Stryker Stock Gets A Boost From Annual Guidance Hike On Better Than Expected Q2 Earnings: The Details

Stryker Corporation SYK reported Q2 sales of $5 billion, up 11.2% Y/Y (+11.9% in constant currency), beating the consensus of $4.83 billion.

Organic net sales increased 11.9% in the quarter, including 11.4% from increased unit volume and 0.5% from higher prices.

MedSurg and Neurotechnology net sales of $2.9 billion increased by 12.2% (+12.9% in constant currency). 

Orthopaedics and Spine net sales of $2.1 billion increased 9.9% in the quarter and 10.6% in constant currency. 

Adjusted EPS came in at $2.54, which increased 12.9% in the quarter, beating the consensus of $2.38.

"We delivered strong organic sales growth in the second quarter as demand for our products remains strong," said Kevin A. Lobo, Chair and CEO. "We are back on our margin expansion pathway, and our supercycle of innovation is going well."

Guidance: Stryker predicts 2023 organic net sales growth of 9.5%-10.5%, including slightly positive pricing for the year, up from the previous range of 8%-9%.

Stryker now expects 2023 adjusted EPS of $10.25-$10.45 versus prior guidance of $10.05-$10.25 and the consensus of $10.16.

 Price Action: SYK shares are up 3.04% at $284 premarket on the last check Friday.