stryker corp (SYK) Key Developments
Stryker Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year 2015
Apr 21 15
Stryker Corporation announced unaudited consolidated sales results for the first quarter ended March 31, 2015. For the quarter, net sales were $2,379 million, operating income was $406 million, earnings before income taxes was $377 million and net earnings were $224 million or $0.58 per diluted share against net sales of $2,305 million, operating income of $131 million, earnings before income taxes of $107 million and net earnings of $70 million or $0.19 per diluted share for the same period a year ago. Net cash provided by operating activities was $380 million against $209 million a year ago. Purchases of property, plant and equipment was $46 million against $70 million a year ago. Borrowings of debt, net was $500 million. Reported net earnings include charges for the tax impacts related to the establishment of the European regional headquarters and other tax matters. Excluding the impact of the charges, adjusted net earnings of $424 million increased 5.0% in the quarter compared to the prior year. Adjusted diluted net earnings per share of $1.11 increased 4.7% in the quarter compared to the prior year. Net sales in the quarter grew by 7.1% due to increased unit volume and changes in product mix and 1.9% as a result of acquisitions.
The company expects 2015 constant currency sales growth in the range of 6.0% to 7.0%, including organic sales growth in the range of 5.0% to 6.0%. Based on current foreign currency exchange rates it expects adjusted diluted net earnings per share to be in the range of $1.15 to $1.20 and $4.95 to $5.10 in the second quarter and the full year, respectively. If foreign currency exchange rates hold near current levels, it expects sales in the second quarter and full year of 2015 to be negatively impacted by approximately 3.5% to 4.5% and adjusted diluted net earnings per share to be negatively impacted by approximately $0.25 to $0.30 in the full year, approximately half of which will be in the first half of the year. The company also expect that adjusted tax rate will run at or below the level achieved in the first quarter and will be noticeably better when the benefits from the tax extenders are approved. However, capital expenditures are expected to run higher than last year as the company moves through 2015. It also repatriated approximately $700 million in the first quarter and expect to do approximately an additional $1 billion later this year.
Stryker Corp Seeks Acquisitions
Apr 21 15
Kevin Lobo, Chairman & Chief Executive Officer of Stryker Corporation (NYSE:SYK) said, "But we really look to strengthen our businesses when we're looking to do acquisitions. We want to strengthen our market position in the areas where we're playing today, and that could be big deals, small deals, or medium-size deals, but we want to make sure we're strengthening our position and encouraging our divisions to continue to drive growth. So most of the acquisitions that we pursue, and you've seen this, are catalysts for growth". Bill Jellison, Chief Financial Officer of Stryker Corporation also added, "Would we be looking or be willing to still look at an acquisition that doesn't necessarily have accretion in the first year or so? We would. It is all about whether it ultimately adds value on the back end".
Stryker Spine and Stryker Trauma and Extremities to Launch Next Generation Viable Bone Matrix at the American Academy of Orthopaedic Surgeons
Mar 24 15
Stryker Corporation's Spine and Trauma & Extremities Divisions will be launching BIO4, the next generation viable bone matrix at booth #443 during the American Academy of Orthopaedic Surgeons Annual Meeting in Las Vegas, NV from March 24-28th. From the creators of the original allograft cellular bone matrix, Osiris Therapeutics, Inc., comes the next generation, BIO4, a viable bone matrix containing endogenous bone forming cells including mesenchymal stem cells, osteoprogenitor cells, osteoblasts, osteoinductive and angiogenic growth factors. BIO4 possesses all four characteristics involved in bone repair and regeneration: osteoconductive, osteoinductive, osteogenic and angiogenic. It is a safe alternative to bone autograft that minimizes the potential for harvest site co-morbidities. With the introduction of BIO4, Stryker now plays in the growing $199 million Cellular Allograft Market.
Stryker Corporation to Report Q1, 2015 Final Operating Results on Apr 21, 2015
Mar 20 15
Stryker Corporation announced that they will report Q1, 2015 final operating results at 4:00 PM, US Eastern Standard Time on Apr 21, 2015
Stryker Corporation Presents at Canaccord Genuity 10th Annual Musculoskeletal Conference, Mar-24-2015 01:00 PM
Mar 11 15
Stryker Corporation Presents at Canaccord Genuity 10th Annual Musculoskeletal Conference, Mar-24-2015 01:00 PM. Venue: MGM Grand Hotel, Las Vegas, Nevada, United States.