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Stryker Corp SYK Stock Quote

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Stryker Sees Pressure on Profitability in the Second Quarter; Inching Up Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

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.

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Company Profile SYK

Business Description

Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, endoscopy systems, operating room equipment, embolic coils, hospital beds and gurneys, and spinal devices. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Nearly one fourth of Stryker's total revenue currently comes from outside the United States.

Contact
2825 Airview Boulevard
Kalamazoo, MI, 49002
T +1 269 385-2600
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 46,000

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