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Stryker Reports 9% Sales Growth, 13% Adjusted Net Earnings Growth for Quarter Ended December 31, 2010
Date:1/25/2011

to adjusted net earnings and diluted net earnings per share to adjusted diluted net earnings per share have been included at the end of this press release.

Net earnings for the fourth quarter of 2010 were $295 million, representing a 3.6% decrease from net earnings of $306 million for the fourth quarter of 2009.  Diluted net earnings per share for the fourth quarter of 2010 decreased 2.6% to $0.74 from $0.76 for the fourth quarter of 2009.  Net earnings for the year ended December 31, 2010 were $1,273 million, representing a 15.0% increase from net earnings of $1,107 million for the year ended December 31, 2009.  Diluted net earnings per share for the year ended December 31, 2010 increased 15.2% to $3.19 from $2.77 for the year ended December 31, 2009.

During the fourth quarter, Stryker repurchased 6.1 million shares at a cost of $314 million bringing total 2010 share repurchases to 8.3 million shares at a cost of $426 million.

2011 Outlook The financial forecast for 2011 includes a constant currency sales increase of 11-13% as a result of growth in shipments of Orthopaedic Implants and MedSurg Equipment as well as sales from the recently acquired Neurovascular business. If foreign currency exchange rates hold near year-end levels, the Company anticipates net sales will be favorably impacted by approximately 0% to 1.0% in the first quarter of 2011 and by approximately 0.5% to 1.5% for the full year of 2011. Excluding the expected impact from foreign currency as well as acquisitions, sales growth is projected to be 5-7%.

The Company projects that adjusted diluted net earnings per share for 2011 will be in the range of $3.65 to $3.73, an increase of 10% to 12% over adjusted diluted net earnings per share of $3.33 in 2010. In 2011, the Company anticipates acquisition and integration-related charges associated with the recently completed acquisition of the Neurovascular business to reduce reported diluted net earnings per
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SOURCE Stryker Corporation
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