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Stryker Updates Expected 2008 Results and Provides 2009 Outlook
Date:1/9/2009

KALAMAZOO, Mich., Jan. 9 /PRNewswire-FirstCall/ -- Stryker Corporation (NYSE: SYK) announced today that net sales were $1,718 million for the fourth quarter of 2008, representing a 3.6% increase over net sales of $1,658 million for the fourth quarter of 2007, and were $6,718 million for the year ended December 31, 2008, representing a 12.0% increase over net sales of $6,001 million for the year ended December 31, 2007. On a constant currency basis, net sales increased 7.7% for the fourth quarter and 10.5% for the year.

Stryker also reconfirmed that it expects 2008 diluted net earnings per share to be in the range of $2.77 to $2.79, representing an increase of 14% compared to 2007 diluted net earnings per share of $2.44 which included earnings related to the sale and operations of our discontinued Physiotherapy Associates business. Excluding the impact of the previously announced fourth quarter 2008 restructuring charges, adjusted diluted net earnings per share for 2008 are expected to be in the range of $2.82 to $2.84, an increase of 18% compared to adjusted diluted net earnings per share from continuing operations of $2.40 in 2007.

2008 Sales Analysis

Domestic sales were $1,129 million for the fourth quarter and $4,282 million for the year ended December 31, 2008, representing increases of 7.0% and 11.2%, respectively. International sales were $589 million for the fourth quarter, representing a decrease of 2.3% and were $2,436 million for the year ended December 31, 2008, representing an increase of 13.3%. The impact of foreign currency comparisons to the dollar value of international sales was unfavorable by $68 million in the fourth quarter and favorable by $85 million for the year ended December 31, 2008. On a constant currency basis, international sales increased 9.0% in the fourth quarte
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