KALAMAZOO — Stryker Corp. grew earnings nearly 9 percent in the fourth quarter, providing what Chairman and CEO Kevin Lobo called an “excellent finish” to the year.
The Kalamazoo-based Stryker (NYSE: SYK) on Tuesday reported that it generated $4.13 billion in net sales for the last three months of 2019. That compares to net sales of $3.79 billion of the fourth quarter of 2018.
Stryker recorded quarterly adjusted net earnings of $948 million for the quarter, minus one-time events, or $2.49 per diluted share, versus adjusted net earnings of $828 million, or $2.18 per diluted share, in the same period a year earlier.
“We finished 2019 on a particularly strong note,” Stryker Chairman and CEO Kevin Lobo said in a conference call with brokerage analysts. “The performance in 2019 was balanced across divisions and geographies, reflecting the durability of our business model.”
Stryker’s net sales for all of 2019 grew 9.4 percent to $13.6 billion, and net earnings totaled $2.08 billion, or $5.48 per diluted share.
The company’s orthopaedics division grew sales 5.2 percent for the year to $5.25 billion, and sales of medical and surgical equipment increased 8.8 percent to $6.57 billion. Sales for the neurotechnology and spine business increased 19.2 percent to $3.05 billion.
Stryker expects organic net sales growth this year of 6.5 percent to 7.5 percent with net income of $9 to $9.20 per diluted share.
The company in 2019 “demonstrated the ability to continue to drive high growth despite our larger size,” Lobo said.
“We have expanded our offering through internal investments and acquisitions and believe we are well positioned to achieve continued success for our customers, employees and shareholders,” he said. “Looking at 2020, we are on track to achieve strong organic sales growth and leveraged earnings.”