Stryker Continues Rapid Growth

April 21, 2005
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KALAMAZOO — Stryker Corp. saw double-digit growth nearly across the board in the first quarter that ended March 31, the company reported Tuesday.

At $173.1 million, profits were up 27.4 percent from the previous year. Net sales increased 16.2 percent to over $1.2 billion, a year-over-year jump of nearly $200 million. Sales were up 14.6 percent over the previous quarter.

Stephen MacMillan, president and chief executive officer of Stryker, said Tuesday during a conference call with financial analysts that the first-quarter results demonstrate the strength of the company’s orthopedic business.

“We experienced double-digit operational growth globally in every category but hips,” MacMillan said, referring to hip-replacement products.

Domestic sales of $774.7 million increased 17.8 percent in the first quarter as a result of strong shipments of orthopedic implants and medical-surgical equipment and higher revenue from physical therapy services.

International sales of $427.8 million increased 13.4 percent, also a result of the greater demands for those same products.

Worldwide sales of orthopedic implants increased 12.8 percent to $714.4 million, and worldwide sales of medical-surgical equipment increased 23.8 percent to $423 million.

Physical therapy services revenues of $65.1 million increased 7.8 percent in the first quarter as a result of added revenue from new physical therapy centers.

MacMillan said the broad-based nature of Stryker’s products and its continued strong growth positions the company to achieve net sales this year of at least $4.9 billion. Stryker Chairman John Brown had earlier set a goal of $5 billion in sales in 2005.     

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