Wright Medical 4Q Income Drops 86%
CEO Robert Palmisano feels results are stronger than expected and emphasizes growing foot and ankle business.
Wright Medical Group reported a tough 2011 with net income for fourth-quarter 2011 falling more than 86 percent to $1.2 million from $8.9 million for 4Q 2010. Net sales fell $126.9 million from $138.3 million for the previous year. CEO Robert Palmisano, who joined the company last year, felt the results were stronger than expected and emphasized growing Wright’s foot and ankle business and running “a much more focused and efficient ortho-recon business.” According to a more…