February is the time for selling for executives and other insiders at Stryker Corp., the Kalamazoo, Mich.-based device manufacturer.
Stryker
Ronda Stryker sells off another $8 million worth of her Stryker Corp. holdings
Ronda Stryker is once again selling off big blocks of her Stryker Corp. (NYSE:SYK) holdings, pocketing about $8 million from the sale of more than 180,000 shares in the past week and bringing her total proceeds from stock sales since May 2009 to nearly $80 million.
Stryker’s Q4 earnings rise 10 percent
Paced by strong sales of orthopedic implants, along with more modest gains for its medical and surgery business, Stryker Corp. (NYSE:SYK) cruised to a $306 million profit during the three months ended Dec. 31, 2009.
The 10.2 percent gain on the bottom line and the 6.8 percent jump in sales over year-ago levels were supported by positive currency exchange rates, which added $73 million to fourth-quarter reported revenues. A 14.3 percent bounce in international sale during the period also worked to offset single-digit decline in domestic sales, lifting Stryker to $1.8 billion in overall revenues.
UPDATE: Stryker Corp. prices $1 billion debt offering
Medical device giant Stryker Corp. (NYSE: SYK) on Tuesday hit the credit markets in a big way, pricing $1 billion in senior unsecured notes.
The notes were floated in two tranches of $500 million earch — five-year notes with a 3 percent yield, or 55 basis points above the yield for five-year U.S. Treasury notes, and 10-year notes yielding 4.375 percent, or 75 basis points over the comparable Treasury rate.
Stryker’s Q4 sales rise 7 percent
Stryker Corp. (NYSE:SYK) closed 2009 on a high note, according to its preliminary sales figures, with revenues rising nearly 7 percent during the three months ended Dec. 31.
The Kalamazoo, Mich.-based medical device maker said sales for the full year were flat, rising 0.1 percent to $6.72 billion compared with 2008. Stryker’s deal with Acacia Research Corp. (NSDQ:ACRI) subsidiary Hospital Systems Corp. to license the latter’s medical picture archiving and communication system technology resulted in the settlement of a patent infringement lawsuit — and a net gain of $43 million for Stryker.
Stryker, Hospital Systems Corp. settle medical image archiving patent spat
Stryker Corp. (NYSE:SYK) was dismissed as a defendant in a patent infringement lawsuit after inking a licensing deal for Hospital Systems Corp.’s medical picture archiving and communication system technology.
The Kalamazoo, Mich.-based medical device giant was one of nine firms sued by Acacia Research Corp. (NSDQ:ACRI) subsidiary HSC in a lawsuit alleging that they infringed a pair of patents covering its medical image storage, retrieval and transmission system. HSC alleged that the defendants sold competing systems based on the patents covering the technology; in Stryker’s case, the allegedly infringing product was its OfficePACS Power System.
Analyst: Hip and knee replacement markets “stable to improving”
An analyst at Leerink-Swann investment bank is bullish on the hip and knee markets, writing that they’re in a “stable-to-improving mode” despite pricing pressures and a sluggish European economy.
In an email to investors, Leerink analyst Rick Wise said second-quarter earnings results at Warsaw, Ind.-based orthopedic device maker Biomet Inc. could be a harbinger for a steadily improving orthopedics market.
Dollar woes add up to a modest Q3 gain for Stryker Corp.
A slumping dollar was just enough to keep Stryker Corp. sales from completely flat-lining during the third quarter.
The decline in the value of the U.S. dollar against other currencies worked to prop up otherwise flat sales for the orthopedic and surgical equipment manufacturer during the three months ended Sept. 30, resulting in a 1.2 percent quarterly increase in sales compared with year-ago results.
Stryker’s bottom line also benefited from a soft dollar, turning a modest $3 million gain in third-quarter net income into a 1.3 percent jump in profits.