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Stryker Corp SYK

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Stryker Sees Robust Recovery in Procedures, and We're Leaving Our Fair Value Estimate Unchanged

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Wide-moat Stryker delivered second-quarter performance that was punctuated with sharp revenue gains over the weak prior-year period when shelter-at-home orders and rising COVID-19 viral transmission spurred many patients to delay orthopedic and other more elective procedures. Overall, the firm is on track with our full-year projections, and we’re holding steady on our fair value estimate. While some of that procedure volume recovered since the second quarter of 2020, volume levels haven’t completely returned to normal levels until this quarter, following the widespread availability of vaccines. Profitability also improved in the second quarter. While Stryker’s gross margin held up relatively well during the pandemic disruption over the last four quarters, there were notable operating margin gains as SGA expenses rose substantially slower than the top line.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 43,000