Stryker, the Kalamazoo-based medical technology company, has reported a significant increase in profit for the second quarter of the year. Their sales have jumped by 11%, leading to positive financial results. Here are the key details:
- Stryker’s profit for the quarter reached $738 million, or $1.93 per share. This is up from $656 million, or $1.72 per share, in the same quarter last year.
- After stripping out one-time items, Stryker’s adjusted earnings were $2.54 per share. This exceeded analysts’ expectations, who had predicted $2.38 per share.
- Stryker’s revenue rose to $5 billion, surpassing analysts’ expectations of $4.83 billion.
- The company has raised its adjusted earnings forecast for the year to a range of $10.25 to $10.45 per share, up from the previous guidance of $10.05 to $10.25 per share.
- Stryker has observed continued positive procedural trends and maintains a strong order book for capital equipment.
Orthopedics and Spine Business
- Sales in Stryker’s orthopedics and spine business have increased by nearly 10% due to a rise in unit volume, though prices have dropped.
These positive financial results have led to a 2.3% increase in shares to $282 in after-hours trading.