Stryker gains on Q4 prelims

Stryker (NYSE:SYK) shares are up after the orthopedics and hospital equipment giant posted preliminary financial results for the 4th quarter that narrowly beat the consensus forecast on Wall Street. The Kalamazoo, Mich.-based company said it expects a total revenue of $3.2 billion for Q4, up 16.3% from the same time last year. Analysts were looking for sales of $3.15 billion. “I am pleased with our performance in both the 4th quarter and the full year 2016,” chairman & CEO Kevin Lobo said in prepared remarks. “Fourth-quarter organic growth of 6.7% versus a strong prior year is impressive, and was balanced across orthopedics, medsurg and neurotechnology and spine. In addition, we executed well on acquisitions and delivered leveraged adjusted earnings gains. We enter 2017 with good momentum across our businesses and look forward to building on this success.” Stryker met analysts’ expectations for its full-year revenue at $11.3 billion, up 13.9% from 2015. SYK shares were trading at $125.16 apiece in early-morning activity, up 2.6%. The stock closed at $121.91 per share yesterday, up 2.4%. The FDA said in December that it relabelled Stryker subsidiary Concentric Medicals’s Trevo mechanical thrombectomy devices as Class II. Concentric Medical submitted the reclassification request for its Trevo ProVe and XP ProVue retrievers in October 2015. The federal watchdog reviewed the order, and on September 2 it issued an order to reclassify t...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Robot-Assisted Surgery Vascular Wall Street Beat Concentric Medical Inc. Stryker Source Type: news