Analyst Note| Debbie S. Wang |
Stryker delivered second-quarter results that trailed our expectations in some areas but exceeded in others. Our adjustments to our full-year projections ended in a wash, but we’re incrementally inching up our fair value estimate to $200 per share, driven primarily by time value of money. Despite friction from input shortages and supply chain delays that were evident in the quarter, we’re pleased to see that patient volume is largely back to prepandemic levels, which supported 8% quarterly revenue growth in constant currency year over year. We saw little in the quarter to change our thinking on Stryker’s wide moat.