Stryker Corp. (NYSE:SYK) said sales jumped 13.5% in 2011, a feat officials say they are unlikely to accomplish in 2012 even as they are predicting strong earnings growth.
In a preliminary earnings report, the Kalamazoo, Mich.-based orthopedic giant reported $8.3 billion in sales during 2011, compared to $7.3 billion during the same period last year.
For the 3-month period ended Dec. 31, 2011, Stryker said sales were $2.2 billion, an 11% increase from the $2.0 billion for the same period last year.
Officials said the 2011 adjusted diluted net earnings per share will be in the range of $3.72 to $3.74, an increase of 12% over the $3.33 in 2010.
However, Stryker officials said next year’s sales numbers won’t be as robust, as they predicted 3.5% to 6.5% top line growth in 2012 on a constant currency basis. Still, officials predicted earnings would grow at "double-digit levels" in the coming year.
Stryker CEO Stephen MacMillan said the company will achieve the bottom line growth by focusing on "driving efficiencies, investing in innovation and continued dedication to our quality and compliance systems underscore our conviction in our ability to deliver double-digit earnings growth," in prepared remarks.
Stryker officials also said the company will take a $76 million hit to the bottom line on restructuring charges during the fourth quarter. It also bought back 1.8 million shares of SYK stock at a cost of $83 million.
The company announced in November that it would be cutting nearly 5% of its workforce in anticipation of the upcoming, and widely opposed, medical device tax.