Stryker Lifts Organic Sales Outlook After 1Q Rise
By Ben Glickman
Stryker raised its full-year forecast for organic sales growth after its first-quarter profit and revenue both rose more than expected.
The Portage, Mich.-based medical technology company reported a profit of $788 million, or $2.05 a share, in the quarter ended March 31, compared with a profit of $592 million, or $1.54 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $1.99.
Stripping out certain one-time items, the company posted an adjusted per-share profit of $2.50, ahead of the $2.36 expected by analysts surveyed by FactSet.
Revenue rose 9.7% to $5.24 billion, beating the $5.1 billion expected by analysts polled by FactSet.
Stryker's organic sales were up 10% in the period, almost all of which was from increases to sales volume. Analysts polled by FactSet expected organic sales to be up about 7.3%.
The company's MedSurg and Neurotechnology sales were up 11.5%, while orthopaedics and spine sales had slower growth.
The company said it expects organic sales to be up 8.5% to 9.5% for 2024, compared to its previous outlook for a 7.5% to 9% increase.
Stryker also lifted its full-year forecast for adjusted per-share earnings to $11.85 to $12.05, compared with a previous guidance range of $11.70 to $12.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
April 30, 2024 16:34 ET (20:34 GMT)
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