Oppenheimer Maintains Their Hold Rating on Wright Medical Group (WMGI)


In a report released today, Steven Lichtman from Oppenheimer maintained a Hold rating on Wright Medical Group (WMGI), with a price target of $34. The company’s shares closed yesterday at $29.38.

Lichtman said:

“WMGI’s 1Q19 sales of $230.1M were ahead of our/consensus estimates of $227.9M/ $226.1M and grew 13% on an organic, constant currency and pro forma (for Cartiva acquisition) basis. Extremities led the higher 1Q; management highlighted strength in SIMPLICITI and PERFORM Reverse shoulders and BLUEPRINT enabling technology as drivers. Upper Extremities new customer acquisition in the quarter (~130) was a highlight. EBITDA of 16.3% was ahead of our 15.9% estimate on higher gross margin and lower opex. FY19 sales guidance of $954-966M (pro forma +11-13%, constant currency) and EBITDA guidance of $160-170M was reiterated. Management also highlighted a new digital organization focused on enhancing and expanding WMGI’s digital surgery capabilities across its businesses.”

According to TipRanks.com, Lichtman ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -3.6% and a 45.6% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Helius Medical Technologies, Tandem Diabetes Care Inc, and Boston Scientific Corp.

Wright Medical Group has an analyst consensus of Strong Buy, with a price target consensus of $36.63.

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Based on Wright Medical Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $22.95 million. In comparison, last year the company had a GAAP net loss of $19.91 million.

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Wright Medical Group NV engages in the provision of medical device products. It operates through the following segments: U.S. Lower Extremities and Biologics; U.S. Upper Extremities; International Extremities and Biologics; and Corporate.

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