Stryker blows away Street EPS projections in Q3

Stryker (NYSE:SYK) announced third-quarter EPS that crushed the consensus forecast, along with revenues that topped projections.

The Kalamazoo, Mich.-based orthopedic implant maker posted profits of $621 million, or $1.63 per share, on sales of $3.7 billion for the three months ended Sept. 30, 2020, for a 33.3% bottom-line gain on sales growth of 4.2%.

Adjusted to exclude one-time items, earnings per share were $2.14, 73¢ ahead of Wall Street, where analysts were looking for sales of $3.4 billion.

“We are pleased to have returned to growth in the third quarter and delivered strong adjusted earnings and cash flow in a challenging environment,” Stryker chairman & CEO Kevin Lobo said in a news release. “Our teams executed well in serving our customers, advancing innovations and preparing for the Wright Medical integration.”

Lobo tempered expectations on the company’s earnings call, though, saying that uneven growth within the company occurred in relation to the COVID-19 pandemic and the environment remains uncertain.

Given the uncertainties brought on by the pandemic, Stryker is not offering financial guidance for the full year at this time.

SYK shares were down -2.7% at $199.81 in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.1%. Mass Device