Stryker announces first-quarter results for 2016

Stryker recently announced its first-quarter results for 2016.

According to a company press release, consolidated net sales increased by 4.9% to $2.5 billion within the first quarter, with a 6.1% constant currency. Reported net earnings increased by 79.5%. For the same period, net earnings per diluted share increased by 84.5% to $1.07. According to the release, this figure includes specific charges for items, such as the Rejuvenate and ABG II device recall, legal matters and restricting-related activities. Excluding these charges, the gross profit margin increased to 68% from 67.9%. The operating income margin also increased to 24.2% from 20.8%. The company saw an 11.7% increase for the adjusted net earnings per diluted share to $1.24.

“We are pleased by our first-quarter performance and expect the momentum to continue,” Kevin A. Lobo, chairman and chief executive officer of Stryker, said in the release. “As a result, we have raised our full year guidance for both sales and adjusted net earnings.”

Net sales for orthopedics also increased by 3.3% and 4.6% in constant currency, according to the release.

Stryker expects the adjusted net earnings per diluted share for 2016 to be within $5.65 to $5.80 vs. their previous guidance of $5.57 to $5.77. According to the release, Stryker expects the adjusted net earnings per diluted share for the second quarter to be between $1.33 to $1.38.

Reference: