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(Reuters) – Stryker Corp lifted its full-year profit forecast on Tuesday, owing to resilient demand for the company’s medical devices and implants.
The joint-implant maker now sees its annual profit per share to be between $11.85 and $12.05, raised from the previous range of between $11.70 and $12. The analysts’ average estimate for 2024 is pegged at $11.85 per share.
Demand for medical implants has received a boost as more people, especially older adults, opt for surgeries deferred during the pandemic
Stryker now expects organic net sales growth for 2024 to be in the range of 8.5% to 9.5%, compared with its earlier projected range of 7.5% to 9%.
The company reported a 9.7% rise in quarterly revenue to $5.24 billion, compared with estimates of $5.10 billion, according to LSEG data.
On an adjusted basis, it reported a profit of $2.50 per share for the quarter ended March 31, above analysts’ estimate of $2.35 per share.
(Reporting by Unnamalai L and Pratik Jain in Bengaluru; Editing by Mohammed Safi Shamsi)
