July 30 (Reuters) - U.S. medical device maker Stryker
on Thursday beat Wall Street estimates for
second-quarter results, aided by strong demand for its implants
and devices used in complex procedures ranging from spinal to
orthopedic surgeries.
However, the company's shares fell 9% in extended trading
after the Michigan-based firm missed analysts' estimates for
medical surgery and neurotechnology sales in the quarter, its
largest revenue-generating segment.
Here are the details:
* The company, which makes joint replacements and medical
implants used to repair broken bones, narrowed its forecast for
adjusted annual profit to between $14.95 and $15.10 per share,
from its prior range of $14.90 to $15.10 per share.
* Stryker's rivals in the orthopedics market include Zimmer
Biomet ( ZBH ) and healthcare conglomerate Johnson & Johnson ( JNJ )
, where the companies jostle for market share across
multiple segments such as hip and knee replacements, trauma and
sports medicine.
* Sales at Stryker's medical surgery and neurotechnology
unit, rose 9.7% to $3.6 billion in the reported quarter, but
missed analysts' estimates of $3.72 billion, according to data
compiled by LSEG.
* The orthopedics segment saw a 9.1% increase in sales to
$3.0 billion, which beat analysts' expectations of $2.72
billion.
* The company reported total revenue of $6.6 billion for the
quarter, above analysts' expectations of $6.58 billion.
* Stryker earned $3.69 per share for the quarter on an
adjusted basis, surpassing estimates of $3.49 apiece.