Q3 2024 Stryker Corp Earnings Call Transcript
Key Points
- Stryker Corp (SYK) reported robust organic sales growth of 11.5% in the third quarter, with strong performance across medsurg, neurotechnology, orthopedics, and spine segments.
- The company achieved double-digit organic growth in several key areas, including medical, neurocranial, endoscopy, trauma and extremities, hips, and knees.
- Stryker Corp (SYK) completed several strategic acquisitions, including care.ai, NICO Corporation, and Vertos Medical, enhancing its healthcare IT, minimally invasive surgery, and pain management portfolios.
- The company delivered an adjusted quarterly EPS of $2.87, reflecting a 16.7% increase compared to the third quarter of 2023.
- Stryker Corp (SYK) is on track to achieve its goal of 200 basis points of margin expansion by the end of 2025, with 100 basis points expected this year.
- The company's neurovascular segment faced challenges, with US organic sales growth of only 1.5%, impacted by supply chain issues and competitive pressures in the ischemic business.
- Foreign currency had a 0.1% unfavorable impact on sales, and the adjusted gross margin was 20 basis points unfavorable compared to the third quarter of 2023.
- The US spine business showed modest organic growth of 2.4%, with some segments experiencing a slight decline.
- Stryker Corp (SYK) anticipates a slight unfavorable impact on full-year sales and a $0.10 negative impact on adjusted EPS due to foreign exchange rates.
- The company faces competitive pressures in the ischemic stroke segment, requiring potential sales force adjustments to improve performance.
Welcome to the third-quarter 2024 Stryker earnings call. My name is Luke, and I'll be your operator for today's call. (Operator Instructions) This conference is being recorded for replay purposes.
Before we begin, I'd like to remind you that the discussions during this conference call will include forward-looking statements. Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC.
Also, the discussions will include certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures can be found in today's press release as an exhibit to Stryker's current report on Form 8-K filed today with the SEC.
I'll now turn the call to Mr. Kevin Lobo, Chair and Chief Executive Officer. You may proceed, sir.
Welcome to Stryker's third-quarter earnings call. Joining me today are Glenn Boehnlein, Stryker's CFO; and Jason Beach, Vice President of Finance and
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