Wright Medical Guidance Call Reiterates 4Q; Lowers 2009 on FX
BY LAUREN UZDIENSKI, DECEMBER 12, 2008
Wright Medical held their annual detailed guidance call yesterday, reiterating 4Q:08 revenue guidance in the $119 million to $122 million range. This affirms that revenue expectations will remain stable despite the macro economic climate. For the full year 2008, management expects revenues of $464 million to $467 million, 20-21% over 2007, with adjusted EPS in the range of $0.88 to $0.90 per diluted share.
On FX concerns, management slightly lowered 2009 revenue expectations to $510 million to $520 million, which represents a 10-12% increase over 2008 (13-15% constant currency) and targeted a GAAP EPS of $0.72 to $0.78. Adjusted EPS is expected to be in the range of $0.92 to $1.02. Prior to the call, analysts were estimating 2009 revenues of $525.11 million and GAAP EPS of $0.85. Among segments, constant currency growth rates are anticipated to be 10-12% in large joint, 11-13% in biologics and 25% in extremities.
