Wright Medical Group reported net sales of $118.2 million during the third quarter of 2011, a 3 percent decrease from the third quarter of 2010, according to a Wright Medical Group news release.
During the third quarter, distributor transitions and difficulties associated with implementing the company's compliance program negatively impacted U.S. sales. Domestic sales decreased by 7 percent to $69 million, while international sales only grew by 3.6 percent. Even though the company reported disappointing third quarter results, President and CEO Robert Palmisano said the company exhibits "great promise" for the future across the orthopedic market.
The company is also planning to strengthen its compliance program and is implementing a plan to reduce operational costs. In the future, the company will focus on growing the foot and ankle business above market rates, according to the report.
The company reported a 2.3 percent decrease in sales for hip products and a 7.9 percent sales decrease for knee products. Sales for extremities products grew by 7.5 percent while biologics also decreased 15.5 percent.
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During the third quarter, distributor transitions and difficulties associated with implementing the company's compliance program negatively impacted U.S. sales. Domestic sales decreased by 7 percent to $69 million, while international sales only grew by 3.6 percent. Even though the company reported disappointing third quarter results, President and CEO Robert Palmisano said the company exhibits "great promise" for the future across the orthopedic market.
The company is also planning to strengthen its compliance program and is implementing a plan to reduce operational costs. In the future, the company will focus on growing the foot and ankle business above market rates, according to the report.
The company reported a 2.3 percent decrease in sales for hip products and a 7.9 percent sales decrease for knee products. Sales for extremities products grew by 7.5 percent while biologics also decreased 15.5 percent.
Related Articles on Orthopedic Device Companies:
Tornier's 3Q 16% Sales Growth Driven by Global Extremities Sales
30 New Spine Device Launches and Releases
European Small Joint Implant Market to Reach $250M by 2016, Driven by Shoulder Implants