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Stryker Operating Results for Quarter Ended September 30, 2009
Date:10/20/2009

KALAMAZOO, Mich., Oct. 20 /PRNewswire-FirstCall/ -- Stryker Corporation (NYSE: SYK) reported operating results for the quarter ended September 30, 2009 as follows:

Third Quarter Highlights

  • Net sales of $1,653 million increased 1.2% on a constant currency basis (flat as reported)
  • Orthopaedic Implants sales increased 6.9% on a constant currency basis (5.5% increase as reported)
  • MedSurg Equipment sales decreased 6.7% on a constant currency basis (7.7% decrease as reported)
  • Recorded restructuring charges of $48 million (net of income tax benefits)
  • Adjusted net earnings increased 1.3% from $274 million to $277 million and adjusted diluted net earnings per share increased 4.5% from $0.66 to $0.69
  • Reported net earnings decreased 16.4% from $274 million to $229 million and reported diluted net earnings per share decreased 13.6% from $0.66 to $0.57

"We are pleased to deliver solid results in a challenging environment with all of our orthopaedic implant businesses posting accelerated worldwide revenue growth, led by strong performances in the U.S. In addition, both our Endoscopy and Medical franchises showed a modest rebound with sequentially higher sales over the second quarter of 2009 despite continued softness in hospital spending," commented Stephen P. MacMillan, President and Chief Executive Officer.

Net sales were $1,653 million in both the third quarter of 2009 and the third quarter of 2008. On a constant currency basis, net sales increased 1.2% for the third quarter.

Net earnings for the third quarter of 2009 were reduced by $48 million of restructuring charges (net of income tax benefits) related to decisions to terminate certain third-party agent agreements at the Company's EMEA Division, to simplify the organization structure at its
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SOURCE Stryker Corporation
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