Stryker beats The Street in Q3, CEO Lobo allays GLP-1 fears

Stryker (NYSE: SYK) + shares fell slightly this morning on third-quarter results that topped the consensus forecast.

Shares of SYK dipped 1.8% at $273.22 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 1.4%.

The Kalamazoo, Michigan-based company posted profits of $692 million, equaling $1.80 per share. It recorded sales of $4.91 billion for the three months ended Sept. 30, 2023.

Stryker reported a 15.2% bottom-line slide despite sales growth of 9.6%.

Adjusted to exclude one-time items, earnings per share totaled $2.46. That landed 3¢ ahead of expectations on Wall Street, where analysts projected sales of $4.86 billion.

The orthopedic giant reported MedSurg and Neurotechnology sales of $2.9 billion, rising 10.5% year-over-year. Stryker attributed some of that growth to increased unit volu…

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Why Stryker says GLP-1 weight loss drugs could boost joint replacements

Stryker says weight loss drugs could help obese patients slim down for knee and hip replacements. (Pictured is Stryker’s Triathlon Cementless knee.) [Image courtesy of Stryker]

Executives at Stryker, the world’s largest orthopedic device manufacturer, say they’re not afraid that GLP-1 weight loss drugs could hurt demand for joint replacement implants.

Instead, they see GLP-1 drugs — including Ozempic and Wegovy — as a neutral factor or perhaps even a slight positive. That’s because the drugs could help obese and near-obese patients slim down to qualify for knee and hip replacement surgery.

“We don’t anticipate the weight loss drug having a negative impact,” Lisa Kloes, the GM and VP of Stryker’s knee business, said in an interview with Medical Design & Outsourcing. “Actually, we think it’s going to help with implant volumes. There’s qu…

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Needham & Co. downgrades Medtronic, Zimmer Biomet shares

[Image from Unsplash]Needham & Co. senior research analyst Mike Matson today downgraded his rating of Medtronic (NYSE: MDT) and Zimmer Biomet (NYSE: ZBH) shares to Hold, while Boston Scientific (NYSE:BSX) got an upgrade to Buy.

MDT shares were down more than 1% to $97.98 apiece in morning trading, a day after Q4 earnings that missed The Street sent the medtech giant’s stock down more than 5%. ZBH shares were down slightly at $119.87 apiece, while BSX shares were up more than 2% at $41.15 apiece. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 1%.

When it came to Medtronic, Matson said: “The more things change, the more they stay the same.”

“MDT seems to have returned to its old pattern of poor execution and inconsistent results, and this is its third strike in our view, with the first being pipeline challenges (RDN and robotics) and the second bei…

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