Wright Medical Group NV (WMGI, Financial) is a medical device manufacturer specializing in lower extremity (foot, ankle), upper extremity (shoulder, elbow, wrist) and biologic products to mechanically repair tissue-to-tissue and tissue-to-bone injuries. The stock was down 31% as the company missed second quarter expectation and lowered guidance for the year. The miss resulted from the loss of sales people in Lower Extremities to competition and the loss of the distributor network for its recent acquired Cartiva product. The company is aggressively rebuilding its salesforce and will now handle all Cartiva product sales internally. Management feels it can rectify this within a short time and reiterated their 2021 target of mid 20s% EBITDA margins.
From Keeley Asset Management's Keeley Small-Mid Cap Value Fund third-quarter 2019 shareholder letter.
