Third-quarter sales for Stryker Corp. (NYSE:SYK) ticked up 6.9 percent and net sales soared 47.5 percent.
The Kalamazoo, Mich.-based medical device maker posted net earnings of $337.7 million, or 85 cents per diluted share, on sales of $1.77 billion during the three months ended Sept. 30. That compares with profits of $229.0 million, or 57 cents per diluted share, on sales of $1.65 billion during the same period last year.
The bottom-line surge came despite a $48 million charge from restructuring expenses “related to decisions to terminate certain third party agent agreements, simplify some company organizations and discontinue selling certain products,” according to a press release. That was somewhat offset by a $13 million gain from the sale of an orthopedic implant facility in Caen, France, and a $7 million gain from an income tax adjustment.
Orthopedic implant sales rose 1.2 percent to $1.03 billion during the quarter, compared with Q3 2009, “based on higher domestic sales of hips, knees, and trauma implant systems,” according to the release. Sales for Stryker’s MedSurg equipment division rose 16.1 percent, to $739 million, partly driven by sales growth through acquisitions.
Stryker boosted its outlook for the full year from sales growth of 5 percent to 8 percent to growth of 7 percent to 8 percent. Adjusted diluted earnings per share are forecast to be between $3.27 and $3.30, up 11 percent to 12 percent over 2009 and beating a prior forecast of $3.20 to $3.30.