Stryker reported a 10.6 percent net sales increase during the third quarter as it continues to add to its portfolio.
Five things to know:
1. Net sales hit $3.6 billion for the third quarter, a 10.6 percent year-over-year increase. Orthopedics net sales grew 7.8 percent to $1.3 billion, while both medsurg and spine reported even larger growth. Medsurg sales were up 9.2 percent to $1.6 billion and neurotechnology and spine and neurotechnology increased 19.4 percent to $700 million.
2. Stryker's net earnings were down 21 percent for the quarter to $466 million. The gross profit margin was 65 percent and reported operating income margin was 17.5 percent.
3. On Oct. 21, Stryker closed its acquisition of Mobius Imaging and Cardan Robotics for $500 million. The transaction was announced earlier this year and will boost the company's spine, orthopedic and neurotechnology lines.
4. Sales in the U.S. were up 11.1 percent for the quarter while international sales also increased 9.5 percent. Spine sales for the quarter were up 35.3 percent to $261 million. Knee sales jumped 7.8 percent to $426 million while hip sales were up 5.2 percent, hitting $332 million.
5. The company expects 2019 organic net sales to be on the higher end of its guidance range, reported at 7.5 percent to 8 percent for 2019.