Stryker (NYSE:SYK) today posted results that missed the Wall Street consensus, even as the company upped its earnings guidance for the full year.
The Kalamazoo, Mich.–based orthopedic device giant reported profits of $302 million, or $0.79 per share, on sales of $3.953 billion for the three months ended March 31, 2021, for a bottom-line decline of –38.7 % on sales growth of 10.2% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were $1.93, 6¢ behind The Street, where analysts were looking for EPS of $1.99 on sales of $3.96 billion.
“We are pleased with our results, as business picked up meaningfully in the latter part of the first quarter,” Stryker CEO Kevin Lobo said in a news release out this evening. Lobo also noted that five months after closing the $4.7 billion purchase of Wright Medical, integration is pacing ahead of expectations.
Stryker expects adjusted net earnings per diluted share to be in the range of $9.05 to $9.30 in 2021, up from the previous guidance of $8.80 to $9.20. The company still expects 2021 organic net sales growth to be in the range of 8% to 10% from 2019.
Investors reacted by sending SYK shares down more than –2% to $259 apiece in after-hours trading.