Navigation Links
Stryker Updates Expected 2009 Results and Provides 2010 Outlook
Date:1/12/2010

KALAMAZOO, Mich., Jan. 12 /PRNewswire-FirstCall/ -- Stryker Corporation (NYSE: SYK) announced today that net sales were $1,834 million for the fourth quarter of 2009, representing a 6.8% increase over net sales of $1,718 million for the fourth quarter of 2008, and were $6,723 million for the year ended December 31, 2009, representing a 0.1% increase from net sales of $6,718 million for the year ended December 31, 2008. On a constant currency basis, net sales increased 2.5% for the fourth quarter and 1.7% for the year.

During the fourth quarter of 2009, the Company settled an outstanding patent infringement lawsuit pursuant to a confidential settlement agreement and will record a gain of $63 million ($43 million net of income taxes).  In addition, the Company repatriated $787 million of foreign earnings to the United States and will incur additional income tax expense of approximately $70 million.  The repatriated cash was used to fund the acquisition of Ascent Heathcare and will also be used for previously announced initiatives including the share repurchase authorization.

Stryker expects 2009 diluted net earnings per share to be in the range of $2.75 to $2.78 compared to diluted net earnings per share of $2.78 in 2008. Excluding the impact of the patent litigation gain, the income tax expense associated with the repatriation of foreign earnings, and previously announced restructuring charges, adjusted diluted net earnings per share for 2009 are expected to be in the range of $2.94 to $2.96, an increase of 4% to 5% over adjusted diluted net earnings per share of $2.83 in 2008.

2009 Sales Analysis

Domestic sales were $1,159 million for the fourth quarter and $4,317 million for the year ended December 31, 2009, representing increases of 2.7% and 0.8%, respectively. International sales were $676 million for the fourth quarter, representing an increase of 14.6% and were $2,406 million for the year ended December 31, 2009, representing a decrease of 1.2%. The impact of foreign currency comparisons to the dollar value of international sales was favorable by $73 million in the fourth quarter and unfavorable by $110 million for the year ended December 31, 2009. On a constant currency basis, international sales increased 2.2% in the fourth quarter and 3.3% for the year ended December 31, 2009.

Worldwide sales of Orthopaedic Implants were $1,116 million for the fourth quarter and $4,120 million for the year ended December 31, 2009, representing increases of 9.7% and 3.8%, respectively. On a constant currency basis, sales of Orthopaedic Implants increased 4.7% in the fourth quarter and 5.7% for the year ended December 31, 2009. Worldwide sales of MedSurg Equipment were $719 million for the fourth quarter representing an increase of 2.5% and were $2,603 million for the year ended December 31, 2009, representing a decrease of 5.4%. On a constant currency basis, sales of MedSurg Equipment decreased 0.7% in the fourth quarter and 4.1% for the year ended December 31, 2009.

2010 Outlook

The financial forecast for 2010 includes a constant currency net sales increase of 5% to 8% as a result of growth in shipments of Orthopaedic Implants and MedSurg Equipment. If foreign currency exchange rates hold near current levels, the Company anticipates net sales will be favorably impacted by approximately 4% to 5% in the first quarter of 2010 and by approximately 1.5% to 2.5% for the full year of 2010. The Company projects that diluted net earnings per share for 2010 will be in the range of $3.20 to $3.30, an increase of 8% to 12% over expected adjusted diluted net earnings per share of $2.94 to $2.96 in 2009.

"It was nice to end the year on a stronger note. We are particularly pleased that in a challenging year, our U.S. orthopaedic implant businesses performed well. Additionally, we are feeling better as we enter 2010 that our MedSurg franchises have stabilized and are showing signs of a modest recovery," commented Stephen P. MacMillan, Chairman, President and Chief Executive Officer.

Conference Call on January 26, 2010

Stryker also announced that it will host a conference call on Tuesday, January 26, 2010 at 4:30 p.m., Eastern Time, to discuss the Company's operating results for the quarter and year ended December 31, 2009 and provide an operational update.  Final operating results for the quarter and year ended December 31, 2009 will be released at 4:00 p.m. that day.

To participate in the conference call dial 800-510-0146 (domestic) or 617-614-3449 (international) and enter the participant passcode 21843064. A simultaneous webcast of the call will be accessible via the Company's website at www.stryker.com. The call will be archived on this site for 90 days.

A recording of the call will also be available from 7:30 p.m., Eastern Time, on Tuesday, January 26, 2010, until 7:30 p.m., Eastern Time, on Tuesday, February 2, 2010. To hear this recording you may dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter the passcode 75889578.

Forward-Looking Statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for the Company's products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for the Company's products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; unfavorable resolution of tax audits; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors are contained in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Stryker Corporation is one of the world's leading medical technology companies with the most broadly based range of products in orthopaedics and a significant presence in other medical specialties. Stryker works with respected medical professionals to help people lead more active and more satisfying lives. The Company's products include implants used in joint replacement, trauma, and spinal surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; as well as other medical device products used in a variety of medical specialties. For more information about Stryker, please visit www.stryker.com.

SOURCE Stryker Corporation

RELATED LINKS
http://www.stryker.com

'/>"/>

SOURCE Stryker Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Strykers Biotech Division Receives FDA Warning Letter
2. Stryker Operating Results for Quarter Ended September 30, 2009
3. Stryker Biotech and its Top Management Indicted for Illegal Promotion of Medical Devices Used in Invasive Surgeries
4. Stryker Announces Change in Chairman of the Board of Directors
5. Stryker Modifies Its Dividend Policy and Declares Transition Dividend
6. Stryker Announces Agreements To Acquire Assets
7. Stryker Completes Acquisition of Ascent Healthcare Solutions
8. RoundTable Healthcare Partners Announces Sale of Ascent Healthcare Solutions to Stryker Corporation
9. Stryker Announces $750 Million Share Repurchase Program and Declares a $0.15 Per Share Quarterly Dividend
10. WallSt.net (www.wallst.net) Updates the Investment Community Through an All-New Interview With RegeneRx Biopharmaceuticals CEO
11. Diamyd Updates Gene Therapy Program and Outlines Plans for Phase I Clinical Trial for Treatment of Cancer Pain
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... 2016  Increasingly, health care professionals are enhancing patient ... wireless technology. With the Vios Monitoring System from Vios ... remotely detect problems before they become serious by continuously ... the United States . ... --> The Vios Monitoring System connects ...
(Date:2/9/2016)... Feb. 9, 2016  Johnson & Johnson (NYSE: ... Global Healthcare Conference on Tuesday, Feb. 23, at the ... Caruso , Vice President, Finance & Chief Financial Officer ... represent the Company in a session scheduled at 10:00 ... --> www.investor.jnj.com . --> This webcast ...
(Date:2/9/2016)... , Feb. 9, 2016 Athenex, Inc. announced ... as Vice President of Corporate Strategy and Business Development based ... MBA has joined as Senior Director and Deputy Head of Clinical Research ... . Simon Pedder stated, "Athenex has a ... a while. Coupled together with their unique business model and ...
Breaking Medicine Technology:
(Date:2/10/2016)... ... February 10, 2016 , ... Anxiety of older Americans over ... of Medicare Part D a decade ago, according to The Senior Citizens League ... on how they are coping with rapidly rising costs. “The implications are chilling, ...
(Date:2/10/2016)... ... February 09, 2016 , ... According to a recent ... dramatic increase in the number of patients under the age of 30. According to ... seeing in their offices, and may indicate an overall shift in the rapidly growing ...
(Date:2/9/2016)... Nevada (PRWEB) , ... February 09, 2016 , ... ... providing treatment to Medicaid beneficiaries who are diagnosed with autism spectrum disorder (ASD). ... Nevada. Autism treatment using applied behavior analysis (ABA) is key to providing ...
(Date:2/9/2016)... ... February 09, 2016 , ... ... compensation fee schedule rates and Medicare rates for a variety of medical services ... report, Evaluation of the 2015 Fee Schedule Rates in Illinois, are ...
(Date:2/9/2016)... NY (PRWEB) , ... February 09, 2016 , ... Establishment ... appointment of Dr. David Hung to the company´s Board of Directors. , ... world class scientist and an exceptional entrepreneur.” said Juan Jose Chacon Quiros, CEO of ...
Breaking Medicine News(10 mins):