Wright Medical Group Inc. lowered its 2009 revenue outlook Monday citing worse-than-expected effects from the recession which beat down second quarter profits.
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Profits slipped nearly 2 percent in the second quarter to $82.1 million, down from $83.6 million in second quarter 2008. Revenues rose slightly, though, from $118.5 million last year to $118.9 million.
Wright CFO John Bakewell revised the company’s 2009 revenue outlook from $500 million-$510 million to $475 million-$485 million. This revision lowered earnings per share guidance from $0.85-$0.92 per share to $0.78-$0.85 per share.
Wright released its earnings after markets closed Monday. The company’s stock lost more than 2 percent, or $0.32, Monday to close at $13.60 per share.
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