Wright Medical completes divestiture of OrthoRecon business
Wright Medical Group Inc. announced the closing of the transaction to divest its OrthoRecon business to MicroPoint Scientific Corporation and its affiliates.
As a result of closing this transaction, the company plans to provide additional details regarding the financial impact of the transaction and 2014 financial guidance during its fourth quarter 2013 conference call, which is scheduled for February 24, according to a press release.“With the divestiture of our OrthoRecon business, Wright’s transition to a high-growth, pure play global Extremities and Biologics company is complete,” Robert Palmisano, president and chief executive officer of Wright Medical, stated. “We will now be able to devote our full resources and attention towards accelerating growth opportunities in this area, including improving sales productivity, extending the global reach and penetration of our products in key international markets, pursuing targeted new business development opportunities and improving gross margin and EBITDA. We believe this will enhance our ability to create significant shareholder value.”