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Stryker Corp SYK

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Stryker Sees Strength in the U.S. as Vaccinations Take Hold; No Change to Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Stryker posted first-quarter results that slightly exceeded our expectations on the topline and slightly trailed our projections on the bottom-line. With these two factors largely offsetting each other, we’re holding steady on our fair value estimate. We’re pleased to see that the Wright Medical integration has been coming along faster than anticipated. Stryker’s long record of acquisition and successful integration underscores one of the intangible assets that contributes to the firm’s wide economic moat. As we’ve seen before, Stryker is particularly skilled at retaining the human capital associated with acquisitions—management, engineers, and sales force. Weaving the Wright Medical management with the Stryker teams seems to be smoothing the way, and we expect cross-selling of legacy Wright products to gain steam this year.

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Company Profile

Business Description

Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, endoscopy systems, operating room equipment, embolic coils, and spinal devices. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Roughly one fourth of Stryker's total revenue currently comes from outside the United States.

2825 Airview Boulevard
Kalamazoo, MI, 49002
T +1 269 385-2600
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 43,000