Wright Medical slips on Q3 results, despite higher earnings outlook
Shares of Wright Medical close down 3% today after the medical device company posted narrower losses and beat Wall Street's expectations.
Wright Medical (NSDQ:WMGI) beat Wall Street's earnings expectations, narrowed its 3rd-quarter losses by ⅔ and boosted its outlook for 2012, but missed sales numbers prompted investors to shave more than 3% from its share price today.
The Arlington, Tenn.-based joint replacement maker posted losses of $5.3 million, or 14¢ per share, on sales of $110.4 million during the 3 months ended Sept. 30, narrowing losses by 66.7% despite a 6.6% top-line slide.
Excluding 1-time items, adjusted earnings per share were 1¢, well ahead of analysts' -5¢ consensus. But Wall Street boffins were also looking for about $1.6 million more in sales. The news erased and then some the 2.6% gain WMGI shares posted yesterday, ahead of Wright's post-market earnings announcement. WMGI shares were trading at $20.29 apiece as of about 3:40 p.m., down 2.9% on the day and half a percent under its $29.37 closing mark Nov. 2.