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Stryker reports second-quarter operating results for 2016
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Stryker Corporation announced its operating results for the second quarter of 2016 which noted consolidated net sales increased by 16.8% to $2.8 billion.
“With organic sales growth of 6.6%, we delivered another solid quarter, once again demonstrating the strength of our diversified model,” Kevin A. Lobo, chairman and chief executive officer of the company, said in a press release. “This growth, combined with strong expense controls, positions us well to deliver on our updated full-year financial guidance.”
According to the release, the growth in net sales represents a 17% increase in constant currency, as foreign currency exchange rates negatively impacted sales by 0.2%. Orthopedic net sales for the company increased 4.6% to $1.1 billion in the quarter, with a 4.8% increase in constant currency. The reported net earnings decreased 3.1% in the quarter from $380 million, and the reported net earnings per diluted share decreased 2.9% to $1.
Stryker expects organic sales growth for 2016 to be between 6% and 6.5% vs. the original target of 5.5% to 6.5%, with a $5.70 to $5.80 adjusted net earnings per diluted share. The company also anticipates the adjusted net earnings per diluted share to be between $1.33 and $1.38 for the third quarter, according to the release.
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