Kalamazoo, Mich.-based Stryker posted profits of $380 million, or $1 even per share, on sales of $2.84 billion for the 2nd quarter ended June 30.
Although that’s a -3.1% bottom-line slip, adjusted for 1-time items, earnings per share were $1.39, 2¢ ahead of the consensus estimate on Wall Street, where analysts were looking for sales of $2.79 billion.
Stryker said it now expects to post full-year adjusted EPS of $5.70 to $5.80 on organic sales growth of 6.0% to 6.5%, up from prior guidance for adjusted EPS of $5.65 to $5.80 on 5.5% to 6.5% organic sales growth. Third-quarter adjusted EPS are pegged at $1.33 to $1.38.
Investors, perhaps reacting to the profit slide (or the supply issues plaguing its U.S. spine business Stryker said could persist into the 4th quarter), sent SYK shares down -3.8% to $118.75 apiece today in pre-market trading. The stock closed up 0.2% at $122.56 yesterday.
“With organic sales growth of 6.6% we delivered another solid quarter, once again demonstrating the strength of our diversified model,” chairman & CEO Kevin Lobo said in prepared remarks. “This growth, combined with strong expense controls, positions us well to deliver on our updated full year financial guidance.”
CFO Glenn Boehnlein told analysts during a conference call yesterday that the U.S. spine unit grew 4.8% “despite experiencing product supply issues.”
“We expect these supply issues to remain into the 4th quarter,” Boehnlein said, according to a Seeking Alpha transcript.
“[I]in China we’ve had issues and challenges, and we’ve highlighted those in the past. That affected spine. That affected our endoscopy division. That affected our trauma division. Spine had some product supply issues which affected both our U.S. spine business as well as our OUS spine business,” Lobo added.
The post Stryker’s Q2 numbers top estimates, outlook raised on 2016 sales and earnings appeared first on MassDevice.
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