October 29, 2009 / 9:16 PM / 10 years ago

UPDATE 1-Wright Medical Q3 adj profit tops market

* Q3 EPS flat at $0.11, sales $117.7 mln vs $111.1 mln

* Sees ‘09 sales at $480 mln to $485 mln

* Sees Q4 adj EPS $0.80 to $0.84

* Shares rise 6 pct in after-hours trade

Oct 29 (Reuters) - Wright Medical Group Inc (WMGI.O), an orthopaedic medical device maker, posted a flat quarterly profit that was above market estimates and raised the lower end of its sales and profit targets for the full year.

Net income for the third quarter remained unchanged at $4.2 million, or 11 cents a share, from last year.

Excluding items, but including stock-based compensation expenses, the company earned 13 cents per share. On that basis, analysts on average had expected earnings of 9 cents per share, according to Thomson Reuters I/B/E/S.

Net sales for the quarter rose 6 percent to $117.7 million, compared with analysts’ estimates of $112.9 million.

The company narrowed its 2009 adjusted earnings view to a range of 80 cents to 84 cents a share, from its prior view of 78 cents to 85 cents per share.

Sales for the year is now expected at $480 million to $485 million, narrower than its previous forecast of $475 million to $485 million.

For the fourth quarter, the company sees adjusted earnings of 22 cents to 26 cents a share, on revenue of $122 million to $127 million.

Shares of the company rose 6 percent to $16.30 in trading after the bell. They closed at $15.40 Thursday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Gopakumar Warrier)

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