With The Tornier Deal On Track, Wright Medical Will Be Busy
Stephen Simpson, CFA
Stephen Simpson, CFA
Oct. 1, 2015, 11:37 AM
- Wright Medical Group (WMGI +1.2%) and Tornier N.V. (TRNX +1.1%) complete their previously announced merger. Each share of Wright was exchanged for 1.0309 shares of Tornier.
- Under the terms of the deal, a wholly owned subsidiary of Tornier merged with and into Wright with Wright continuing as the surviving firm and a wholly owned subsidiary of Tornier. The combined company will do business as Wright Medical Group N.V., trading under the symbol "WMGI" starting tomorrow.
- Wright expects top-line growth in the mid-teens and non-GAAP EBITDA margins close to 20% in three to four years. Updated guidance for 2015 will be provided during the company's Q3 earnings call on November 4.
- Previously: Wright Medical and Tornier merge (Oct. 27, 2014)
Sep. 3, 2015, 6:40 AM
- Integra LifeSciences Holdings (NASDAQ:IART) acquires the U.S. rights to Tornier N.V.'s (NASDAQ:TRNX) Salto Talaris and Salto XT ankle replacement products and its Futura silastic (silicon and plastic) toe replacement products for an undisclosed cash sum. The deal includes an option to purchase the ex-U.S. rights to the products in the future.
- The acquired products generated ~$15.5M in sales in 2014. Considering the timing, their impact on non-GAAP EPS will be immaterial this year. Integra will provide more information on expected revenues in its Q3 earnings call.
Aug. 5, 2015, 4:44 PM
- Tornier (NASDAQ:TRNX): Q2 EPS of -$0.14 in-line.
- Revenue of $83.2M (-4.2% Y/Y) misses by $1.96M.
May 5, 2015, 4:52 PM
- Tornier (NASDAQ:TRNX): Q1 EPS of -$0.10 misses by $0.03.
- Revenue of $88.1M (-1.0% Y/Y) misses by $1.9M.
Mar. 10, 2015, 4:45 PM
- The FDA approves Tornier Systems' (NASDAQ:TRNX) Simpliciti Shoulder System for use in shoulder arthroplasty procedures, specifically for patients with severely painful and/or disabled shoulder joints resulting from osteoarthritis or traumatic arthritis. An arthroplasty is a surgical procedure to restore the integrity and function of a joint, either by resurfacing the bones or implanting a prosthesis.
- The Simpliciti is a prosthesis that, according to the company, bridges the gap between traditional stemmed and resurfacing shoulder implants. It is designed with an ultra-short stem which minimizes the risk of a fracture to the humerus bone which can occur with standard implants that extend deeper into the bone.
Feb. 24, 2015, 4:27 PM
- Tornier (NASDAQ:TRNX): Q4 EPS of -$0.17 misses by $0.06.
- Revenue of $92.4M (+10.8% Y/Y) beats by $2.25M.
Feb. 4, 2015, 4:41 PM
- Tornier N.V. (NASDAQ:TRNX) will report Q4 and full-year results on February 24 after the close. The conference call will begin at 4:30 pm ET.
- Consensus views for Q4 and 2014 are losses per share of ($0.11) and ($0.56) on revenues of $89.0M and $342.5M, respectively.
Jan. 12, 2015, 8:04 AM
- On a preliminary basis, Tornier N.V. (NASDAQ:TRNX) expects revenues in Q4 to be $92.8M and $345.4M for the year.
- Q4 expected revenue by product category: Extremities: $77.4M; Large Joints: $15.4M; Upper Extremity Joints and Trauma: $57.9M; Lower Extremity Joints and Trauma: $15.9M.
- The company will report final results on February 19 after the close. The conference call will begin at 4:30 pm.
- Consensus views for revenues for Q4 and 2014 are $87M and $339M, respectively.
Nov. 6, 2014, 5:41 PM
- Tornier (NASDAQ:TRNX): Q3 EPS of -$0.20 in-line.
- Revenue of $76.67M (+14.9% Y/Y) beats by $2.94M.
Oct. 28, 2014, 9:13 AM
Oct. 28, 2014, 8:13 AM
Oct. 27, 2014, 5:40 PM
Oct. 27, 2014, 5:10 PM
Oct. 27, 2014, 5:03 PM
- Tornier N.V. (TRNX +1.9%) preliminary Q3 revenues were $76.7M, up 14.9% from Q3 2013's total of $66.7M. Extremities product revenues were $65.8M (+15.5%).
- Q4 Guidance: Total revenues: $83M - 87M.
- 2014 Guidance: Total revenues: $335.6M - 339.5M from $312M - 320M.
- The company will report complete Q3 results on November 6 after the close. The conference call will begin at 4:30 pm ET.
Oct. 27, 2014, 4:30 PM
- Wright Medical Group (WMGI -0.7%) and Tornier N.V. (TRNX +1.9%) agree to merge in an all-stock transaction that values the combined entity at $3.3B. Under the terms of the merger agreement, each Wright share will be exchanged for 1.0309 ordinary shares of Tornier. When the deal is done, Wright shareholders will own ~52% of the combined company and Tornier shareholders will own ~48%.
- The post-merger company will do business as Wright Medical Group N.V. Wright CEO Robert Palmisano will head the organization and Tornier President and CEO David Mowry will become EVP and COO.
Aug. 7, 2014, 5:15 PM
- Tornier BV (NASDAQ:TRNX): Q2 EPS of -$0.20 misses by $0.06.
- Revenue of $86.9M (+11.2% Y/Y) beats by $7.5M.