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Stryker's "mostly good" Q3 raises ortho recovery hopes

This article was originally published in Clinica

Executive Summary

Stryker’s third fiscal quarter was “mostly good,” according to Jefferies analyst Raj Denhoy, with sales growing 5% to $2.15bn, bang on analyst predictions (www.clinica.co.uk, 16 October 2013). The number-three orthopedic player saw “notable strength in US recon, particularly hips and extremities, and continued momentum in neurovascular, though medsurg underperformed,” wrote Mr Denhoy. Together with recent results from Biomet (www.clinica.co.uk, 8 October 2013) and Johnson & Johnson (www.clinica.co.uk, 15 October 2013), Stryker’s financials provide “more evidence of a potential uptick in US orthopedics,” he added. However, “it would be premature to declare a cyclical rebound at this point.” Stryker’s net income fell 71% to $103m, but excluding charges of $313m relating to the recalls of its Rejuvenate and ABG II modular-neck hip stems (which has cost the company $700m so far) and its Neptune waste management system, adjusted net earnings were $373m or $0.98 per share. The latter fell just short of analyst estimates of $1.00.

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