Shares of Wright Medical Group Inc (NASDAQ:WMGI) ended Friday session in green amid volatile trading. The shares closed up +0.39 points or 1.62% at $24.53. Post opening the session at $24.31, the shares hit an intraday low of $24.09 and an intraday high of $24.64 and the price vacillated in this range throughout the day. The company has a market cap of $1.28 billion and the numbers of outstanding shares have been calculated to be 51.42 million shares.
Wright Medical Group Inc (WMGI) on August 3, 2016 reported financial results for its second quarter ended June 26, 2016 and provided updated 2016 guidance. As a result of the previously announced binding offer under which Corin Orthopaedics Holdings Limited (Corin) would acquire the large joints (hip/knee) business from Wright, this business which was previously reported as a separate reporting segment is now reported as discontinued operations.
As previously announced, Wright Medical Group, Inc. and Tornier N.V. completed their merger on October 1, 2015, and, in accordance with Unites States generally accepted accounting principles (GAAP), legacy Wright’s historical results of operations replaced legacy Tornier’s historical results of operations for all periods prior to the merger and the results of the two legacy businesses have been consolidated only from that date forward. This release and Wright’s website at ir.wright.com contain certain unaudited non-GAAP combined pro forma financial results for Wright Medical Group N.V. which give effect to the merger as if it had occurred on the first day of fiscal 2014.
Net sales from continuing operations totaled $170.7 million during the second quarter ended June 26, 2016. Combined pro forma net sales from continuing operations totaled $150.2 million during the second quarter of 2015. On pro forma constant currency basis, global extremities and biologics net sales grew 14%. The second quarter 2016 net sales from continuing operations excludes $10.2 million of large joint sales, which are included in discontinued operations.
Robert Palmisano, president and chief executive officer, commented, “For the third consecutive quarter, all of our most important financial results exceeded our expectations. Global extremities and biologics pro forma constant currency net sales growth of 14%, adjusted EBITDA from continuing operations of $12.2 million and adjusted gross margins from continuing operations of 78.5% reflect the strength of our markets and our unique position in them. We continued to successfully execute our merger integration plans and with this continued success, we believe we are well positioned to continue our strong business momentum and to deliver on our synergy commitments as we progress through the remainder of 2016.”
Shares of Skyline Medical Inc (NASDAQ:SKLN) ended Friday session at $0.165 with 1,983,259 shares getting traded. Post opening the session at $0.17, the shares hit an intraday low of $0.16 and an intraday high of $0.17 and the price vacillated in this range throughout the day. The company has a market cap of $13.50 million and the numbers of outstanding shares have been calculated to be 81.80 million shares.
Skyline Medical Inc (SKLN) on Sept. 21, 2016 announced the signing of a partnership and exclusive reseller agreement with GLG Pharma, LLC (“GLG”).
Under the terms of the agreement, GLG intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. Skyline Medical will issue common stock to GLG in four separate tranches, with each tranche released after the achievement of certain development milestones. In addition, Skyline will pay a royalty to GLG on the sale of individual tests.
Initial tests are anticipated to include cancer biomarkers and infectious diseases. The oncology test panels will feature GLG’s patented inhibitors of Signal Transducers and Activators of Transcription 3 (STAT3), which are in preclinical development for a new generation of targeted therapies.
“This partnership provides Skyline Medical with access to exciting new technology that we believe will allow future enhancements in the collection of cells and fluid waste and how it is utilized prior to disposal,” said Dr. Carl Schwartz, Interim Chief Executive Officer of Skyline Medical. “The first of these developments may include point-of-care companion testing that assists oncologists, both in operating rooms and in interventional radiology suites, in personalizing treatments based on results of the fluid collected. In addition, testing of the cells that are sloughed off during procedures may provide physicians with valuable information as to the progress of a surgery. The sale of diagnostic tests in conjunction with STREAMWAY provides an attractive opportunity to leverage our sales and marketing organization, while providing both new and enhanced sources of revenue to Skyline.”