Stryker outlook wobbles as economy weakens
This article was originally published in Clinica
Executive Summary
Orthopaedic specialist Stryker has cut its financial guidance for 2008, blaming “the unprecedented weakening of the economy”. The Kalamazoo, Michigan-based company expects revenue growth for full-year 2008 to be 9-10% compared to its previous forecasts of 11-12%. Stryker said: “the sales shortfall is primarily a result of a significant and rapid contraction in hospital capital budgets, which has depressed demand for certain MedSurg equipment products”. Stryker estimated net earnings for the full year to be $2.77-2.79 per share, while Thomson Reuters had previously predicted earnings of around $2.87. The firm also predicts an unfavourable impact of 4% on net sales in the fourth quarter, and a favourable impact on net sales of around 1% for full year 2008.
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