Stryker shares steady on Street-topping Q1 earnings

Shares in Stryker (NYSE:SYK) have stayed steady today after the medical device maker slimly topped expectations on Wall Street with its 1st quarter earnings results.

The Kalamazoo, Mich.-based company posted profits of $444 million, or $1.17 per share, on sales of $2.96 billion for the 3 months ended March 31. That equates to bottom-line growth of 10.4% while sales grew 18.4% compared with the same period last year.

After adjusting to exclude 1-time items, earnings per share were $1.48, just ahead of the $1.43 consensus on The Street, where analysts were looking for sales of $2.9 billion.

“Our positive momentum continued in the first quarter, as we demonstrated our ongoing commitment to deliver organic sales growth at the high end of med-tech and leveraged earnings gains. Our results were well-balanced across business segments and geographies, and position us well for another strong year in 2017,” CEO & chair Kevin Lobo said in a press release.

The company released updated guidance for the upcoming 2nd quarter and full year, expecting to see earnings per share of between $1.48 and $1.52 for the 2nd quarter and between $6.35 and $6.45 for the full year.

Shares have mostly stayed steady in response, up approximately 0.2% to trade at $135.82 as of 11:19 a.m. EST.

Earlier this month, Stryker said it acquired all of the assets of controlled substance waste management system maker Cactus, LLC.

Cactus produces the Smart Sink, Pharma Lock and Pharma Lock O.R. controlled substance waste management systems designed to render waste which could contain controlled substances unrecoverable and unusable.

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