The Kalamazoo, Mich.-based company posted profits of $452 million, or $1.19 per share, on sales of $3.3 billion for the three months ended June 30, for bottom-line growth of 15.6% while sales grew 10.3% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.76, just ahead of the $1.73 consensus on Wall Street, where analysts expected to see sales of $3.3 million, which the company met.
“We continue to execute on our strategy and delivered another strong quarter of organic sales growth, adjusted operating margin expansion and adjusted net earnings per diluted share. Our diversified and decentralized business unit model combined with strong talent and culture continue to serve us well. We have raised our guidance to reflect the strong results and positive outlook for the remainder of the year,” chair & CEO Kevin Lobo said in a prepared statement.
The company lifted its EPS expectations for the full year, growing from between $5.07 and $5.22 to between $7.22 and $7.27. Organic net sales growth are expected to be between 7% and 7.5%, the company said.
For its third quarter, Stryker said it expects to post EPS of between $1.65 and $1.70.
Shares in Stryker have dropped 2.6% in after-hours trading today, at $168.50 as of 4:25 p.m. EDT.
Earlier this month, Stryker said that it won pre-market approval from the FDA for its Surpass Streamline flow diverter for treating certain types of brain aneurysm.