Wright Medical Group Inc. (WMGI) Thursday reported fourth-quarter net income of $5.4 million or $0.14 per share, compared to $1.2 million or $0.03 per share last year.
Results for the reporting quarter included a gain of $15 million from the sale of intellectual property.
Excluding items, adjusted earnings for the quarter were $1.8 million or $0.05 per share, compared to $6.7 million or $0.17 per share a year ago.
The company, which makes orthopedic medical devices, reported quarterly revenues of $123.5 million, down 3% from $126.9 million a year ago.
Analysts polled by Thomson Reuters estimated a loss of $0.02 per share on revenues of $120.93 million for the quarter. Analysts' estimates typically exclude special items.
Sales were negatively affected by U.S. OrthoRecon customer losses and price decreases in Japan, partly offset by strong growth in the foot and ankle business.
Looking ahead to fiscal year 2013, the company expects net sales of $485 million to $495 million, excluding the impact of the proposed transaction with BioMimetic Therapeutics, Inc. It expects adjusted earnings, including stock-based compensation, to be in the range of $0.00 to $0.06 per share.
If the proposed deal with BioMimetic closes as anticipated by the end of the first quarter, the company anticipates no change to its fiscal year 2013 net sales guidance.
The transaction with BioMimetic is to negatively impact fiscal year earnings by $0.32 to $0.34 per share. As a result, the company expects a loss, including stock-based compensation, for the combined company of $0.34 to $0.26 per share in fiscal year 2013.
Analysts currently expect earnings of $0.07 per share on revenues of $484.73 million for fiscal year 2013.
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