First Quarter 2016 Net Sales
of $181 Million As Reported
Wright Medical Group N.V. (NASDAQ:WMGI) today reported financial
results for its first quarter ended March 27, 2016 and
provided updated 2016 guidance.
As previously announced, Wright Medical Group, Inc. and Tornier
N.V. completed their merger on October 1, 2015, and, in
accordance with U.S. GAAP, legacy Wright’s historical results of
operations replaced legacy Tornier’s historical results of
operations for all periods prior to the merger and the results of
the two legacy businesses have been consolidated only from that
date forward. This release and Wright’s website at ir.wright.com
contain certain unaudited non-GAAP combined pro forma financial
results for Wright Medical Group N.V. which give effect to the
merger as if it had occurred on the first day of fiscal 2014.
Net sales totaled $181.0 million during the first quarter ended
March 27, 2016. Combined pro forma net sales totaled $162.1
million during the first quarter of 2015. On pro forma
constant currency basis, global extremities and biologics net sales
grew 14%. Reconciliations of all historical non-GAAP
financial measures used in this release to the most comparable U.S.
GAAP measures can be found in the attached financial tables.
Robert Palmisano, president and chief executive officer,
commented, “All of our most important financial results exceeded
our expectations. Global extremities and biologics pro forma
constant currency net sales growth of 14%, adjusted EBITDA of $16.2
million and adjusted gross margins of 77.4% reflect the strength of
our markets and our unique position in them. We continued to
successfully execute our merger integration plans and with the
early success we are seeing, we believe we are well positioned to
continue our strong business momentum and to deliver on our synergy
commitments as we progress through 2016.”
Palmisano continued, “Highlights in the quarter included strong
contributions from the ongoing rollout of our SIMPLICITI shoulder
system and AEQUALIS ASCEND FLEX convertible shoulder system and the
ongoing launch of the INFINITY total ankle replacement system,
which drove 31% sales growth in U.S. total ankle replacement for
the first quarter of 2016. In addition, our U.S. biologics
business grew 48% in the quarter, driven by the ongoing commercial
activities for AUGMENT Bone Graft. Biologics is now the
fastest growing segment of our business. We expect all of
these products, which are still early in commercial rollout, will
continue to be growth engines in 2016.”
Palmisano further commented, “Despite the dis-synergy headwinds
we expect to see for the remainder of the year, we are increasing
our full year net sales and adjusted EBITDA guidance. The
strength of our core upper extremities and lower extremities
businesses, plus our ability to execute on cost synergies ahead of
schedule, gives us the confidence to increase our outlook for the
full year. We will continue to focus on executing our
integration plans to realize our full potential and believe that
the positive progress we have made since the merger close sets us
up well for continued strong net sales growth and significant
margin expansion this year, next year and beyond.”
Net loss from continuing operations for the first quarter of
2016 totaled $39.3 million, or $(0.38) per diluted share.
The company’s net loss from continuing operations for the first
quarter of 2016 included the after-tax effects of $11.1 million of
transaction and transition costs, $11.4 million of inventory
step-up amortization, a gain of $6.6 million related to
mark-to-market adjustments on derivatives, $7.1 million of non-cash
interest expense related to its 2017 convertible notes and 2020
convertible notes, and a $5.3 million unrealized loss related to
mark-to-market adjustments on contingent value rights (CVRs) issued
in connection with the BioMimetic acquisition.
The company's first quarter 2016 net loss from continuing
operations, as adjusted for the above items, was $12.8
million. The company's first quarter 2016 adjusted EBITDA, as
defined in the non-GAAP to GAAP reconciliation provided later in
this release, was $16.2 million. The attached financial tables
include reconciliations of non-GAAP measures to the most comparable
U.S. GAAP measures.
Cash and cash equivalents totaled $121.4 million as of the end
of the first quarter of 2016.
Palmisano concluded, “Following our merger, our increased size
and scale allows us to leverage strong revenue growth into even
stronger EBITDA growth. We have multiple opportunities
through a robust new product pipeline to further accelerate our
growth, continue to expand our markets and gain market
share.”
Outlook
The company anticipates net sales for full-year 2016 of
approximately $705 million to $715 million, an increase from the
previous guidance range of $695 million to $705 million. The
midpoint of this net sales guidance range assumes extremities and
biologics pro forma constant currency growth of 14%, excluding the
impact of revenue dis-synergies of approximately $25 million to $30
million.
The company anticipates 2016 adjusted EBITDA from continuing
operations, as described in the non-GAAP to GAAP reconciliation
provided later in this release, of $30.0 million to $35.0 million,
an increase from the previous guidance range of $20 million to $30
million. This range reflects approximately $10 million to $15
million of potential cost synergies expected to be realized in 2016
from the merger with Tornier.
The company anticipates adjusted cash 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 2016 of $(0.64) to $(0.59) per diluted
share.
The company estimates approximately 103 million diluted weighted
average ordinary shares outstanding for fiscal year 2016.
The company's adjusted EBITDA from continuing operations target
is measured by adding back to net income/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. Further, this adjusted EBITDA
from continuing operations target excludes any expenses, earnings
or losses related to legacy Wright’s divested OrthoRecon business
and legacy Tornier’s divested ankle and silastic toe products.
The company’s adjusted cash earnings per share from continuing
operations target is measured by adding back to net income/loss
from continuing operations 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%. Additionally, this adjusted cash earnings per share
from continuing operations target excludes possible future
acquisitions; other material future business developments; non-cash
interest expense associated with the 2017 and 2020 convertible
notes; due diligence, transaction and transition costs associated
with acquisitions and divestitures; mark-to-market adjustments to
contingent value rights (CVRs); and non-cash mark-to-market
derivative adjustments.
The company's anticipated ranges for net sales, adjusted EBITDA
from continuing operations, and adjusted cash 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 2016 supplemental financial
information, visit ir.wright.com. For updated information on
Wright Medical Group N.V. segment reporting changes and
preliminary, combined non-GAAP pro forma historical financial
information, including first quarter of 2016, 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 (877) 516-3529 (U.S.) / (281) 973-6135
(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 4, 2016 through May 11, 2016. To hear
this replay, dial (855) 859-2056 (U.S.) / (404) 537-3406 (Outside
U.S.) and enter code 68872809. 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 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
quality of life for patients worldwide and 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.
WRIGHT®, INFINITY®, AUGMENT®, TORNIER®, AEQUALIS®, AEQUALIS
ASCEND®, AEQUALIS ASCEND® FLEX™, and SIMPLICITI® are 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 (GAAP), the company uses certain non-GAAP financial
measures in this release. Reconciliations of the non-GAAP financial
measures used in this release to the most comparable U.S. GAAP
measures for the respective periods can be found in tables later in
this release. Wright’s non-GAAP financial measures include combined
pro forma net sales; combined pro forma net sales, excluding the
impact of foreign currency; net income, as adjusted; EBITDA, as
adjusted; cash earnings, as adjusted; and cash earnings, as
adjusted, per diluted share. 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. While pro forma data
gives effect to the merger with Tornier as if it had occurred on
the first day of fiscal 2014 and enhances comparability of
financial information between periods, pro forma data is not
indicative of the results that actually would have been obtained if
the merger had occurred as of the beginning of the fiscal year.
Wright’s non-GAAP financial measures exclude such items as non-cash
interest expense related to the company's 2017 convertible notes
and 2020 convertible notes, net gains and losses on mark-to-market
adjustments on and settlements of derivative assets and
liabilities, mark-to-market adjustments on CVRs, transaction and
transition costs, 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.
Management uses these measures 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 these
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,” “forecast,” “goal,” “target,” “project,”
“continue,” “outlook,” “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
2016, including net sales, adjusted EBITDA from continuing
operations and adjusted cash earnings per share from continuing
operations; anticipated sales and cost synergies and dis-synergies,
the timing thereof, and level of risk of achievement; the company’s
expectations regarding its recently launched new shoulder
replacement, total ankle replacement and biologics products and the
anticipated sales growth of its lower extremities, upper
extremities and biologics businesses; the benefits of its recently
completed merger with Tornier and integration efforts and progress;
and the company’s anticipated growth opportunities.
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 to
integrate the 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; 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 benefits from approval
of AUGMENT® Bone Graft; 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 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 27, 2015 filed by Wright with the
SEC on February 23, 2016. 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 |
(in thousands, except per share data--unaudited) |
|
|
Three months ended |
|
March 27, 2016 |
|
March 31, 2015 |
Net sales |
$ |
181,027 |
|
|
$ |
77,934 |
|
Cost of sales |
52,315 |
|
|
19,125 |
|
Gross profit |
128,712 |
|
|
58,809 |
|
Operating
expenses: |
|
|
|
Selling, general and
administrative |
138,911 |
|
|
82,199 |
|
Research and development |
12,554 |
|
|
7,117 |
|
Amortization of intangible
assets |
6,627 |
|
|
2,614 |
|
Total operating expenses |
158,092 |
|
|
91,930 |
|
Operating loss |
(29,380 |
) |
|
(33,121 |
) |
Interest expense,
net |
11,854 |
|
|
7,649 |
|
Other (income) expense,
net |
(1,068 |
) |
|
5,312 |
|
Loss from continuing operations
before income taxes |
(40,166 |
) |
|
(46,082 |
) |
(Benefit) provision for
income taxes |
(891 |
) |
|
166 |
|
Net loss from continuing
operations |
$ |
(39,275 |
) |
|
$ |
(46,248 |
) |
Loss from discontinued
operations, net of tax |
(8,717 |
) |
|
$ |
(3,500 |
) |
Net loss |
$ |
(47,992 |
) |
|
$ |
(49,748 |
) |
|
|
|
|
Net loss from
continuing operations per share, basic (1) |
$ |
(0.38 |
) |
|
$ |
(0.88 |
) |
Net loss from
continuing operations per share, diluted (1) |
$ |
(0.38 |
) |
|
$ |
(0.88 |
) |
|
|
|
|
Net loss per share,
basic (1) |
$ |
(0.47 |
) |
|
$ |
(0.95 |
) |
Net loss per share,
diluted (1) |
$ |
(0.47 |
) |
|
$ |
(0.95 |
) |
|
|
|
|
Weighted-average number
of shares outstanding-basic (1) |
102,704 |
|
|
52,437 |
|
Weighted-average number
of shares outstanding-diluted (1) |
102,704 |
|
|
52,437 |
|
_______________________________ |
(1)
The prior year balances were converted to meet post-merger
valuations. |
|
|
Wright Medical Group N.V. |
Consolidated Net Sales Analysis |
(dollars in thousands--unaudited) |
|
|
Three months ended |
|
March 27, 2016 |
|
March 31, 2015 |
|
%change |
U.S. |
|
|
|
|
|
Lower extremities |
55,278 |
|
|
41,988 |
|
|
31.7 |
% |
Upper extremities |
50,001 |
|
|
3,874 |
|
|
1,190.7 |
% |
Biologics |
17,128 |
|
|
11,133 |
|
|
53.8 |
% |
Sports med & other |
2,137 |
|
|
491 |
|
|
335.2 |
% |
Total
extremities & biologics |
124,544 |
|
|
57,486 |
|
|
116.7 |
% |
Large joint |
26 |
|
|
— |
|
|
N/A |
|
Total
U.S. |
$ |
124,570 |
|
|
$ |
57,486 |
|
|
116.7 |
% |
|
|
|
|
|
|
International |
|
|
|
|
|
Lower extremities |
15,542 |
|
|
11,796 |
|
|
31.8 |
% |
Upper extremities |
20,975 |
|
|
1,917 |
|
|
994.2 |
% |
Biologics |
4,198 |
|
|
4,492 |
|
|
(6.5 |
)% |
Sports med & other |
4,032 |
|
|
2,243 |
|
|
79.8 |
% |
Total
extremities & biologics |
44,747 |
|
|
20,448 |
|
|
118.8 |
% |
Large joint |
11,710 |
|
|
— |
|
|
N/A |
|
Total
International |
$ |
56,457 |
|
|
$ |
20,448 |
|
|
176.1 |
% |
|
|
|
|
|
|
Global |
|
|
|
|
|
Lower extremities |
70,820 |
|
|
53,784 |
|
|
31.7 |
% |
Upper extremities |
70,976 |
|
|
5,791 |
|
|
1,125.6 |
% |
Biologics |
21,326 |
|
|
15,625 |
|
|
36.5 |
% |
Sports med & other |
6,169 |
|
|
2,734 |
|
|
125.6 |
% |
Total
extremities & biologics |
169,291 |
|
|
77,934 |
|
|
117.2 |
% |
Large joint |
11,736 |
|
|
— |
|
|
N/A |
|
Total net
sales |
$ |
181,027 |
|
|
$ |
77,934 |
|
|
132.3 |
% |
|
|
Wright Medical Group N.V. |
Reconciliation of Non-GAAP Combined Pro Forma
Net Sales to Net Sales |
(unaudited) |
|
|
Three months ended |
|
March 31, 2015 |
|
Standalone Wright Medical Group,
Inc. |
|
Standalone Tornier N.V., recast
(1) |
|
Revenues divested (2) |
|
Non-GAAPcombined pro
formanet sales |
U.S. |
|
|
|
|
|
|
|
Lower extremities |
$ |
41,988 |
|
|
$ |
11,443 |
|
|
$ |
(3,897 |
) |
|
$ |
49,534 |
|
Upper extremities |
3,874 |
|
|
39,413 |
|
|
— |
|
|
43,287 |
|
Biologics |
11,133 |
|
|
463 |
|
|
— |
|
|
11,596 |
|
Sports med & other |
491 |
|
|
1,605 |
|
|
— |
|
|
2,096 |
|
Total
extremities & biologics |
57,486 |
|
|
52,924 |
|
|
(3,897 |
) |
|
106,513 |
|
Large joint |
— |
|
|
46 |
|
|
— |
|
|
46 |
|
Total
U.S. |
$ |
57,486 |
|
|
$ |
52,970 |
|
|
$ |
(3,897 |
) |
|
$ |
106,559 |
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Lower extremities |
$ |
11,796 |
|
|
$ |
2,602 |
|
|
$ |
— |
|
|
$ |
14,398 |
|
Upper extremities |
1,917 |
|
|
18,115 |
|
|
— |
|
|
20,032 |
|
Biologics |
4,492 |
|
|
116 |
|
|
— |
|
|
4,608 |
|
Sports med & other |
2,243 |
|
|
2,183 |
|
|
— |
|
|
4,426 |
|
Total
extremities & biologics |
20,448 |
|
|
23,016 |
|
|
— |
|
|
43,464 |
|
Large joint |
— |
|
|
12,106 |
|
|
— |
|
|
12,106 |
|
Total
International |
$ |
20,448 |
|
|
$ |
35,122 |
|
|
$ |
— |
|
|
$ |
55,570 |
|
|
|
|
|
|
|
|
|
Global |
|
|
|
|
|
|
|
Lower extremities |
$ |
53,784 |
|
|
$ |
14,045 |
|
|
$ |
(3,897 |
) |
|
$ |
63,932 |
|
Upper extremities |
5,791 |
|
|
57,528 |
|
|
— |
|
|
63,319 |
|
Biologics |
15,625 |
|
|
579 |
|
|
— |
|
|
16,204 |
|
Sports med & other |
2,734 |
|
|
3,788 |
|
|
— |
|
|
6,522 |
|
Total
extremities & biologics |
77,934 |
|
|
75,940 |
|
|
(3,897 |
) |
|
149,977 |
|
Large joint |
— |
|
|
12,152 |
|
|
— |
|
|
12,152 |
|
Total net
sales |
$ |
77,934 |
|
|
$ |
88,092 |
|
|
$ |
(3,897 |
) |
|
$ |
162,129 |
|
_______________________________ |
(1)
Legacy Tornier product line sales have been recast to reflect the
reclassification of cement, instruments and freight from the
historical Tornier product line "Large Joints and Other" to the
product line associated with those revenues that will be utilized
for future revenue reporting. |
|
(2)
To reduce from Tornier’s historical sales the U.S. sales associated
with Tornier’s Salto Talaris and Salto XT ankle replacement
products and silastic toe replacement products. |
|
|
Wright Medical Group N.V. |
Supplemental Combined Pro Forma Net Sales
Information |
(unaudited) |
|
|
First Quarter 2016 sales
growth/(decline) |
|
U.S.
combinedproforma |
Int'l combined pro
formaconstantcurrency |
Int'l
combinedproforma |
Global combined proforma
constantcurrency |
Global
combinedproforma |
Product
line |
|
|
|
|
|
Lower extremities |
|
12 |
% |
|
12 |
% |
|
8 |
% |
|
12 |
% |
|
11 |
% |
Upper extremities |
|
16 |
% |
|
8 |
% |
|
5 |
% |
|
13 |
% |
|
12 |
% |
Biologics |
|
48 |
% |
|
(4 |
%) |
|
(9 |
%) |
|
33 |
% |
|
32 |
% |
Sports med & other |
|
2 |
% |
|
(5 |
%) |
|
(9 |
%) |
|
(3 |
%) |
|
(5 |
%) |
Total extremities &
biologics |
|
17 |
% |
|
7 |
% |
|
3 |
% |
|
14 |
% |
|
13 |
% |
Large joint |
|
(43 |
%) |
|
(1 |
%) |
|
(3 |
%) |
|
(1 |
%) |
|
(3 |
%) |
Total sales |
|
17 |
% |
|
5 |
% |
|
2 |
% |
|
13 |
% |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wright Medical Group N.V. |
Reconciliation of Non-GAAP Cash Earnings Per
Share to Net Loss from Continuing Operations |
(in thousands, except per share data--unaudited) |
|
|
Three months ended |
|
March 27, 2016 |
Net loss from
continuing operations, as reported |
$ |
(39,275 |
) |
Other reconciling
items: |
|
Inventory step-up amortization
(1) |
11,360 |
|
Non-cash interest expense on 2017
& 2020 convertible notes |
7,056 |
|
Derivatives mark-to-market
adjustments |
(6,641 |
) |
Transaction and transition costs
(2) |
11,100 |
|
CVR mark-to-market adjustments |
5,324 |
|
Tax effect of reconciling
items |
(1,705 |
) |
Non-GAAP net
loss from continuing operations, as adjusted |
$ |
(12,781 |
) |
Add back amortization of intangible
assets |
6,627 |
|
Non-GAAP cash
earnings |
$ |
(6,154 |
) |
Weighted-average basic shares
outstanding |
102,704 |
|
Non-GAAP cash
earnings per share |
$ |
(0.06 |
) |
_______________________________ |
(1)
Impacting Gross Profit. |
(2)
Impacting Gross Profit; Selling, General, and Administrative
expense; and Research and Development expense for $0.1 million,
$10.8 million, and $0.2 million, respectively. |
|
|
Wright Medical Group N.V. |
Reconciliation of Non-GAAP Adjusted EBITDA to
Net Loss from Continuing Operations |
(in thousands, except per share data--unaudited) |
|
|
Three months ended |
|
March 27, 2016 |
Net loss from
continuing operations |
$ |
(39,275 |
) |
Interest expense,
net |
11,854 |
|
Benefit from income
taxes |
(891 |
) |
Depreciation |
13,222 |
|
Amortization |
6,627 |
|
Non-GAAP
EBITDA |
$ |
(8,463 |
) |
Reconciling items
impacting EBITDA: |
|
Non-cash share-based compensation
expense |
3,317 |
|
Other income, net |
(1,068 |
) |
Inventory step-up amortization |
11,360 |
|
Transaction and transition
costs |
11,100 |
|
Non-GAAP
adjusted EBITDA |
$ |
16,246 |
|
|
|
Wright
Medical Group N.V. |
Condensed
Consolidated Balance Sheets |
(dollars in
thousands--unaudited) |
|
|
March 27, 2016 |
|
December 27, 2015 |
Assets |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
121,404 |
|
|
$ |
139,804 |
|
Accounts receivable, net |
127,336 |
|
|
131,050 |
|
Inventories |
215,577 |
|
|
229,109 |
|
Prepaid expenses and other current
assets |
63,573 |
|
|
59,921 |
|
Total current assets |
527,890 |
|
|
559,884 |
|
|
|
|
|
Property, plant and equipment, net |
236,790 |
|
|
240,769 |
|
Goodwill and intangible assets, net |
1,137,315 |
|
|
1,133,087 |
|
Other assets (1) |
77,476 |
|
|
139,754 |
|
Total assets (1) |
$ |
1,979,471 |
|
|
$ |
2,073,494 |
|
|
|
|
|
Liabilities and shareholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
30,789 |
|
|
$ |
30,904 |
|
Accrued expenses and other current
liabilities |
167,080 |
|
|
173,863 |
|
Current portion of long-term
obligations |
2,092 |
|
|
2,171 |
|
Total current liabilities |
199,961 |
|
|
206,938 |
|
Long-term obligations
(1) |
570,434 |
|
|
561,201 |
|
Other liabilities |
186,681 |
|
|
250,329 |
|
Total liabilities (1) |
957,076 |
|
|
1,018,468 |
|
|
|
|
|
Shareholders' equity |
1,022,395 |
|
|
1,055,026 |
|
Total liabilities and shareholders'
equity (1) |
$ |
1,979,471 |
|
|
$ |
2,073,494 |
|
_______________________________ |
(1) The prior year debt
issuance costs were reclassified to account for adoption of ASU
2015-03 and ASU 2015-15. |
|
Investors & Media:
Wright Medical Group N.V.
Julie D. Tracy
Sr. VP, Chief Communications Officer
(901) 290-5817 (office)
julie.tracy@wright.com
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