Wright Medical says 3Q profit was unchanged

— Wright Medical Group Inc. said Thursday its profit was unchanged in the third quarter, as greater sales of its orthopedic devices were offset by increased costs.

The company earned $4.2 million, or 11 cents per share, matching its profit from the third quarter of 2008. Revenue rose 6 percent, to $117.7 million from $111.1 million, but that was countered by higher selling, general and administrative expenses and cost of sales.

Excluding charges related to a government investigation, restructuring and stock based compensation, Wright's profit was unchanged at 19 cents per share.

According to Thomson Reuters, analysts had projected earnings of 9 cents per share and $112.9 million in revenue.

Wright said sales of extremity products rose 18 percent to $25.5 million, while hip device revenue rose 7 percent to $40.1 million and knee revenue grew 5 percent to $30.1 million. Revenue from biologic products slipped 4 percent to $19.4 million, and other revenue declined to $2.6 million from $2.9 million. The company said foreign currency exchange rates did not affect sales.

For the full year, Wright narrowed its profit and revenue forecasts for the year. It now expects to earn between 80 and 84 cents per share, an estimate that excludes 22 to 23 cents per share in restructuring and stock-based compensation costs. Including those costs, its estimate comes to about 57 to 62 cents per share.

Wright now estimates revenue of $480 million to $485 million in revenue. Analysts expect a profit of 56 cents per share and $477.4 million in revenue, on average.

Wright previously called for an adjusted profit of 78 cents to 85 cents per share, with $475 million to $485 million in revenue.

The company is expecting a profit of 22 cents to 26 cents per share in the fourth quarter, with 6 to 7 cents per share in one-time items. Revenue was projected at $122 million to $127 million.

Analysts are looking for earnings of 19 cents per share and sales are $124.8 million.

In aftermarket trading, Wright stock picked up 39 cents, or 2.5 percent, to $15.79 after closing the regular session at $15.40.