Stryker (SYK) Tops Q2 EPS by 9c, Revenues Beat

Stryker (NYSE: SYK) reported Q2 EPS of $0.64, $0.09 better than the analyst estimate of $0.55. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.59 billion.

Second Quarter Results

• Reported net sales decreased 24.3% to $2.8 billion
• Organic net sales decreased 24.0%
• Reported operating loss margin of (0.7%)
• Adjusted operating income margin(1) of 12.5%
• Reported EPS decreased 117.5% to ($0.22)
• Adjusted EPS(1) decreased 67.7% to $0.64

"Our second quarter results were negatively impacted by COVID-19, but I am pleased with the resiliency and creativity that our team displayed in supporting our customers and continuing to advance our new product pipelines," said Kevin A. Lobo, Chairman and Chief Executive Officer. "We were encouraged to see increased sales momentum through the quarter and into July and are poised to capitalize on the broader resumption of deferrable surgeries."

2020 Outlook

The global response to the COVID-19 pandemic has had, and we expect will continue to have, a significant negative impact on Stryker’s operations and financial results. While we reported overall decreased unit volume in the quarter, most of our businesses saw gradual recoveries in the month of June 2020. Due to the uncertain scope and duration of the pandemic, and uncertain timing of global recovery and economic normalization, we are unable to estimate the overall impacts on our operations and financial results, which could be material. Accordingly, we will not be providing third quarter or full-year organic sales growth or earnings guidance for 2020.

For earnings history and earnings-related data on Stryker (SYK) click here.

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