Published in Breaking News

Strong sales from all divisions drive Stryker’s performance for second quarter

BY MiBiz Staff Wednesday, July 25, 2018 09:53am

KALAMAZOO — Stryker Corp. grew sales by more than 10 percent in the second quarter.

The Kalamazoo-based Stryker (NYSE: SYK), a producer of medical equipment and orthopedic implants, on Tuesday afternoon reported net income sales of $3.32 billion, up from the $3.01 billion in the second quarter of 2017.

Chairman and CEO Kevin Lobo said sales were up across every division of the corporation, led by neurotechnology and spine that each grew 12 percent organically.

“Our results were well balanced across businesses and geographies, reflecting the strength of our diversified model,” Lobo said during a conference call with analysts to discuss results.

Quarterly net income increased to $452 million, or $1.19 per share, up from $391 million, or $1.03 per share, a year earlier.

Minus charges in the quarter, adjusted net income was $1.76 per share.

Stryker’s midyear sales grew 10 percent to $6.56 billion, compared to $5.96 billion in the first six months of 2017. Net income during the first half of the year grew to $895 million, or $2.35 per share, up from $835 million, or $2.20 per share a year earlier.

Stryker expects full-year sales to grow organically by 7-7.5 percent with adjusted net income of $7.22 to $7.27 per share.

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