Stryker Corp.’s (NYSE:SYK) second-quarter sales slid more than 3 percent, despite a top-line rise of 16.3 percent, as the Kalamazoo, Mich.-based medical device maker digested a pair of big acquisitions.
Stryker posted earnings of $309 million, or 79 cents per diluted share, on sales of $2.05 billion during the three months ended June 30. That compares with profits of $319 million, or 80 cents diluted EPS, on sales of $1.76 billion during the same period last year.
Excluding some $43 million in integration costs from Stryker’s $316 million buyout of Orthovita and its $1.5 billion acquisition of Boston Scientific’s (NYSE:BSX) neurovascular business, the company managed a profit of $352 million (90 cents diluted adjusted EPS), up 10.4 percent and 12.5 percent, respectively, over Q2 2010.
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MassDevice Staff Website The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
Stryker said it expects full-year sales to grow between 5 percent and 7 percent, excluding foreign exchange effects and acquisitions and stood pat on its earnings forecast of between $3.65 and $3.73 diluted adjusted EPS.
SYK shares were down 3.1 percent to$57.30 in mid-day activity today.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
