About Stryker For investor inquiries please contact: Jason Beach, Vice President, Finance and Investor Relations at 269-385-2600 or jason.beach@stryker.com For media inquiries please contact: Yin Becker, Vice President, Chief Corporate Affairs Officer at 269-385-2600 or yin.becker@stryker.com Stryker will host a webcast at 4:30pm ET on Tuesday, July 30, to discuss results for its second quarter fiscal year 2024. The webcast can be accessed at Stryker - Events & Presentations. An archive of the webcast will ...

Founded in 1994, IRCAD opened its first facility on the grounds of the University Hospital of Strasbourg, France, and currently has training centers in seven countries: Brazil, China, France, India, Lebanon, Rwanda and Taiwan. When it opens in the summer of 2025, IRCAD NA, in Charlotte, will be its exclusive training headquarters in North America. Media contact Jeanine Guilfoyle Director, Communications, Stryker [email protected] PORTAGE, Michigan and CHARLOTTE, North Carolina, USA, June 18, 2024 /PRNewswir ...

More on LIFEPAK 35 LIFEPAK 35 is a clinically advanced device designed to promote improved cardiac care, enable clinical excellence and deliver in demanding situations. The device's advanced clinical decision support features and a large, user-friendly touchscreen offer a personalized clinical experience that lessens cognitive load at demanding times. The use of cutting-edge technology by emergency responders and healthcare professionals can assist expedite operations in their demanding, fast-paced workplac ...

Stryker Corporation (SYK) recently announced that it has entered into a definitive agreement to acquire Artelon, a privately held company specializing in innovative soft tissue fixation products for foot and ankle and sports medicine procedures. The acquisition will bolster Stryker's product line in the soft tissue fixation market and demonstrate the company's dedication to offering unique ligament and tendon reconstruction options. Price Performance For the past six months, SYK shares have rallied 17.4% co ...

Core Insights - Stryker has launched the LIFEPAK 35 monitor/defibrillator, designed to enhance patient care and streamline workflows for healthcare professionals [1][2][3] - The product addresses the challenges faced by emergency responders and healthcare workers, particularly in light of staff shortages and mental health issues [2][3] Company Overview - Stryker is a global leader in medical technologies, providing innovative products and services across various medical fields, impacting over 150 million patients annually [5] Product Features - The LIFEPAK 35 features a slim, lightweight, and ergonomic design with a large intuitive touch screen, allowing for a customizable clinical experience [3] - It offers trend monitoring and connected capabilities for real-time access to patient data, supporting advanced patient care [2][3] Market Context - The healthcare industry is currently facing unprecedented challenges, with 75% of healthcare workers experiencing mental health struggles such as burnout, stress, and anxiety [2]

Stryker Corporation (SYK) announced that it would launch its Gamma4 Hip Fracture Nailing System on a live broadcast event in Germany on Jun 4, 2024. The company has completed more than 35 surgeries successfully using the Gamma 4 hip Fracture Nailing System across France, Italy, the U.K. and Switzerland as initial use cases. SYK will provide key insights and case discussions during the launch event. Per the Swiss surgeons who performed the surgeries, Gamma4 provides several essential elements to improve surg ...

Stryker Corporation (SYK) recently initiated a voluntary correction for the application software in the Mako Total Knee system. The company issued an urgent field safety notice due to increased software error #3 code. The error code is reflected when a Mako system shutdown or restart is not performed before switching between total knee and total hip applications. Per the company, the potential harms of this issue are complications associated with extended surgery. Price Performance For the past six months, ...

Financial Performance - Stryker Corporation achieved sales growth of 9.7% in Q1 2024, with net sales reaching $5,243 million compared to $4,778 million in Q1 2023[66] - Adjusted net earnings per diluted share increased by 16.8% to $2.50, with adjusted net earnings totaling $962 million[66] - The operating income margin improved to 18.5%, up from 15.4% in the previous year, with operating income of $972 million[80] - Net earnings increased by 33.1% to $788 million, compared to $592 million in Q1 2023[68] - Net earnings increased to $788 million or $2.05 per diluted share in Q1 2024, up from $592 million or $1.54 per diluted share in Q1 2023, representing a 33% increase in net earnings[85] - Adjusted net earnings for Q1 2024 were $962 million, with an adjusted diluted EPS of $2.50, compared to $820 million and $2.14 in Q1 2023, indicating a 17% increase in adjusted net earnings[92] - The company reported adjusted operating income of $1,146 million in Q1 2024, which is 21.9% of net sales, compared to 15.4% in Q1 2023[92] Sales Growth by Segment - MedSurg and Neurotechnology net sales grew by 11.5% to $2,999 million, while Orthopaedics and Spine net sales increased by 7.5% to $2,244 million[69] Expenses and Costs - Research, development, and engineering expenses rose by 8.6% to $368 million, maintaining a consistent percentage of net sales at 7.0%[76] - Selling, general and administrative expenses increased by 3.3% to $1,840 million, decreasing as a percentage of net sales from 37.3% to 35.1%[78] - The company incurred acquisition and integration-related costs of $13 million in Q1 2024, impacting adjusted net earnings[92] - Structural optimization and other special charges amounted to $14 million in Q1 2024, affecting operating income and net earnings[92] Profitability Metrics - Gross profit as a percentage of net sales increased to 63.6% from 63.1%, primarily due to favorable volumes[74] - Total reported gross profit for Q1 2024 was $3,333 million, representing 63.6% of net sales, compared to $3,016 million or 63.1% in Q1 2023[92] Cash Flow and Liquidity - Cash provided by operating activities decreased to $204 million in Q1 2024 from $445 million in Q1 2023, primarily due to timing of payments and collections in working capital accounts[97] - Cash used in investing activities increased to $408 million in Q1 2024 from $132 million in Q1 2023, which included cash paid for the SERF acquisition[98] - Cash used in financing activities was $418 million in Q1 2024, primarily driven by dividend payments of $304 million and cash paid for taxes on withheld shares of $113 million[99] - Cash, cash equivalents, and marketable securities decreased to $2,407 million as of March 31, 2024, from $3,053 million as of December 31, 2023[100] - Current assets exceeded current liabilities by $4,937 million on March 31, 2024, compared to $4,597 million on December 31, 2023[100] - Approximately 26% of cash, cash equivalents, and marketable securities were held outside the United States as of March 31, 2024, compared to 25% on December 31, 2023[101] Acquisitions - The company acquired SERF for $246 million, enhancing its Joint Replacement business within Orthopaedics and Spine[67] Taxation - The effective tax rates were 14.6% in Q1 2024 and 12.8% in Q1 2023, reflecting lower effective income tax rates due to European operations and discrete tax items[84] - The company anticipates that new tax laws, including a global corporate minimum tax rate of 15%, could increase tax expenses in future periods[84] Forward-Looking Statements - The company anticipates continued inflationary pressures and macroeconomic challenges impacting customer orders and capital product deal mix[64] - The report contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from expectations[106] Accounting Policies - No changes were made to critical accounting policies and estimates from those disclosed in the Annual Report on Form 10-K for 2023[102] - The company does not have guarantees or off-balance sheet financing arrangements that could materially impact financial condition or liquidity[104] Financial Reporting - The company uses non-GAAP financial measures to provide meaningful insights into financial results, including percentage sales growth in constant currency and percentage organic sales growth[87] - Dollar amounts are reported in millions, except per share amounts or as otherwise specified[107]

Stryker Corporation (SYK) reported first-quarter 2024 adjusted earnings per share (EPS) of $2.50, which beat the Zacks Consensus Estimate of $2.35 by 6.4%. The bottom line also improved 16.8% year over year. GAAP EPS was $2.05, up 33.1% from the year-ago quarter’s level. Price Performance SYK’s shares have risen 19.5% year to date compared with the industry's growth of 6.7%. The S&P 500 Index has increased 10.1% in the same period. Image Source: Zacks Investment Research Revenue Details Revenues totaled $5. ...

Financial Data and Key Metrics Changes - The company reported organic sales growth of 10% in Q1 2024, compared to 13.6% in Q1 2023, with a favorable pricing impact of 0.7% and an unfavorable foreign currency impact of 0.5% [28][22][23] - Adjusted EPS for the quarter was $2.50, reflecting a 16.8% increase compared to Q1 2023 [23] - The adjusted gross margin improved to 63.6%, approximately 50 basis points higher than Q1 2023, driven by positive pricing trends and easing cost pressures [11][22] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology achieved constant currency sales growth of 12% and organic sales growth of 11.6%, with U.S. organic growth at 13.5% and international organic growth at 6% [9][10] - Instruments saw U.S. organic growth of 19%, with strong double-digit growth across Orthopaedic Instruments and Surgical Technologies [9] - The U.S. Trauma and Extremities business grew 10.3% organically, with notable performances in upper extremities and biologics [30] Market Data and Key Metrics Changes - Internationally, the company experienced organic sales growth of 6%, with strong performances in emerging markets [10] - The U.S. Hip business grew 6.8% organically, while the Knee business grew 3.1% against strong comparables from the previous year [30] Company Strategy and Development Direction - The company expects full-year organic sales growth to be between 8.5% and 9.5%, with a target of 200 basis points of operating margin expansion by 2025 [4] - The launch of the Pangea plating system is anticipated to significantly enhance the Trauma and Extremities division, marking the largest launch in trauma's history [6] - The company is focused on innovation, with several product launches planned, including Mako, Spine, and CoPilot in Q4 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strong procedural volumes and stable pricing environment, despite some supply constraints [25] - The company remains optimistic about its growth trajectory, supported by a healthy pipeline of new products and acquisitions [49][50] Other Important Information - The company ended Q1 with $2.4 billion in cash and marketable securities and total debt of approximately $13 billion [12] - Adjusted R&D spending was 6.8% of sales, reflecting a commitment to innovation [11] Q&A Session Summary Question: Concerns about the impact of da Vinci 5 on the Endoscopy business - Management reassured that the overlap in businesses is minor and that both companies can continue to perform strongly [38] Question: Organic growth guidance and performance expectations - Management indicated that the company is confident in its guidance, with expectations for easier comps in the latter half of the year [39] Question: Instrument sales growth and contributing factors - Management highlighted strong commercial execution and product performance as key drivers behind the 18% growth in instrument sales [42] Question: Updates on Mako for spine and shoulder - Management confirmed that Mako spine and CoPilot are on track for a Q4 launch, with no significant delays expected [50] Question: Free cash flow expectations for fiscal 2024 - Management reiterated a target of 70% to 80% free cash flow conversion for the fiscal year [52] Question: Pricing pressure in Orthopaedics and Spine - Management acknowledged some pricing headwinds but noted improvements in contract discipline and pricing strategies [119] Question: Outlook on knee and hip markets - Management expressed optimism about growth in these markets, despite potential utilization headwinds [114]