I think the OP's isn't talking about TMemo but about TFRMemo, the similar control from Fortes Report.
To the OP:
I don't how similar they are to each other but if FR's derives from the standard one then everything said here applies: unless the folks at Fortes have done something to correct it, in some platforms Lines.Count return the number of visible lines rather than the number of "real" lines (paragraphs, if you will); and worse: that behaviour is platform dependent, so programs compiled for, say, Windows vs. Linux behave differently.
And because (again, unless a workaround is applied in the derived class) it's implemented by the OS there is no easy, cross-platform way to add a callback for each line that gets wrapped.