Stryker (NYSE:SYK) shares dipped after hours today despite second-quarter results that topped the consensus forecast.
The Kalamazoo, Mich.-based company posted profits of $592 million, or $1.55 per share, on sales of $4.3 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of $83 million this time last year on sales growth of 55.4%.
Adjusted to exclude one-time items, earnings per share were $2.25, 13¢ ahead of Wall Street, where analysts were looking for sales of $18.1 billion.
“We delivered strong financial results in the second quarter,” Stryker chairman & CEO Kevin Lobo said in a news release. “Business momentum continues to build as the pandemic moderates and the integration of Wright Medical is pacing ahead of plan. Our positive outlook is reflected in our raised guidance.”
Stryker said it now expects to log adjusted EPS of between $9.25 and $9.40 per share, with expectations of sales growth to range between 9% and 10% compared to 2019, prior to the impact of the COVID-19 pandemic.
SYK shares dipped -3.2% at $259.83 per share after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 0.5%.