Orthopedic device manufacturer Stryker posted $4.2 billion in third-quarter net sales, with orthopedic sales up 16.1 percent year over year to $1.5 billion.
Five insights:
1. The $4.2 billion in net sales represents an 11.3 percent increase over the company's performance in the third quarter of 2020 and a 16 percent increase over the same period in 2019, according to an Oct. 28 news release.
2. Year over year for the third quarter, knee sales increased 0.8 percent to $439 million, hip sales fell 1.6 percent to $328 million and trauma and extremities sales were up 49 percent to $639 million.
3. Third-quarter neurotechnology and spine sales were $876 million, a 7.3 percent increase compared with the same period last year and a 13.7 percent increase compared with 2019.
4. Stryker's net earnings were $438 million in the third quarter, a 29.5 percent year-over-year decrease.
5. "This latest [COVID-19] spike mostly impacted our U.S. implant-related businesses as scheduled procedures were deferred," CEO Kevin Lobo said in the release. "Despite those impacts, we delivered strong growth in our MedSurg and NeuroTech businesses and are ready to support our customers as the pandemic recedes."