Stryker Reports Operating Results for Quarter Ended September 30, 2009

Today Stryker Corporation reported its operating results for the quarter ended September 30, 2009.  Stryker employs over 150  people in India.  Highlights of these results include:

 

·          Net sales of $1,653 million increased 1.2% on a constant currency basis (flat as reported)

·         Orthopaedic Implants sales increased 6.9% on a constant currency basis (5.5% increase as reported)

·         MedSurg Equipment sales decreased 6.7% on a constant currency basis (7.7% decrease as reported)

·         Recorded restructuring charges of $48 million (net of income tax benefits)

·         Adjusted net earnings increased 1.3% from $274 million to $277 million and adjusted diluted net earnings per share increased 4.5% from $0.66 to $0.69

·         Reported net earnings decreased 16.4% from $274 million to $229 million and reported diluted net earnings per share decreased 13.6% from $0.66 to $0.57

 

“We are pleased to deliver solid results in a challenging environment with all of our orthopaedic implant businesses posting accelerated worldwide revenue growth, led by strong performances in the U.S. In addition, both our Endoscopy and Medical franchises showed a modest rebound with sequentially higher sales over the second quarter of 2009 despite continued softness in hospital spending,” commented Stephen P. MacMillan, President and Chief Executive Officer. 

 

The Company projects that diluted net earnings per share for 2009 will be in the range of $2.90 to $3.00, an increase of 2% to 6% over adjusted diluted net earnings per share of $2.83 in 2008.  The financial forecast for 2009 anticipates a constant currency net sales increase in the range of 1.0% to 2.0%. If foreign currency exchange rates hold near September 30, 2009 levels, the Company anticipates a favorable impact on net sales of approximately 3.2% to 4.2% in the fourth quarter of 2009 and an unfavorable impact on net sales of approximately 1.6% to 2.0% for the full year of 2009. 

 

Stryker Corporation is one of the world's leading medical technology companies with the most broadly based range of products in orthopaedics and a significant presence in other medical specialties. Stryker works with respected medical professionals to help people lead more active and more satisfying lives. The Company's products include implants used in joint replacement, trauma, craniomaxillofacial and spinal surgeries; biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment.