Company Reports

Stryker delivered second-quarter results that included organic revenue growth of 9% year over year and reported sales growth of 9.5% compared with first-quarter revenue, muted by a random cyberattack. Management narrowed its outlook at the top and bottom of its range.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Stryker delivered first-quarter results that included revenue and earnings growth of 1% (constant currency) and 14%, respectively. While quarterly performance was dragged down by the random cyberattack, management maintained its 2026 outlook.

A hacker group that cybersecurity experts have linked to Iranian intelligence operations has claimed responsibility for a cyberattack on Stryker that shut down the firm's Microsoft-connected servers and devices overnight on March 11.

Stryker's fourth-quarter results included top-line and adjusted earnings before taxes growth of 11% and 14% year over year, respectively. Instruments, endoscopy, and medical all delivered double-digit growth in the quarter.

Stryker's third-quarter results featured reported top-line growth of 10% in constant currency, and operating income rose 5% year over year. Operational expense ticked upward.

Stryker posted second-quarter revenue growth of 10% (constant currency), and adjusted net income rose 12% year over year, spurring management to raise its outlook for the second consecutive quarter.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Once again, Stryker delivered quarterly results that outpaced market growth, with revenue up 14% in constant currency, and adjusted operating margin at 23%.

Despite intensive medtech industry lobbying to secure a carve-out from the Trump administration’s expansive tariffs on all countries, medical devices have been swept up in the tariff net.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Stryker posted fourth-quarter constant currency top-line and adjusted bottom-line growth of 11% and 16%, respectively, with double-digit gains in endoscopy, medical, hips, and knees, among other product categories.

From capital equipment to large joint implants, Stryker delivered impressive third quarter results with organic revenue and adjusted earnings up 12% and 17%, respectively.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Stryker delivered second-quarter results that featured stronger orthopedic growth following muted large joint growth in the first quarter. We plan to modestly raise our fair value estimate to reflect cash flows realized since our last valuation update. Stryker continues to benefit from the adoption of some of its new products, and we anticipate this should fuel high-single-digit growth that we’ve projected for the full year. The firm has also held expenses in check, which puts it on track to meet our full-year expectations. Importantly, the line up of novel technology across instruments, extremities, spine, and trauma underscore the firm’s ability to both generate and commercialize new technologies, supporting its wide moat.

Stryker delivered strong first-quarter results that slightly exceeded our expectations on the top- and bottom lines. However, minor adjustments to our assumptions for the full year weren’t enough to materially shift our fair value estimate. With quarterly consolidated revenue up 10% in constant currency, Stryker continued to outpace the larger orthopedic devices market. We remain confident in the switching costs and intangible assets that underpin Stryker’s wide economic moat. Considering the firm remains in the early stages of commercialization for key new products, we anticipate demand can support Stryker’s above-average growth through 2024.

Stryker capped off a strong year with more of the same in the fourth quarter, and we’ve slightly raised our fair value estimate to $242 per share. On the whole, full-year orthopedics and spine results nearly hit our estimates. In contrast, instruments and endoscopy substantially exceeded our 2023 projections. Though this outperformance wasn’t enough to materially shift our valuation, we incorporated more optimistic estimates for 2024-25 that did lift our fair value estimate, reflecting the firm new product launches, and strong ongoing execution. Trends in increased medical utilization should also support stronger top-line growth. Stryker’s ability to introduce meaningful innovation reinforces our view of the firm’s wide economic moat. For instance, the rollout of the new 1788 camera—Stryker’s 26th generation product since 1978—now utilizes fluorescence and infrared imaging to show what the human eye cannot discern. This is especially helpful for visualizing blood flow through tissue that surgeons have stitched together, a critical indicator for surgical success.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.

Stryker remains a top-tier competitor in a number of attractive medical markets, including orthopedic implants, surgical instruments, endoscopy, and neurovascular devices. It enjoys a long record of innovation in its key markets, and we anticipate the pattern will continue, allowing the wide-moat company to earn attractive economic profits.