Stryker, the medical-technology company based in Kalamazoo, Michigan, reported a decline in its third-quarter profit, despite exceeding sales expectations. Here are the key details:
In the third quarter, Stryker recorded a profit of $692 million, or $1.80 per share. This is a decrease from the $816 million, or $2.14 per share, reported in the same period last year. Analysts anticipated a per-share profit of $2.08, according to FactSet.
Stryker’s sales experienced a 9.6% increase to reach $4.91 billion. This surpasses the forecast of $4.87 billion provided by analysts polled by FactSet.
After excluding certain one-time items, Stryker’s earnings amounted to $2.46 per share. This figure exceeds the expected earnings of $2.43 per share, as reported by analysts surveyed by FactSet.
Factors Under Observation
Stryker highlighted that procedural trends, which serve as a significant indicator of demand for its medical products, have remained stable.
Following the latest financial results, Stryker revised its organic sales guidance. The company now anticipates a 10% to 10.5% increase in full-year organic net sales, compared to the previous projection of 9.5% to 10.5% growth.
Upon the announcement, Stryker’s stock experienced a decline of 3%, reaching $270.10.