It has been about a month since the last earnings report for Wright Medical Group (WMGI). Shares have lost about 9.3% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Wright Medical due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Wright Medical Reports Q3 Loss, Gains From Extremities BusinessWright Medical reported third-quarter 2018 adjusted loss of 9 cents, narrower than the Zacks Consensus Estimate of a loss of 15 cents. Notably, the company had reported loss of 16 cents in the year-ago quarter.Third-quarter revenues came in at $194.1 million, which beat the Zacks Consensus Estimate by 4.2%. Revenues improved 13.8% year over year.Segment DetailsLower ExtremitiesThis segment posted worldwide revenues of $71.1 million, up 8.8% year over year. Sales in the United States increased 12% to $57.6 million on a year-over-year basis. International sales totaled $13.5 million, down 3.3% year over year.Upper ExtremitiesRevenues at the segment totaled $91 million, up 19.8% from the prior-year quarter’s level. In the United States, sales were up 19.2% on a year-over-year basis to $65.3 million. Internationally, the segment raked in revenues worth $25.7 million, up 21.2% year over year.BiologicsWorldwide Biologics sales were $27.2 million, up 14.1% on a year-over-year basis. While international revenues in the segment rose 26.1% to $6.5 million, U.S. sales were $20.7 million, up 10.8% year over year.Sports Med & OtherThe segment posted worldwide sales of $4.8 million, down 9.8% on a year-over-year basis. The segment’s U.S. sales declined 2.2% to $1.9 million, while international sales fell 14.5% to $2.8 million.Margin AnalysisIn the quarter under review, gross profit totaled $139.2 million, up 5.9% year over year. Gross margin was 77.2% of net revenues, which contracted 30 basis points (bps) from the year-ago quarter.Selling, general and administrative expenses were $140.8 million, up 7.7% year over year.Research and development expenses were $14.7 million, up 15.3% year over year.Adjusted operating expenses in the third quarter of 2018 were $153.1 million, up 6.8% year over year.GuidanceWright Medical raised the revenue guidance to $825-$828 million from the previous $812-$822 million. This represents growth of 11-12% on a constant-currency basis.The company expects 2018 adjusted loss per share within 8-3 cents, narrower than the previous guidance of 14-21 cents.Full-year adjusted EBITDA is anticipated in the range of $110-$116 million, higher than the prior range of $106-$113 million.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month. The consensus estimate has shifted 60.71% due to these changes.VGM ScoresAt this time, Wright Medical has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookWright Medical has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wright Medical Group N.V. (WMGI): Free Stock Analysis Report To read this article on Zacks.com click here.