Shares of Wright Medical Group Inc (NASDAQ:WMGI) ended Friday session in red amid volatile trading. The shares closed down -1.23 points or -5.11% at $22.82 with 51.42 million shares getting traded. Post opening the session at $23.87 the shares hit an intraday low of $22.08 and an intraday high of $23.87 and the price vacillated in this range throughout the day. The company has a market cap of $1.19 billion and the numbers of outstanding shares have been calculated to be 51.42 million shares.
Wright Medical Group Inc (NASDAQ: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 Nektar Therapeutics (NASDAQ:NKTR) ended Friday session in red amid volatile trading. The shares closed down -0.95 points or -4.87% at $18.66 with 136.73 million shares getting traded. Post opening the session at $19.48 the shares hit an intraday low of $18.65 and an intraday high of $19.48 and the price vacillated in this range throughout the day. The company has a market cap of $2.43 billion and the numbers of outstanding shares have been calculated to be 136.73 million shares.
Nektar Therapeutics (NKTR) on Aug. 3, 2016 reported its financial results for the second quarter ended June 30, 2016.
Cash and investments in marketable securities at June 30, 2016 were $274.9 million as compared to $308.9 million at December 31, 2015. This balance includes the $28.0 million payment received from AstraZeneca in April of 2016 for the sublicense of MOVENTIG® (naloxegol) to ProStraken in Europe. The balance does not include the $20 million upfront payment for the licensing of European rights for ONZEALD™ to Daiichi Sankyo Europe, which occurred in Q2 2016.
“We continue to execute on the development and business objectives for Nektar,” said Howard W. Robin, President and CEO of Nektar. “Following our licensing agreement with Daiichi Sankyo Europe, the MAA for ONZEALD was accepted by the EMA in July, and with an accelerated assessment review granted by the CHMP, we expect a decision on the recommendation for conditional approval in Q1 2017. Our Phase 3 study of NKTR-181 in patients with chronic low back pain has now completed enrollment and is on track to have topline data in the first quarter of 2017. Finally, NKTR-214 continues to advance in its Phase 1/2 study in cancer patients at MD Anderson and Yale Cancer Centers, with initial topline data expected before the end of this year. As the first medicine designed to selectively stimulate the in vivo growth of endogenous tumor-killing T cells and natural killer cells within the tumor micro-environment, we are extremely excited about the potential of NKTR-214 to transform the immuno-oncology landscape.”