Wright Medical Group reported a 6 percent decrease in first quarter net sales to $126.7 million, driven by previously announced distributor transitions and challenges associated with the company's compliance processes. During the third quarter of 2011, the company began to transition its independent distributor territories to direct sales representation. Net income totaled $4.6 million for the first quarter of 2012.
The company's foot and ankle business grew 10.9 percent during the first quarter to $29.6 million while the hips and knees business lines dropped 9.6 percent and 5.3 percent respectively. The upper extremities business line saw a 13.3 percent decrease in revenues and the biologics line dropped 21.3 percent.
President of Wright Medical Group Robert Palmisano says the company will continue focusing on its foot and ankle business.
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The company's foot and ankle business grew 10.9 percent during the first quarter to $29.6 million while the hips and knees business lines dropped 9.6 percent and 5.3 percent respectively. The upper extremities business line saw a 13.3 percent decrease in revenues and the biologics line dropped 21.3 percent.
President of Wright Medical Group Robert Palmisano says the company will continue focusing on its foot and ankle business.
More Articles on Orthopedic Device Companies:
DJO Global Net Sales Jump 11.7%
Zimmer's Q1 Hip & Knee Sales Up 2%, Spine Sales Drop
Orthofix Net Sales Reach $143.1M, Spine Sales Grow 3%