Medical device companies Stryker and Zimmer Biomet are increasing their revenue projections after a surge of elective surgeries.
After surpassing expectations in the first quarter, Zimmer Biomet is forecasting a 2023 constant currency revenue growth of 6 to 7 percent compared to its initial projection of 3 to 5 percent. Stryker initially projected 7 to 8.5 percent constant currency revenue growth but has increased its forecast to 8 to 9 percent, according to information Moody's shared with Becker's on July 19.
The increase in elective surgeries is driven mostly by orthopedics and sports medicine, specifically hip and knee procedures.
Both Stryker and Zimmer Biomet have developed robotic systems to help surgeons be more efficient and accurate during these surgeries and procedures. Stryker offers the Mako system and Zimmer Biomet launched the Rosa robotic platform.