciation and amortization expenses, non-cash share-based
compensation expense and non-operating income and expense.
Additionally, the company's adjusted EBITDA from continuing
operations target excludes possible future acquisitions; other
material future business developments; and due diligence,
transaction and transition costs associated with acquisitions and
divestitures.
The company's non-GAAP adjusted earnings per share from
continuing operations target is measured by adding back to net loss
from continuing operations non-cash interest expense associated
with the convertible notes; due diligence, transaction and
transition costs associated with acquisitions and divestitures;
mark-to-market adjustments to CVRs; non-cash mark-to-market
derivative adjustments; non-cash gains and losses associated with
foreign currency translation of balances denominated in foreign
currencies; and charges for non-cash amortization expenses, net of
taxes. Note that as a result of the company's relatively low
effective tax rate due to the valuation allowance impacting a
substantial portion of the company's income/loss, the company is
currently estimating the tax effect on amortization expense at 0%.
Further, this adjusted earnings per share from continuing
operations target excludes possible future acquisitions and other
material future business developments.
All of the historical non-GAAP financial measures used in this
release are reconciled to the most directly comparable GAAP
measures. With respect to the company's 2018 financial guidance
regarding non-GAAP adjusted EBITDA from continuing operations and
non-GAAP adjusted earnings per share from continuing operations,
however, the company cannot provide a quantitative reconciliation
to the most directly comparable GAAP measures without unreasonable
effort due to its inability to make accurate projections and
estimates related to certain information needed to calculate some
of the adjustments as described above, including the foreign
currency fluctuations and market driven fair value adjustments to
CVRs and derivatives. The anticipated differences between these
non-GAAP financial measures and the most directly comparable GAAP
measure are described above qualitatively.
The company's anticipated ranges for net sales from continuing
operations, non-GAAP adjusted EBITDA from continuing operations,
and non-GAAP adjusted earnings per share from continuing operations
are forward-looking statements, as are any other statements that
anticipate or aspire to future events or performance. They are
subject to various risks and uncertainties that could cause the
company's actual results to differ materially from the anticipated
targets. The anticipated targets are not predictions of the
company's actual performance. See the cautionary information about
forward-looking statements in the "Cautionary Note Regarding
Forward-Looking Statements" section of this release.
Supplemental Financial Information
To view the first quarter of 2018 supplemental financial
information, visit ir.wright.com. For historical information on
Wright Medical Group N.V. segment reporting changes and non-GAAP
combined pro forma financial information, please refer to the
presentation posted on Wright's website at ir.wright.com in the
"Financial Information" section.
Internet Posting of Information
Wright routinely posts information that may be important to
investors in the "Investor Relations" section of its website at
www.wright.com. The company encourages investors and potential
investors to consult the Wright website regularly for important
information about Wright.
Conference Call and Webcast
As previously announced, Wright will host a conference call
starting at 3:30 p.m. Central Time today. The live dial-in number
for the call is (844) 295-9436 (U.S.) / (574) 990-1040 (Outside
U.S.). The participant passcode for the call is "Wright." A
simultaneous webcast of the call will be available via Wright's
corporate website at www.wright.com.
A replay of the call will be available beginning at 5:30 p.m.
Central Time on May 9, 2018 through May 16, 2018. To hear this
replay, dial (855) 859-2056 (U.S.) / (404) 537-3406 (Outside U.S.)
and enter code 7998427. A replay of the conference call will also
be available via the internet starting today and continuing for at
least 12 months. To access a replay of the conference call via the
internet, go to the "Investor Relations - Presentations/Calendar"
section of the company's corporate website located at
www.wright.com.
The conference call may include a discussion of non-GAAP
financial measures. Reference is made to the most directly
comparable GAAP financial measures, the reconciliation of the
differences between the two financial measures, and the other
information included in this release, the Current Report on Form
8-K filed with the U.S. Securities and Exchange Commission (SEC)
today, or otherwise available in the "Investor Relations -
Supplemental Financial Information" section of the company's
corporate website located at www.wright.com.
The conference call may include forward-looking statements. See
the cautionary information about forward-looking statements in the
"Cautionary Note Regarding Forward-Looking Statements" section of
this release.
About Wright Medical Group N.V.
Wright Medical Group N.V. is a global medical device company
focused on extremities and biologics products. The company is
committed to delivering innovative, value-added solutions improving
the quality of life for patients worldwide. Wright is a recognized
leader of surgical solutions for the upper extremities (shoulder,
elbow, wrist and hand), lower extremities (foot and ankle) and
biologics markets, three of the fastest growing segments in
orthopaedics. For more information about Wright, visit
www.wright.com.
™ and ® denote trademarks and registered trademarks of Wright
Medical Group N.V. or its affiliates, registered as indicated in
the United States, and in other countries. All other trademarks and
trade names referred to in this release are the property of their
respective owners.
Non-GAAP Financial Measures
To supplement the company's consolidated financial statements
prepared in accordance with U.S. generally accepted accounting
principles, the company uses certain non-GAAP financial measures in
this release. Reconciliations of the historical non-GAAP financial
measures used in this release to the most comparable GAAP measures
for the respective periods can be found in tables later in this
release. Wright's non-GAAP financial measures include net sales,
excluding the impact of foreign currency; net income, as adjusted;
EBITDA, as adjusted; gross margin, as adjusted; earnings, as
adjusted; and earnings, as adjusted, per diluted share, in each
case, from continuing operations. The company's management believes
that the presentation of these measures provides useful information
to investors. These measures may assist investors in evaluating the
company's operations, period over period. Wright's non-GAAP
financial measures exclude such items as non-cash interest expense
related to the company's convertible notes, transaction and
transition costs, net gains and losses on mark-to-market
adjustments on CVRs and derivative assets and liabilities, net
non-cash gains and losses on foreign currency translation all of
which may be highly variable, difficult to predict and of a size
that could have substantial impact on the company's reported
results of operations for a period. It is for this reason that the
company cannot provide without unreasonable effort a quantitative
reconciliation to the most directly comparable GAAP measures for
its 2018 financial guidance regarding non-GAAP adjusted EBITDA from
continuing operations and non-GAAP adjusted earnings per share from
continuing operations. Management uses the non-GAAP measures in
this release internally for evaluation of the performance of the
business, including the allocation of resources and the evaluation
of results relative to employee performance compensation targets.
Investors should consider non-GAAP financial measures only as a
supplement to, not as a substitute for or as superior to, measures
of financial performance prepared in accordance with GAAP.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "could," "may," "will,"
"believe," "estimate," "continue," "guidance," "future," other
words of similar meaning and the use of future dates.
Forward-looking statements in this release include, but are not
limited to, statements about the company's anticipated financial
results for 2018, including net sales from continuing operations,
adjusted EBITDA from continuing operations and adjusted earnings
per share from continuing operations, anticipated strong shoulder
sales growth in 2018, and anticipated U.S. lower extremities
improvement in 2018 and the company's need for additional capital.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Each forward-looking
statement contained in this release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the failure of the
company's 2017 U.S. sales force additions to achieve expected
results, focus on core product portfolio and incentives to drive
U.S. lower extremities and biologics sales or delay in realization
thereof; the risk of continued supply constraints; the failure to
integrate the legacy Wright and Tornier businesses and realize net
sales synergies and cost savings from the merger with Tornier or
delay in realization thereof; operating costs and business
disruption as a result of the merger, including adverse effects on
employee retention and sales force productivity and on business
relationships with third parties; integration costs; actual or
contingent liabilities; adverse effects of diverting resources and
attention to providing transition services to the purchaser of the
large joints business; the adequacy of the company's capital
resources and need for additional financing; the timing of
regulatory approvals and introduction of new products; physician
acceptance, endorsement, and use of new products; failure to
achieve the anticipated commercial sales of our AUGMENT® Bone Graft
products; the effect of regulatory actions, changes in and adoption
of reimbursement rates; product liability claims and product
recalls; pending and threatened litigation; risks associated with
the metal-on-metal master settlement agreement and the settlement
agreement with the three settling insurers; risks associated with
the subsequent metal-on-metal settlement agreements and ability to
obtain the additional new insurance proceeds contingent thereon;
risks associated with international operations and expansion;
fluctuations in foreign currency exchange rates; other business
effects, including the effects of industry, economic or political
conditions outside of the company's control; reliance on
independent distributors and sales agencies; competitor activities;
changes in tax and other legislation; and the risks identified
under the heading "Risk Factors" in Wright's Annual Report on Form
10-K for the year ended December 31, 2017 filed by Wright with the
SEC on February 27, 2018 and subsequent SEC filings by Wright,
including without limitation its Quarterly Report on Form 10-Q for
the quarter ended April 1, 2018. Investors should not place
considerable reliance on the forward-looking statements contained
in this release. Investors are encouraged to read Wright's filings
with the SEC, available at www.sec.gov, for a discussion of these
and other risks and uncertainties. The forward-looking statements
in this release speak only as of the date of this release, and
Wright undertakes no obligation to update or revise any of these
statements. Wright's business is subject to substantial risks and
uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
--Tables Follow--
|
|
Wright Medical Group N.V. |
Condensed Consolidated Statements of
Operations |
(dollars in thousands, except per share
data--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
Net sales |
$ |
198,537 |
|
|
$ |
177,191 |
|
Cost of sales |
41,139 |
|
|
37,126 |
|
Gross
profit |
157,398 |
|
|
140,065 |
|
Operating
expenses: |
|
|
|
Selling,
general and administrative |
137,248 |
|
|
129,834 |
|
Research
and development |
13,899 |
|
|
12,432 |
|
Amortization of intangible assets |
7,141 |
|
|
7,397 |
|
Total
operating expenses |
158,288 |
|
|
149,663 |
|
Operating
loss |
(890 |
) |
|
(9,598 |
) |
Interest expense,
net |
19,812 |
|
|
18,195 |
|
Other (income) expense,
net |
(1,000 |
) |
|
7,975 |
|
Loss from
continuing operations before income taxes |
(19,702 |
) |
|
(35,768 |
) |
Provision for income
taxes |
205 |
|
|
939 |
|
Net loss
from continuing operations |
$ |
(19,907 |
) |
|
$ |
(36,707 |
) |
Loss from discontinued
operations, net of tax |
$ |
(5,607 |
) |
|
$ |
(21,992 |
) |
Net
loss |
$ |
(25,514 |
) |
|
$ |
(58,699 |
) |
|
|
|
|
Net loss from
continuing operations per share, basic and diluted |
$ |
(0.19 |
) |
|
$ |
(0.35 |
) |
Net loss from
discontinued operations per share, basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
Net loss per share,
basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.57 |
) |
|
|
|
|
Weighted-average number
of shares outstanding-basic and diluted |
105,904 |
|
|
103,663 |
|
|
Wright Medical Group N.V. |
Consolidated Net Sales Analysis |
(dollars in thousands--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
|
%change |
U.S. |
|
|
|
|
|
Lower
extremities |
$ |
56,823 |
|
|
$ |
55,461 |
|
|
2.5 |
% |
Upper
extremities |
67,658 |
|
|
55,958 |
|
|
20.9 |
% |
Biologics |
18,165 |
|
|
18,634 |
|
|
(2.5 |
)% |
Sports
med & other |
2,147 |
|
|
2,101 |
|
|
2.2 |
% |
Total
U.S. |
$ |
144,793 |
|
|
$ |
132,154 |
|
|
9.6 |
% |
|
|
|
|
|
|
International |
|
|
|
|
|
Lower
extremities |
$ |
15,327 |
|
|
$ |
13,642 |
|
|
12.4 |
% |
Upper
extremities |
29,594 |
|
|
22,422 |
|
|
32.0 |
% |
Biologics |
5,257 |
|
|
5,171 |
|
|
1.7 |
% |
Sports
med & other |
3,566 |
|
|
3,802 |
|
|
(6.2 |
)% |
Total
International |
$ |
53,744 |
|
|
$ |
45,037 |
|
|
19.3 |
% |
|
|
|
|
|
|
Global |
|
|
|
|
|
Lower
extremities |
$ |
72,150 |
|
|
$ |
69,103 |
|
|
4.4 |
% |
Upper
extremities |
97,252 |
|
|
78,380 |
|
|
24.1 |
% |
Biologics |
23,422 |
|
|
23,805 |
|
|
(1.6 |
)% |
Sports
med & other |
5,713 |
|
|
5,903 |
|
|
(3.2 |
)% |
Total net
sales |
$ |
198,537 |
|
|
$ |
177,191 |
|
|
12.0 |
% |
|
Wright Medical Group N.V. |
Supplemental Net Sales
Information |
(unaudited) |
|
|
Three months ended April 1, 2018 net sales
growth/(decline) |
|
U.S. as reported |
Int'l constant currency |
Int'l as reported |
Global constant currency |
Global as reported |
Product line |
|
|
|
|
|
Lower
extremities |
2 |
% |
2 |
% |
12 |
% |
2 |
% |
4 |
% |
Upper
extremities |
21 |
% |
18 |
% |
32 |
% |
20 |
% |
24 |
% |
Biologics |
(3 |
%) |
(2 |
%) |
2 |
% |
(2 |
%) |
(2 |
%) |
Sports
med & other |
2 |
% |
(17 |
%) |
(6 |
%) |
(10 |
%) |
(3 |
%) |
Total net
sales |
10 |
% |
8 |
% |
19 |
% |
9 |
% |
12 |
% |
|
Wright Medical Group N.V. |
Reconciliation of Adjusted Non-GAAP Earnings
Per Share to Net Loss from Continuing Operations Per
Share |
(dollars in thousands, except per share
data--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
Net loss from
continuing operations, as reported |
$ |
(19,907 |
) |
|
$ |
(36,707 |
) |
Net loss from
continuing operations per share, as reported |
$ |
(0.19 |
) |
|
$ |
(0.35 |
) |
Reconciling items: |
|
|
|
Non-cash
interest expense on convertible notes 1 |
12,012 |
|
|
10,999 |
|
Derivatives mark-to-market adjustments 2 |
1,694 |
|
|
365 |
|
Transaction and transition costs |
910 |
|
|
2,972 |
|
Foreign
currency translation expense 2 |
763 |
|
|
— |
|
CVR
mark-to-market adjustments 2 |
(3,924 |
) |
|
6,160 |
|
Contingent consideration fair value adjustment 2 |
414 |
|
|
— |
|
Tax
effect of reconciling items 3 |
(210 |
) |
|
(18 |
) |
Non-GAAP net
loss from continuing operations, as adjusted |
$ |
(8,248 |
) |
|
$ |
(16,229 |
) |
Add back
amortization of intangible assets |
7,141 |
|
|
7,397 |
|
Adjusted
non-GAAP earnings |
$ |
(1,107 |
) |
|
$ |
(8,832 |
) |
Weighted-average basic shares outstanding |
105,904 |
|
|
103,663 |
|
Adjusted
non-GAAP earnings per share |
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
_______________________________
1 Impacting interest expense, net
2 Impacting other (income) expense, net
3 Determined based upon the effective tax rate in the
jurisdiction in which the expense was incurred.
|
Wright Medical Group N.V. |
Reconciliation of Non-GAAP Adjusted EBITDA to
Net Loss from Continuing Operations |
(dollars in thousands--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
Net loss from
continuing operations |
$ |
(19,907 |
) |
|
$ |
(36,707 |
) |
Interest expense,
net |
19,812 |
|
|
18,195 |
|
Provision from income
taxes |
205 |
|
|
939 |
|
Depreciation |
14,499 |
|
|
13,446 |
|
Amortization |
7,141 |
|
|
7,397 |
|
Non-GAAP
EBITDA |
$ |
21,750 |
|
|
$ |
3,270 |
|
Reconciling items
impacting EBITDA: |
|
|
|
Non-cash
share-based compensation expense |
5,018 |
|
|
3,954 |
|
Other
(income) expense, net |
(1,000 |
) |
|
7,975 |
|
Transaction and transition costs |
910 |
|
|
2,972 |
|
Non-GAAP
adjusted EBITDA |
$ |
26,678 |
|
|
$ |
18,171 |
|
Net sales
from continuing operations |
198,537 |
|
|
177,191 |
|
Non-GAAP
adjusted EBITDA margin |
13.4 |
% |
|
10.3 |
% |
|
Wright Medical Group N.V. |
Reconciliation of Non-GAAP Adjusted Gross
Margins to Gross Margins from Continuing Operations |
(dollars in thousands--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
Gross profit
from continuing operations, as reported |
$ |
157,398 |
|
|
$ |
140,065 |
|
Gross margins
from continuing operations, as reported |
79.3 |
% |
|
79.0 |
% |
Reconciling items
impacting gross profit: |
|
|
|
Transaction and transition costs |
910 |
|
|
685 |
|
Non-GAAP gross
profit from continuing operations, as adjusted |
$ |
158,308 |
|
|
$ |
140,750 |
|
Net sales
from continuing operations |
198,537 |
|
|
177,191 |
|
Non-GAAP
adjusted gross margins from continuing operations |
79.7 |
% |
|
79.4 |
% |
|
Wright Medical Group N.V. |
Reconciliation of Other Non-GAAP Financial
Measures to Other As Reported Results |
(dollars in thousands--unaudited) |
|
|
Three months ended |
|
April 1, 2018 |
|
March 26, 2017 |
Net
sales |
$ |
198,537 |
|
|
$ |
177,191 |
|
|
|
|
|
Selling,
general and administrative expense, as reported |
$ |
137,248 |
|
|
$ |
129,834 |
|
Selling, general and
administrative expense as a percentages of net sales, as
reported |
69.1 |
% |
|
73.3 |
% |
Reconciling items
impacting selling, general and administrative expense: |
|
|
|
Transaction and transition costs - selling, general and
administrative |
— |
|
|
2,287 |
|
Selling,
general and administrative expense, as adjusted |
$ |
137,248 |
|
|
$ |
127,547 |
|
Selling,
general and administrative expense as a percentage of net sales, as
adjusted |
69.1 |
% |
|
72.0 |
% |
|
Wright Medical Group N.V. |
Condensed Consolidated Balance
Sheets |
(dollars in thousands--unaudited) |
|
|
April 1, 2018 |
|
December 31, 2017 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
138,051 |
|
|
$ |
167,740 |
|
Accounts
receivable, net |
130,597 |
|
|
130,610 |
|
Inventories |
174,381 |
|
|
168,144 |
|
Prepaid
expenses and other current assets |
81,697 |
|
|
100,400 |
|
Total
current assets |
524,726 |
|
|
566,894 |
|
|
|
|
|
Property, plant and
equipment, net |
212,331 |
|
|
212,379 |
|
Goodwill and intangible
assets, net |
1,169,857 |
|
|
1,164,663 |
|
Other assets |
169,627 |
|
|
184,788 |
|
Total
assets |
$ |
2,076,541 |
|
|
$ |
2,128,724 |
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
43,334 |
|
|
$ |
41,831 |
|
Accrued
expenses and other current liabilities |
267,351 |
|
|
314,558 |
|
Current
portion of long-term obligations |
59,340 |
|
|
58,906 |
|
Total
current liabilities |
370,025 |
|
|
415,295 |
|
Long-term
obligations |
851,522 |
|
|
836,208 |
|
Other liabilities |
271,819 |
|
|
288,525 |
|
Total
liabilities |
1,493,366 |
|
|
1,540,028 |
|
|
|
|
|
Shareholders'
equity |
583,175 |
|
|
588,696 |
|
Total
liabilities and shareholders' equity |
$ |
2,076,541 |
|
|
$ |
2,128,724 |
|
|
Investors & Media:
Julie D. (Tracy)
Dewey
Sr. Vice President, Chief Communications OfficerWright
Medical Group N.V.(901) 290-5817julie.dewey@wright.com
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