Stryker Reports Higher 4Q Profit, Sales but EPS Misses Wall Street Target
28 January 2022 - 08:49AM
Dow Jones News
By Maria Armental
Stryker Corp. reported higher fourth-quarter profit and sales,
but per-share earnings missed Wall Street's target.
Profit for the medical technology products and services company
rose to $662 million from $568 million a year earlier. On a
per-share basis, profit was $1.73, or $2.71 as adjusted. Analysts
surveyed by FactSet expected $2.48 a share, or $2.72 a share as
adjusted.
The results included $137 million in asset impairments,
primarily in-process research and development along with plant and
equipment as a result of pandemic-related demand impacts on
in-process product development and other divestiture and
restructuring activities, the company said.
Net sales for the quarter rose to $4.7 billion from $4.26
billion a year earlier. Analysts expected $4.65 billion in
revenue.
The company ended the year with a $2 billion profit on $17.11
billion in sales, compared with a profit of $1.6 billion and $14.35
billion in sales a year earlier.
Chief Executive Kevin Lobo had said that the resurgence of
Covid-19 cases had largely affected Stryker's U.S. implant-related
businesses with scheduled procedures being deferred. On Thursday,
Mr. Lobo said the company delivered a strong year of financial
results, despite the challenges of the pandemic.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
January 27, 2022 16:34 ET (21:34 GMT)
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