IHI continued its upward trend
The market seemed to be range-bound and remained very flat on November 5, 2015. The S&P 500 Index fell by 0.1%, and the Dow Jones Industrial Average fell by 0.02%. The broader market SPDR S&P 500 ETF (SPY) followed its benchmark index and went down by 0.1%. However, the iShares US Medical Devices ETF (IHI) beat the trend with a gain of 0.3%.
IHI has been on an upward trend since October 26, 2015. It has gained for eight consecutive trading sessions. IHI provides good exposure to the US medical devices sector. IHI holds 50 stocks in its portfolio. Out of the 50 stocks, 29 stocks went up and 21 stocks ended in the red.
Wright Medical announced 3Q15 earnings
Wright Medical Group (WMGI) rose 6.5% on better-than-expected sales. WMGI announced 3Q15 net sales of $80.1 million driven by a 20% rise in net sales of Legacy Wright Global Foot and Ankle. Ankle replacement sales rose by 61%, and Legacy Tornier Global Upper Extremity revenue rose by 7%. WMGI reported a net loss of $62.7 million, or $1.22 per diluted share, in 3Q15 as compared to a net loss of $49.6 million, or $0.99 per diluted share.
The company’s other highlights included the completion of the Wright-Tornier merger on October 1. The company also received approval from the FDA (US Food and Drug Administration) for its AUGMENT bone graft. Investors were excited about the company’s increase in sales numbers despite the increase in net loss. WMGI closed at $21.53 and was trading below its 50-day and 100-day moving averages. WMGI has a weight of 0.70% in IHI’s portfolio.