The Kalamazoo, Mich.-based company posted losses of -$83 million, or -22¢ per share, on sales of $2.8 billion for the three months ended June 30, 2020, for a bottom-line slide from profits of $480 million last year into the red on a sales decline of 24.3%.
Adjusted to exclude one-time items, earnings per share were 64¢, 9¢ ahead of Wall Street, where the company’s revenue numbers beat analysts’ estimates by 5.3%.
The orthopedic device maker posted noteworthy sales decreases across all three of its segments in large part due to the delays in elective procedures as a result of the COVID-19 pandemic. Stryker posted a a -29.9% drop in orthopedics, a -29.6% decrease in neurotechnology/spine and a -17.3% decline in medical/surgical.
“Our second quarter results were negatively impacted by COVID-19, but I am pleased with the resiliency and creativity that our team displayed in supporting our customers and continuing to advance our new product pipelines,” Stryker chairman & CEO Kevin Lobo said in a news release. “We were encouraged to see increased sales momentum through the quarter and into July and are poised to capitalize on the broader resumption of deferrable surgeries.”
Stryker said it will not offer 2020 financial guidance at this time due to the uncertainties caused by the pandemic.
SYK shares were slightly down -0.6% at $200.20 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was similarly down -0.6%.