Wright Medical 8-K Strong Sales Growth and Operating Leverage Combine for 23% Increase in Adjusted Operating Income

Exhibit 99

FOR RELEASE 3:00 P.M. CENTRAL
Thursday, February 19, 2009
Contact: John K. Bakewell
(901) 867-4527

Wright Medical Group, Inc. Reports Results for Fourth
Quarter Ended December 31, 2008

Strong Sales Growth and Operating Leverage Combine for 23% Increase
in Adjusted Operating Income

Company Provides Revised Outlook for 2009

ARLINGTON, TN – February 19, 2009 – Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics, today reported financial results for its fourth quarter ended December 31, 2008.

Net sales totaled $120.1 million during the fourth quarter ended December 31, 2008, representing a 16% increase over net sales of $103.2 million during the fourth quarter of 2007, meeting its previously communicated outlook range of $119 million to $122 million. Excluding the impact of foreign currency, net sales increased 18% during the fourth quarter.

For the fourth quarter of 2008, the Company recorded a net loss of $2.7 million, or $0.07 per diluted share, compared to net income for the fourth quarter of 2007 of $1.4 million, or $0.04 per diluted share. Net income for the fourth quarter of 2008 included the after-tax effects of approximately $3.0 million of non-cash stock-based compensation expense, $2.9 million of expenses related to the ongoing U.S. governmental inquiries, $1.1 million of restructuring charges related to the previously announced closure of the Company’s Toulon, France operations, and $18,000 of acquisition related inventory step-up amortization, as well as an $11.2 million tax provision associated with the write-off of French net operating losses (NOLs). Net income for the fourth quarter of 2007 included the after-tax effect of approximately $4.4 million of restructuring charges, $4.1 million of non-cash stock-based compensation expense, $3.9 million of charges associated with an unfavorable arbitration ruling, and $109,000 of acquisition related inventory step-up amortization.

Excluding those items previously mentioned, fourth quarter net income, as adjusted, increased 25% to $12.6 million in 2008 from $10.1 million in 2007, while diluted earnings per share, as adjusted, increased 15% to $0.31 for the fourth quarter of 2008 from $0.27 per diluted share for the fourth quarter of 2007. A reconciliation of U.S. GAAP to “as adjusted” results is included in the attached financial tables.

Gary D. Henley, President and Chief Executive Officer commented, “We are pleased with our fourth quarter top- and bottom-line results, as we delivered sales growth that was among the best in our industry while continuing to expand our adjusted operating margin. Our sales growth during the fourth quarter continued to be broad-based as we experienced annual increases across all major product lines, as well as both in the U.S. and internationally. We are also very pleased with our full year performance which included sales growth of 20% combined with 270 basis points of adjusted SG&A leverage, producing an outstanding adjusted operating income growth of 36%.”

Mr. Henley continued, “Looking forward, while we remain clearly committed to the long-standing corporate financial objectives that we reiterated during our December guidance call, today we are adjusting our outlook for 2009 to incorporate an expectation for procedural demand in the current economy that is more in line with industry expectations, and also to reflect additional costs that will enable us to devote more resources to global compliance efforts this year. Taking these measures positions us for sustained success in the orthopaedic market place.”

(Page 2 of 9)

Sales Review

Globally, the Company experienced growth across all of its major product lines during the fourth quarter of 2008. Specifically, global net sales of the Company’s extremity, hip, knee, and biologics product lines increased by 31%, 22%, 9% and 5%, respectively, during the fourth quarter of 2008 when compared to the fourth quarter of 2007.

Domestic sales totaled $74.8 million during the fourth quarter of 2008, representing an increase of 19% compared to prior year. Fourth quarter domestic sales of the Company’s extremity, hip, biologics, and knee product lines reflected growth of 38%, 16%, 13% and 9%, respectively.

International sales, as reported, were $45.3 million for the fourth quarter of 2008, representing an increase of 13% compared to prior year. The Company’s international sales results included an unfavorable foreign currency impact totaling approximately $2.0 million during the fourth quarter of 2008. Excluding the impact of foreign currency, international sales increased by 18% during the fourth quarter of 2008.

Outlook

The Company’s earnings targets, as communicated in the guidance ranges stated below for the full year and the first quarter of 2009 exclude the effect of possible future acquisitions, other material future business developments, the impact of recording non-cash stock-based compensation and restructuring charges, and costs associated with the Company’s ongoing U.S. governmental inquiries.

The Company has revised its sales target for the full year 2009 to a range of $500 million to $510 million compared to its previously-communicated guidance range of $510 million to $520 million. This new sales target represents annualized as-reported growth between approximately 7.5% and 10% and constant-currency growth expectations of approximately 11% to 13%, reflecting the Company’s latest views regarding the outlook for end market procedural growth during 2009. The Company is also revising its previously-communicated as-adjusted earnings per share outlook to a target range for the full year of $0.85 to $0.92 per diluted share, down from $0.96 to $1.02 per share. This revised earnings per share outlook reflects the effect of the aforementioned sales target revision as well as incremental expenses associated with global compliance initiatives. The Company continues to anticipate solid operating performance during 2009, with expectations continuing for full-year adjusted operating income growth of 8 to 16% despite expectations, as previously communicated, for approximately 110 basis points of unfavorable currency exchange impact on operating margins during the year.

The Company’s anticipated targets for the first quarter of 2009 for net sales are in the range of $120 million to $123 million, representing as-reported sales growth objectives between approximately 4% and 6% and constant-currency growth expectations of approximately 7% to 10%, with as-adjusted earnings per share results ranging from $0.17 to $0.19 per diluted share.

As noted above, the Company’s financial targets exclude the impact of non-cash stock-based compensation charges as well as the impact of restructuring charges. While the amount of the non-cash stock-based compensation charges will vary depending upon a number of factors, many of which not being within the Company’s control, the Company currently estimates that the after-tax impact of those expenses will range from $0.23 to $0.26 per diluted share for the full year 2009 and $0.05 to $0.06 per diluted share for the first quarter of 2009. With regard to restructuring charges, the Company has restated its estimate of total pre-tax charges related to the closing of the Toulon facilities to a range of approximately $28 million to $32 million, of which $25.6 million have been incurred to date.

The Company’s anticipated targets for net sales, adjusted earnings per share, and stock-based compensation charges and restructuring charges are forward-looking statements. They are subject to various risks and uncertainties that could cause the Company’s actual results to differ materially from the anticipated targets. The anticipated targets are not predictions of the Company’s actual performance. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.

(Page 3 of 9)

Conference Call

As previously announced, the Company will host a conference call starting at 3:30 p.m. (Central Time) today. The live dial-in number for the call is 866-770-7120 (domestic) or 617-213-8065 (international). The participant passcode for the call is “wright.” To access a simultaneous webcast of the conference call via the internet, go to the “Corporate – Investor Information” section of the Company’s website located at www.wmt.com. A replay of the conference call by telephone will be available starting at 6:30 p.m. (Central Time) today and continuing until March 13, 2009. To hear this replay, dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter the passcode 92246614. A replay of the conference call will also be available via the internet starting today and continuing for at least 12 months. To access a replay of the conference call via the internet, go to the “Corporate – Investor Information – Audio Archives” section of the Company’s website located at www.wmt.com.

The conference call may include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the “Corporate – Investor Information – Supplemental Financial Information” section of the Company’s website located at www.wmt.com.

The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the “Safe-Harbor Statement” section of this press release.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as net sales, excluding the impact of foreign currency, operating income, as adjusted, net income, as adjusted, net income, as adjusted, per diluted share, and effective tax rate, as adjusted. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures exclude such items as business development activities, including purchased in-process research and development, the financial impact of significant litigation, costs related to the on-going U.S. governmental inquiries, restructuring charges and non-cash stock-based expense, all of which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

Safe-Harbor Statement

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements reflect management’s current knowledge, assumptions, beliefs, estimates, and expectations and express management’s current views of future performance, results, and trends and may be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” and other similar terms. The Company wishes to caution readers that actual results might differ materially from those described in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed in the Company’s filings with the Securities and Exchange Commission (including the Company’s annual report on Form 10-K for the year ended December 31, 2007, under the heading, “Risk Factors” and its quarterly reports), which could cause the Company’s actual results to materially differ from those described in the forward-looking statements. Although the Company believes that the forward-looking statements are accurate, there can be no assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a representation by the Company that the results described therein will be achieved. The Company wishes to caution readers not to place undue reliance on any forward-looking statement. The forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update any forward-looking statement after this date.

(Page 4 of 9)

Wright Medical Group, Inc. is a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics. The Company has been in business for more than 50 years and markets its products in over 60 countries worldwide. For more information about Wright Medical, visit the Company’s website atwww.wmt.com.

—Tables Follow—

(Page 5 of 9)

Wright Medical Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data—unaudited)

	Three Months Ended					Twelve Months Ended
	December 31,			December 31,		December 31,			December 31,
	2008			2007		2008			2007
Net sales	$	120,109		$	103,156	$	465,547		$	386,850
Cost of sales		35,090			28,404		134,377			108,407
Cost of sales – restructuring		—			2,139		—			2,139
Gross profit		85,019			72,613		331,170			276,304
Operating expenses:
Selling, general and administrative		64,035			61,123		261,396			225,929
Research and development		8,577			6,299		33,292			28,405
Amortization of intangible assets		1,270			989		4,874			3,782
Restructuring charges		1,110			2,229		6,705			16,734
Acquired in-process research and development		—			—		2,490			—
Total operating expenses		74,992			70,640		308,757			274,850
Operating income		10,027			1,973		22,413			1,454
Interest expense (income), net		1,054			112		2,181			(1,252	)
Other (income) expense, net		(431	)		330		(1,338	)		375
Income (loss) before income taxes		9,404			1,531		21,570			2,331
Provision for income taxes		12,095			147		18,373			1,370
Net (loss) income	$	(2,691	)	$	1,384	$	3,197		$	961
Net (loss) income per share, basic	$	(0.07	)	$	0.04	$	0.09		$	0.03
Net (loss) income per share, diluted	$	(0.07	)	$	0.04	$	0.09		$	0.03
Weighted-average number of common shares outstanding, basic		37,198			36,317		36,933			35,812
Weighted-average number of common shares outstanding, diluted		37,198			37,064		37,401			36,483

Wright Medical Group, Inc.
Consolidated Sales Analysis
(dollars in thousands—unaudited)

	Three Months Ended							Twelve Months Ended
	December 31,		December 31,		%			December 31,		December 31,		%
	2008		2007		change			2008		2007		change
Geographic
Domestic	$	74,839	$	62,998		18.8	%	$	282,081	$	235,748		19.7	%
International		45,270		40,158		12.7	%		183,466		151,102		21.4	%
Total net sales	$	120,109	$	103,156		16.4	%	$	465,547	$	386,850		20.3	%
Product Line
Hip products	$	41,915	$	34,363		22.0	%	$	160,788	$	134,251		19.8	%
Knee products		29,779		27,323		9.0	%		119,895		102,334		17.2	%
Extremity products		24,820		18,953		31.0	%		88,890		62,302		42.7	%
Biologics products		20,851		19,893		4.8	%		82,399		76,029		8.4	%
Other		2,744		2,624		4.6	%		13,575		11,934		13.8	%
Total net sales	$	120,109	$	103,156		16.4	%	$	465,547	$	386,850		20.3	%

(Page 6 of 9)

Wright Medical Group, Inc.
Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency
(dollars in thousands—unaudited)

	Three Months Ended				Twelve Months Ended
	December 31, 2008				December 31, 2008
	International		Total		International			Total
	Net Sales		Net Sales		Net Sales			Net Sales
Net sales, as reported	$	45,270	$	120,109	$	183,466		$	465,547
Currency impact as compared to prior period		1,994		1,994		(7,872	)		(7,872	)
Net sales, excluding the impact of foreign currency	$	47,264	$	122,103	$	175,594		$	457,675

Wright Medical Group, Inc.
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(in thousands, except per share data—unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
Operating Income
Operating income (loss), as reported	$	10,027		$	1,973		$	22,413		$	1,454
Reconciling items impacting Gross Profit:
Cost of Sales – restructuring		—			2,139			—			2,139
Inventory step-up amortization		18			109			113			418
Non-cash, stock-based compensation		292			483			1,244			2,046
Total		310			2,731			1,357			4,603
Reconciling items impacting Selling, General and Administrative expenses:
Arbitration judgment		—			3,269			—			3,269
Non-cash, stock-based compensation		2,204			3,231			10,644			12,061
U.S. governmental inquiries		2,916			—			7,648			—
Appellate court decision		—			—			2,346			—
Total		5,120			6,500			20,638			15,330
Reconciling items impacting Research and Development expenses:
Non-cash, stock-based compensation		517			409			1,613			2,425
Other Reconciling Items:
Restructuring charges		1,110			2,229			6,705			16,734
Acquired in-process research and development		—			—			2,490			—
Total		1,110			2,229			9,195			16,734
Operating income, as adjusted	$	17,084		$	13,842		$	55,216		$	40,546
Operating income, as adjusted, as a percentage of net sales		14.2	%		13.4	%		11.9	%		10.5	%

(Page 7 of 9)

Wright Medical Group, Inc.
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(continued)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
Net Income
Net (loss) income, as reported	$	(2,691	)	$	1,384		$	3,197		$	961
Pre-tax impact of reconciling items:
Non-cash, stock-based compensation		3,013			4,123			13,501			16,532
Restructuring charges		1,110			4,368			6,705			18,873
Arbitration judgment (including interest)		—			3,934			—			3,934
Inventory step-up amortization		18			109			113			418
U.S. governmental inquiries		2,916			—			7,648			—
Appellate court decision (including interest)		—			—			2,638			—
Acquired in-process research and development		—			—			2,490			—
Total		7,057			12,534			33,095			39,757
Tax effect of reconciling items:
Non-cash, stock-based compensation		(576	)		(670	)		(3,674	)		(3,665	)
Restructuring charges		(1,275	)		(1,531	)		(3,451	)		(6,416	)
Arbitration judgment		—			(1,550	)		—			(1,550	)
Inventory step-up amortization		(7	)		(44	)		(44	)		(165	)
United States governmental inquiries		(1,122	)		—			(2,987	)		—
Appellate court decision		—			—			(1,030	)		—
Acquired in-process research and development		—			—			—			—
Valuation allowance for French NOL’s		11,223			—			11,223			—
Total		8,243			(3,795	)		37			(11,796	)
Net income, as adjusted	$	12,609		$	10,123		$	36,329		$	28,922

	Three Months Ended					Three Months Ended
	December 31, 2008					December 31, 2007
	As Reported			As Adjusted		As Reported		As Adjusted
Basic net (loss) income	$	(2,691	)	$	12,609	$	1,384	$	10,123
Interest expense on convertible notes		N/A			935		N/A		337
Diluted net (loss) income	$	(2,691	)	$	13,544	$	1,384	$	10,460
Basic shares		37,198			37,198		36,317		36,317
Dilutive effect of stock options and restricted shares		—			198		747		747
Dilutive effect of convertible notes		—			6,126		N/A		2,189
Diluted shares		37,198			43,522		37,064		39,253
Net (loss) income per share, diluted	$	(0.07	)	$	0.31	$	0.04	$	0.27

(Page 8 of 9)

Wright Medical Group, Inc.
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(continued)

	Twelve Months Ended				Twelve Months Ended
	December 31, 2008				December 31, 2007
	As Reported		As Adjusted		As Reported		As Adjusted
Basic net income	$	3,197	$	36,329	$	961	$	28,922
Interest expense on convertible notes		N/A		3,741		N/A		337
Diluted net income	$	3,197	$	40,070	$	961	$	29,259
Basic shares		36,933		36,933		35,812		35,812
Dilutive effect of stock options and restricted shares		468		468		671		671
Dilutive effect of convertible notes		—		6,126		N/A		552
Diluted shares		37,401		43,527		36,483		37,035
Net income per share, diluted	$	0.09	$	0.92	$	0.03	$	0.79

	Three Months Ended					Twelve Months Ended
	December 31,			December 31,		December 31,			December 31,
	2008			2007		2008			2007
Net Income per Diluted Share
Net (loss) income, as reported, per diluted share	$	(0.07	)	$	0.04	$	0.09		$	0.03
Interest expense on convertible notes		0.02			0.01		0.09			0.01
Dilutive effect of convertible notes		0.01			0.00		(0.01	)		0.00
Non-cash, stock-based compensation		0.06			0.09		0.23			0.35
Restructuring charges		0.00			0.08		0.07			0.34
Arbitration judgment (including interest)		—			0.06		—			0.07
Inventory step-up amortization		—			0.00		0.00			0.00
U.S. governmental inquiries		0.04			—		0.11			—
Appellate court decision		—			—		0.04			—
Acquired in-process research and development		—			—		0.06			—
Valuation allowance for French NOL’s		0.26			—		0.26			—
Net income, as adjusted, per diluted share	$	0.31		$	0.27	$	0.92		$	0.79

Wright Medical Group, Inc.
Reconciliation of Effective Tax Rate, As Reported, to Effective Tax Rate, As Adjusted
(unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2008			2007			2008			2007
Effective tax rate, as reported		128.6	%		9.6	%		85.2	%		58.8	%
Non-cash, stock-based expense		(1.0	%)		(4.9	%)		(2.1	%)		(5.9	%)
Restructuring charges		11.2	%		18.8	%		4.3	%		(22.1	%)
Arbitration judgment (including interest)		—			4.4	%		—			0.4	%
Inventory step-up amortization		0.0	%		0.1	%		0.0	%		0.1	%
U.S. governmental inquiries		3.9	%		—			0.8	%		—
Appellate court decision		—			—			0.4	%		—
Acquired in-process research and development		—						(3.1	%)
Valuation allowance for French NOL’s		(119.3	%)		—			(52.0	%)		—
Effective tax rate, as adjusted		23.4	%		28.0	%		33.5	%		31.3	%

(Page 9 of 9)

Wright Medical Group, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands—unaudited)

	December 31,		December 31,
	2008		2007
Assets
Current assets:
Cash and cash equivalents	$	87,865	$	229,026
Marketable securities		57,614		15,535
Accounts receivable, net		102,046		83,801
Inventories		176,059		115,290
Prepaid expenses and other current assets		53,071		45,342
Assets held for sale		—		2,207
Total current assets		476,655		491,201
Property, plant and equipment, net		133,651		99,037
Goodwill and intangible assets, net		70,772		39,420
Other assets		11,052		40,327
Total assets	$	692,130	$	669,985
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	15,877	$	19,764
Accrued expenses and other current liabilities		59,247		53,069
Current portion of long-term obligations		125		551
Total current liabilities		75,249		73,384
Long-term obligations		200,136		200,455
Other liabilities		5,117		7,365
Total liabilities		280,502		281,204
Stockholders’ equity		411,628		388,781
Total liabilities and stockholders’ equity	$	692,130	$	669,985