The company’s net sales totaled $67.8 million for the quarter, a 16 percent increase from $58.3 million in the fourth quarter of 2012.
However, the medical device company’s overall earnings for the quarter dropped, posting a $135 million net loss, compared to a $1.6 million profit in the fourth quarter of 2012.
Wright Medical sold its OrthoRecon business and acquired BioTech International, OrthroPro and Solana Surgical, and the posted losses reflect the costs of these transactions.
The company was prepared for these losses, Wright Medical senior vice president and CFO Lance Berry said in a Memphis Business Journal report.
“Losses were well expected when we sold (OrthoRecon),” Mr. Berry said in the report. “We knew we’d have the loss profile for a period of time until we built up the infrastructure.”
Wright Medical remains optimistic about the future.
“During 2014, we look forward to continuing to make investments to accelerate foot and ankle growth and sales productivity, improving our gross margins and exiting the year with positive adjusted EBITDA,” said president and CEO Robert Palmisano in the news release.
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