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Stryker
🇺🇸 NYSE:SYK
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Sep 30, 2021

Stryker Q3 2021 Earnings Report

Stryker's Q3 2021 financial results reflected solid performance amidst COVID-19 resurgence.

Key Takeaways

Stryker reported a solid third quarter in 2021 with net sales increasing by 11.3% compared to 2020 and 16.0% compared to 2019, reaching $4.2 billion. The company saw growth in MedSurg and NeuroTech businesses, although U.S. implant related businesses were impacted by deferred procedures due to a resurgence of COVID-19. Reported EPS decreased by 30.1% to $1.14, while adjusted EPS increased by 2.8% to $2.20.

Reported net sales increased 11.3% from 2020 and 16.0% from 2019, reaching $4.2 billion.

Organic net sales increased 4.5% from 2020 and 8.4% from 2019.

Reported EPS decreased 30.1% to $1.14.

Adjusted EPS increased 2.8% to $2.20.

Total Revenue
$4.16B
Previous year: $3.74B
+11.3%
EPS
$2.2
Previous year: $2.14
+2.8%
Organic Net Sales Growth
4.5%
Previous year: 3.3%
+36.4%
Gross Profit
$2.64B
Previous year: $2.46B
+7.4%
Cash and Equivalents
$2.56B
Previous year: $7.08B
-63.8%
Free Cash Flow
$803M
Previous year: $760M
+5.7%
Total Assets
$34.1B
Previous year: $32.3B
+5.8%

Stryker

Stryker

Stryker Revenue by Segment

Stryker Revenue by Geographic Location

Forward Guidance

Stryker expects 2021 organic net sales growth to be in the range of 7% to 8% from 2019. Adjusted net earnings per diluted share are expected to be in the range of $9.08 to $9.15, including the full year impact of the acquisition of Wright Medical. EPS will be positively impacted by approximately $0.05 to $0.10 for the full year if foreign currency exchange rates hold near current levels.

Positive Outlook

  • Expected 2021 organic net sales growth in the range of 7% to 8% from 2019.
  • Adjusted net earnings per diluted share expected to be in the range of $9.08 to $9.15.
  • Includes the full year impact of the acquisition of Wright Medical.
  • EPS positively impacted by approximately $0.05 to $0.10 for the full year if foreign currency exchange rates hold near current levels.
  • Monitoring and evaluating the impact of the global response to the COVID-19 pandemic on operations and financial results.

Challenges Ahead

  • Volatility experienced as a result of COVID.
  • Labor and staffing environment in healthcare potentially hindering an accelerated recovery.
  • Unable to predict with reasonable certainty the impact and timing of restructuring-related and other charges.
  • Unable to predict with reasonable certainty acquisition-related expenses and fair value adjustments to inventory.
  • Unable to predict with reasonable certainty the outcome of certain regulatory, legal and tax matters.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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