Sam Brusco, Associate Editor11.03.23
Stryker has reported its operating results for Q3 2023.
Net sales for the quarter increased 9.6% to $4.9 billion. Organic net sales posted a 9.2% increase, with a reported operating income margin of 19%. Adjusted operating income margin increased 110 bps to 23.4%.
Reported EPS decreased 15.9% to $1.80, and adjusted EPS increased 16% to $2.46.
"We delivered another quarter of strong organic sales growth and continued margin expansion," Stryker chair and CEO Kevin A. Lobo told the press. "The positive momentum in our business remains intact, including a strong procedural environment and our supercycle of innovation."
Q3 net earnings of $692 million dropped 15.2%. Gross profit margin and reported operating income margin were 64.3% and 19% in the quarter, respectively.
Stryker said it expects full year 2023 organic net sales growth to be in the 10-10.5% range. The company anticipates net sales will be unfavorably impacted by about 0.6% due to foreign exchange levels, and adjusted net earnings per diluted share will be unfavorably impacted by $0.10-0.15 for the full year.
The company expects net earnings per diluted share to be in the range of $10.35-10.45 for the year.
Last month, Stryker celebrated that its Q Guidance system with Spine Guidance Software has been used in over 2,400 spinal cases.
Net sales for the quarter increased 9.6% to $4.9 billion. Organic net sales posted a 9.2% increase, with a reported operating income margin of 19%. Adjusted operating income margin increased 110 bps to 23.4%.
Reported EPS decreased 15.9% to $1.80, and adjusted EPS increased 16% to $2.46.
"We delivered another quarter of strong organic sales growth and continued margin expansion," Stryker chair and CEO Kevin A. Lobo told the press. "The positive momentum in our business remains intact, including a strong procedural environment and our supercycle of innovation."
Q3 net earnings of $692 million dropped 15.2%. Gross profit margin and reported operating income margin were 64.3% and 19% in the quarter, respectively.
Stryker said it expects full year 2023 organic net sales growth to be in the 10-10.5% range. The company anticipates net sales will be unfavorably impacted by about 0.6% due to foreign exchange levels, and adjusted net earnings per diluted share will be unfavorably impacted by $0.10-0.15 for the full year.
The company expects net earnings per diluted share to be in the range of $10.35-10.45 for the year.
Last month, Stryker celebrated that its Q Guidance system with Spine Guidance Software has been used in over 2,400 spinal cases.