KALAMAZOO, Michigan - Stryker Corporation (NYSE:SYK) saw its shares surge 3.6% after the medical technology company reported third-quarter earnings and revenue that exceeded analyst expectations, while also raising its full-year guidance.
The company posted adjusted earnings per share of $2.87, beating the analyst consensus of $2.77 by $0.10. Revenue for the quarter came in at $5.49 billion, surpassing estimates of $5.37 billion and representing an 11.9% increase YoY. Organic net sales grew 11.5%, driven by a 10.3% rise in unit volume and 1.2% from higher prices.
Stryker's MedSurg and Neurotechnology segment led growth with a 12.8% increase in net sales to $3.2 billion, while Orthopaedics and Spine net sales rose 10.7% to $2.3 billion.
"We delivered another strong quarter across our businesses and geographies and are on track to achieve our adjusted operating margin expansion goals," said Kevin A. Lobo, Chair and CEO.
The company's adjusted operating income margin expanded 130 basis points to 24.7% in the quarter.
Looking ahead, Stryker raised its full-year 2024 outlook, now expecting organic net sales growth of 9.5% to 10.0% and adjusted EPS in the range of $12.00 to $12.10, compared to the previous analyst consensus of $12.01.
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