Key Developments: Wright Medical Group Inc (WMGI.OQ)

WMGI.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Wright Medical Group Inc And MicroPort Scientific Corp's MicroPort Medical B.V. Enter Into Definitive Agreement Under Which MicroPort Will Acquire Wright’s OrthoRecon Business-Reuters
Wednesday, 19 Jun 2013 06:30pm EDT 

Reuters reported that Wright Medical Group Inc announced a definitive agreement under which MicroPort Medical B.V., a subsidiary of MicroPort Scientific Corp will acquire Wright`s OrthoRecon business. The purchase price is $290 million, subject to a net working capital adjustment, and is payable in cash at closing, which is expected to occur by the end of the third quarter or early in the fourth quarter of 2013. Wright`s OrthoRecon business consists of hip and knee implant products and generated global revenue of approximately $269 million in 2012. The OrthoRecon business has established hip and knee franchise brands including DYNASTY and CONSERVE hips, PROFEMUR modular stems, SUPERPATH minimally invasive hip surgical instrumentation, and ADVANCE and EVOLUTION medial-pivot knee implants.  Full Article

Wright Medical Group Inc Reaffirms FY 2013 Revenue Guidance-Conference Call
Wednesday, 15 May 2013 04:40pm EDT 

Wright Medical Group Inc announced that the midpoint of its guidance for fiscal 2013 is for revenues of about $490 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $490 million for fiscal 2013.  Full Article

Wright Medical Group Inc Reaffirms FY 2013 Guidance
Tuesday, 30 Apr 2013 04:00pm EDT 

Wright Medical Group, Inc. announced that for fiscal 2013, it expects net sales to be in the range of $485-$495 million and adjusted diluted earnings per share (EPS) including stock-based compensation to be $(0.26)-$(0.34). According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $491 million and EPS of $(0.29) for fiscal 2013.  Full Article

Wright Medical Group Inc Completes Acquisition Of BioMimetic Therapeutics, Inc.
Friday, 1 Mar 2013 05:59am EST 

Wright Medical Group Inc announced that it has completed acquisition of BioMimetic Therapeutics, Inc. The transaction combines BioMimetic's biologics platform and pipeline with Wright's established sales force and product portfolio, to further accelerate growth opportunities in Wright's Extremities business. Wright previously announced plans on November 19, 2012 to acquire BioMimetic Therapeutics, Inc. for an upfront purchase price of approximately $190 million in cash and stock plus additional payments of up to approximately $190 million in cash, which are payable upon receipt of FDA approval of Augment Bone Graft and upon achieving certain revenue milestones.  Full Article

Wright Medical Group Inc Issues FY 2013 Guidance In Line With Analysts' Estimates
Thursday, 21 Feb 2013 04:00pm EST 

Wright Medical Group, Inc. announced that for fiscal 2013, it expects net sales to be in the range of $485-$495 million and adjusted diluted earnings per share (EPS) excluding stock-based compensation to be $0.00-0.06. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $485 million and EPS of $0.02 for fiscal 2013.  Full Article

Wright Medical Group Inc Updates On FY 2012 Revenue Guidance-Conference Call
Monday, 7 Jan 2013 10:30pm EST 

Wright Medical Group Inc announced that for fiscal 2012, it expects sales, which is the guidance, the midpoint of the guidance, is approximately $480 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $480 million for fiscal 2012.  Full Article

Wright Medical Group Inc and BioMimetic Therapeutics Inc Enter Into Agreement to Combine Businesses
Monday, 19 Nov 2012 06:30am EST 

Wright Medical Group Inc and BioMimetic Therapeutics Inc announced that they have entered into a definitive agreement for a business combination. Under the terms of the agreement, the transaction has a total potential value for BioMimetic shareholders of approximately $380 million, or $12.97 per share, based on Wright`s closing stock price on November 16, 2012. Each share of BioMimetic common stock will be converted into the right to receive an upfront payment of $1.50 in cash and 0.2482 shares of Wright common stock. The upfront payment values BioMimetic at approximately $190 million, or $6.47 per share, based on Wright`s closing stock price on November 16, 2012. Each BioMimetic share will also receive one tradable Contingent Value Right (CVR), which entitles its holder to receive additional cash payments of up to $6.50 per share, which are payable upon receipt of FDA approval of Augment Bone Graft and upon achieving certain revenue milestones. The transaction is expected to close in the first quarter of 2013.  Full Article

Wright Medical Group Inc Reaffirms FY 2012 Revenue Guidance; Raises FY 2012 EPS Guidance
Monday, 5 Nov 2012 04:00pm EST 

Wright Medical Group Inc announced that continues to anticipate fiscal 2012 net sales to be in the range of $476 million to $485 million and has increased its as-adjusted earnings per share excluding stock-based compensation guidance to be in the range of $0.34 to $0.40 per diluted share (EPS) from the previously communicated range of $0.32 to $0.36. As noted above, the Company's earnings target excludes the impact of non-cash stock-based compensation charges. While the amount of the non-cash stock-based compensation charges will vary depending upon a number of factors, the Company currently estimates that the after-tax impact of those expenses will be approximately $0.18 per diluted share for the full year 2012. Therefore, the Company now anticipates its fiscal 2012 as-adjusted earnings per share including stock-based compensation to be in the range of $0.16 to $0.22 per diluted share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $484 million for fiscal 2012.  Full Article

Wright Medical Group Inc Revises FY 2012 Revenue Guidance-Conference Call
Thursday, 6 Sep 2012 06:00pm EDT 

Wright Medical Group Inc announced that it expects sales at a midpoint of guidance range for fiscal 2012 of approximately $480 million.  Full Article

Wright Medical Group Inc Prices $260 Million Cash Convertible Senior Notes Offering
Wednesday, 22 Aug 2012 09:30pm EDT 

Wright Medical Group Inc announced the pricing of its offering (the Offering) of $260 million principal amount of cash convertible senior notes due 2017 (the Notes). The Notes are being offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company also granted the initial purchasers of the Notes an option to purchase up to an additional $40 million principal amount of Notes to cover over-allotments. The Offering is expected to close on August 31, 2012. Interest will be payable on the Notes semi-annually at a rate of 2.00% per annum on February 15 and August 15 of each year, beginning February 15, 2013. The Company estimates that the net proceeds of the Offering will be $251.2 million (or $289.3 million if the initial purchasers’ over-allotment option is exercised in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. The Company is using approximately $130 million of the net proceeds of the Offering to repay the outstanding term loan under its senior credit facility, $18.7 million to fund the cost of the convertible note hedge transactions described above, up to $29.1 million to fund any repurchases the Company is able to make of its convertible senior notes due 2014 and the remainder for general corporate purposes, including possible acquisitions.  Full Article

Wright Medical to sell implants business to MicroPort for $290 million

- Wright Medical Group Inc said on Wednesday it will sell its hip and knee implants business to a unit of MicroPort Scientific Corp for $290 million in cash.

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