Stephen Simpson, CFA
Thu, Jul. 21, 4:46 PM
- Stryker (NYSE:SYK) Q2 results ($M): Net Sales: 2,840 (+16.8%); Operating Expenses: 1,342 (+14.1%); Orthopedics: 1,082 (+4.6%); MedSurg: 1,258 (+33.8%); Neurotechnology and Spine: 500 (+9.3%).
- Net Income: 380 (-3.1%); EPS: 1.00 (-2.9%).
- 2016 Guidance: Organic sales growth: 6.0 - 6.5% from 5.5 - 6.5%; Non-GAAP EPS: $5.70 - 5.80 from $5.65 - 5.80.
- Q3 Guidance: Non-GAAP EPS: $1.33 - 1.38.
Feb. 9, 2015, 5:37 PM
Dec. 23, 2014, 2:23 PM
Jun. 4, 2014, 2:25 PM
- Bloomberg reports Medtronic (MDT +3.8%) is mulling a buyout offer for knee/hip implant maker Smith & Nephew (SNN +8.6%). SNN and i-banks are said to be "aware of Medtronic's interest.".
- The news service cautions Medtronic's prep work is at an early stage, and that "no offer is imminent." Nonetheless, Medtronic is viewed as "a more serious bidder" for SNN than Stryker (SYK -0.1%), previously rumored to be weighing an offer.
- Sources state a deal would likely result in Medtronic using SNN's corporate shell to change its legal residence to the U.K., and thereby take advantage of lower tax rates. Medtronic, which has a large offshore cash balance, has previously said it's open to a tax-inversion deal.
- Shares of both companies have spiked higher following the report. SNN's market cap is currently at $17B.
May 28, 2014, 9:13 AM
Jan. 22, 2014, 4:12 PM
- Stryker Corporation (SYK): Q4 EPS of $1.23 beats by $0.01.
- Revenue of $2.5B (+6.8% Y/Y) beats by $60M.
- Shares +3.1%.
Jan. 13, 2014, 5:40 PM
Sep. 25, 2013, 4:11 PM
- Also getting a boost Wednesday from the Stryker-Mako (SYK, MAKO) deal was Hansen Medical (HNSN) which posted double-digit gains (+14%) for the session.
- Intuitive Surgical (ISRG) and Accuray (ARAY) finished the day higher by 1% and 1.9% respectively.
- Meanwhile, commentary continues to come in regarding the seemingly high price SYK paid in the deal. BMO's Joanne Wuensch says that despite the lofty premium, "it makes a lot of sense [as] SYK takes a step forward into robotic surgery and consolidates its orthopedic silo."
- Previous coverage here
Sep. 25, 2013, 10:36 AM
- Stryker (SYK -2.3%) "is paying 12.4x EV/sales [for MAKO] on our 2013 sales estimate which is relatively high," Wells Fargo's Larry Biegelsen notes, adding that "the 2 most recent ortho deals, MDT's acquisition of Kanghui and SYK's acquisition of Trauson went for 11.6x and 8.7x, on an EV/sales basis respectively."
- Nevertheless, Biegelsen thinks SYK is getting a "differentiated asset" — Wells has been bullish on MAKO since May. SYK is reiterated at Outperform.
- TheStreet's Antoine Gara notes that as of September 13, 22% of MAKO's float was sold short.
- More on the deal here
Sep. 25, 2013, 8:52 AM
Sep. 6, 2013, 1:33 PM
- Stryker (SYK +2.2%) gets a lift from an upgrade at Credit Suisse to Outperform on valuation.
- The firm says that turnaround efforts in Europe are beginning to return growth toward market rates.
- Additionally, there are multiple upside catalysts to drive estimates higher coming from the Affordable Care Act, including additional knee patients, and an uptick in bed sales related to greater focus on patient satisfaction.
Jul. 18, 2013, 4:21 PMStryker (SYK): Q2 EPS of $1.00 misses by $0.03. Revenue of $2.21B (+5% Y/Y) beats by $0.02B. Shares -1.4% AH. (PR) | Jul. 18, 2013, 4:21 PM
Oct. 17, 2012, 4:22 PMMore on Stryker (SYK): Q3 meets on the top line but misses on a per shares basis, as strength in the U.S. was mostly offset by weaker sales overseas. The company lowers its FY12 expectations, now seeing an EPS of $4.04 - $4.07, below the Street view of $4.09. For FY13, it expects EPS of $4.25 - $4.40, also below the consensus of $4.45. Shares -2% AH. | Oct. 17, 2012, 4:22 PM
Jul. 18, 2012, 4:37 PMStryker (SYK): Q2 EPS of $0.998 misses by $0.01. Revenue of $2.1B (+2.9% Y/Y) in-line. Shares -2.5% AH. (PR) | Jul. 18, 2012, 4:37 PM
Jun. 28, 2012, 11:32 AM
The Supreme Court opinion on the Healthcare Act means that medical device makers still face a 2.3% tax on domestic sales starting next year unless they can persuade Congress to repeal it. Shares are sliding: MDT -1.2%, BSX -2.7%, STJ -1%, EW 1.1%, SYK -1.9%, ATRC -4.7%, CYBX -1.6%.| Jun. 28, 2012, 11:32 AM
Feb. 14, 2012, 12:59 PM