Wright Medical Group N.V. (WMGI)

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Wright Medical Group Inc. (WMGI)

Q2 2009 Earnings Call

August 3, 2009 4:30 pm ET


Gary D. Henley - President, Chief Executive Officer, Director

John K. Bakewell - Chief Financial Officer, Executive Vice President


Matt Miksic - Piper Jaffray

Raj Denhoy - Bear Stearns

Rick Wise - Leerink Swann

Taylor Harris - J.P. Morgan

Mike Matson - Wells Fargo Securities

Glenn Navarro - RBC Capital Markets

Joanne Wuensch - BMO Capital Markets

Jeff Johnson - Robert W. Baird & Co



Good afternoon ladies and gentlemen my name is Shamika and I will be your conference operator today. At this time I would like to welcome everyone to the Second Quarter Wright Medical Group Incorporated Earnings Conference Call.

This conference may contain forward-looking statements as defined in the Federal Securities Laws. Forward-looking statements reflect management’s current knowledge, assumptions, beliefs, estimates, and expectations of our management. They also express our management’s current views of future performance, results, and trends and may be identified by the use of terms such as anticipates, believes, could, estimate, expect, intend, may, plan, predict, project, will and other similar terms. Actual results may differ materially from those described in these statements.

Forward-looking statements are subject to a number of risks and uncertainties including the factors discussed in our filings with the Securities and Exchange Commission. These SEC filings include our 10-K for 2008 and our subsequent 10-Qs for 2009. These risks and uncertainties could cause our actual results to materially differ from those described in the forward-looking statements.

Although we believe that the forward-looking statements are accurate there can be no assurance any forward-looking statements will prove to be accurate. A forward-looking statement should not be regarded as a representation by us that the results described within therein will be achieved. You should not place undue reliance on any forward-looking statement. All forward-looking statements are made as of today’s date, and we assume no obligation to update any such statement after this date.

I would now like to turn the call over to Mr. Gary Henley, President and Chief Executive Officer. You may proceed sir.

Gary D. Henley

Thank you. Good afternoon everyone and welcome to our second quarter earnings call. Today we will be sharing with you details of our second quarter 2009 financial results, which reflect solid operational execution and excellent expense control, which enabled us to meet our bottom line expectations despite the headwinds we are experiencing in our current operating climate.

With me on our call today is John Bakewell, our Executive Vice President and Chief Financial Officer. As we have done in past calls I will start today with a summary of our top and bottom line results, then move into a detailed review of our revenue performance. John will then address other key line items that make up our financial performance and share with you our guidance outlook both for Q3 as well as our latest views on the full year 2009. Together we will wrap up our prepared section of today’s call with some business updates before we begin taking your questions.

As we get started I would like to point out that we will be using a number of non-GAAP financial measures to describe our performance. Regarding that I will refer you to reconciliations that appear in the tables of today’s press release as well as on our website. Note further that our Form 8-K filed today provides a detailed narrative that describes our use of such measures. Please note that unless otherwise stated all of todays discussions regarding results of operations refer to our as adjusted results.

Before we launch into our second quarter review I think it’s worth taking a few minutes to offer up some perspective on how 2009 is shaping up for us. Clearly the economic slow down has created some significant challenges for our industry to date and we would acknowledge that its impact is proving to be more significant than we had originally anticipated during the earlier part of this year.

Like everyone we have been concerned since the end of last year about the economic climate and its uncertainties, and well our expectations for 2009 were for another year of industry leading growth, we recognized as well our visibility into predicting the markets procedural demand was more limited than ever before.

That said, well the rest of the industry began to decelerate during Q4 of ’08 our in plant growth rates remained quite strong, and we followed that Q4 performance with Q1 results reflecting just a moderate amount of procedural deceleration within our customer base while most of the industry, most of our industry counterparts experienced considerable further sequential deceleration. Through out that time frame, as you know, we made adjustments to our outlook to reflect our best and current views of what was developing in the market and with our business and as our second quarter results would indicate it appears that our own procedural trends have now decelerated into a range that is consistent with that being experienced through out our industry. Consequently, we will be sharing with you, later in the call, a revised outlook for our 2009 year that reflects the trends we are now seeing in our business.

Although we cannot change this overall environment, we certainly can and will remain focused on mitigating the earnings impact of this procedural slow down while continuing to make operational improvements and investments that position us to share the success of an eventual market recovery. In that regard, we are very pleased with the progress that we’ve made through out the first half of this year and improving the core performance potential of our company.

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