Stryker Cuts 2013 Forecast on Device Tax, Europe Sales
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Stryker Corp. cut its earnings forecast for 2013, saying the medical device excise tax starting in January and poor performance in Europe will crimp the company’s growth.
Net income for the third quarter rose to $353 million, or 92 cents a share, from $327 million, or 84 cents, a year earlier, the company said yesterday in a statement. Earnings excluding one-time items were 97 cents, one penny below estimates, while sales of $2.05 billion fell shy of forecasts from 28 analysts compiled by Bloomberg.