Stryker Continues Strong Sales Growth; Raises Full-Year Guidance

Stryker has reported its Q1 2024 earnings (ending March 31), and looks to be continuing its strong sales growth.
 
The Kalamazoo, Mich.-based company posted $5.2 billion in net sales in Q1, increasing 9.7% (10.2% in constant currency). Organic net sales rose 10% in the quarter—9.3% from increased unit volume and 0.7% from higher prices.
 
The company’s MedSurg and Neurotechnology businesses posted $3 billion in the quarter, growing 11.5% (12% in constant currency). Organic net sales in these portfolios increased 11.6% in the quarter. Orthopaedics and Spine reported $2.2 billion in proceeds, rising 7.5% in the quarter (8% in constant currency). Organic net sales here grew 8%.
 
The company reported Q1 net earnings of $788 million—$2.05 per share—on the $5.2 billion of revenue, rising 33.1% in the quarter. Adjusted net earnings per diluted share of $2.50 increased 16.8% in the quarter as well.
 
Stryker upped its 2024 full-year guidance as a result. The company now expects organic net sales growth to be in the 8.5%-9.5% range, with adjusted net earnings per diluted share to be in the range of $11.85-$12.05.
 
“Our momentum from 2023 continued into the first quarter as we delivered 10% organic sales growth,” said Kevin A. Lobo, Stryker’s chair and CEO. “Our teams are executing well and I am confident in our ability to grow sales at the high end of MedTech and drive strong adjusted earnings growth in 2024.”

Stryker’s Q1 2024 Highlights

• Acquisition of SERF SAS, a France-based joint replacement company.
• Introduction of Triathlon Hinge revision knee and updates to Mako SmartRobotics.
• First surgeries using Blueprint mixed-reality shoulder replacement guidance.
• Rollout of the Prophecy Footprint foot and ankle surgical planning system.
• Expansion of the Gamma4 hip fracture nailing system with new components.
• Launch of the Gamma4 hip fracture nailing system in Europe.