Wright Medical Group N.V. (WMGI - Free Report) is well poised for growth backed by strong international presence, solid prospects in the global orthopedic space, and new and improved product launches.
The stock currently carries a Zacks Rank #2 (Buy).
What’s Favoring the Stock?
Wright Medical has been gaining from international expansion for quite some time now. In fact, the company’s international net sales are expected to grow substantially on the back of continued strong performance in Biologics.
Further, the company has been reaping benefits from improving trends in the global orthopedic space.
Moreover, the company has significant presence in key emerging markets like Asia, which further enhances prospects. Per data from Grand View Research, the global niche market is expected to witness a CAGR of 3.1% by 2026.
New product launches, which include internally developed products and the ones from acquisitions, have been supporting the company’s top line and we expect this trend to continue in the future.
Notably, robust 2019 outlook instills optimism in the stock.
Shares of Wright Medical have gained 2.8%, compared with the industry’s growth of 4.6% in a year’s time. The stock fell short of the S&P 500 Index’s rally of 6.3%. We expect the aforementioned factors to turn the stock around in the near term.
Which Way are Estimates Headed?
For 2019, the Zacks Consensus Estimate for revenues is pegged at $962.3 million, indicating an improvement of 15.1% from the year-ago period. The same for earnings stands at 22 cents per share.
Other Key Picks
Some other top-ranked stocks from the broader medical space are Biolase, Inc. (BIOL - Free Report) , Oxford Immunotec Global PLC (OXFD - Free Report) and Haemonetics Corporation (HAE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Biolase has a long-term earnings growth rate of 15%.
Oxford Immunotec has a long-term earnings growth rate of 25%.
Haemonetics has a long-term earnings growth rate 13.5%.
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