Although Stryker (NYSE:SYK) saw its net income rise 7% in Q1 2022 to $323M compared to the prior-year period, the company warned its full-year EPS could come in on the lower end of guidance.
Sales increased ~8% year over year to ~$4.3B in the quarter. The company's largest segment, MedSurg and Neurotechnology, saw a sales increases of ~11% to ~$2.4B. Orthopedics and Spine increased a more modesst ~5% to ~$1.9B.
Stryker (SYK) ended the quarter with ~$1.5B in cash, down from ~$2.9B in Q1 2022.
The company noted that its now expects 2022 organic net sales growth towards the high end of previous guidance of 6% to 8%. However, due to supply chain pressures and inflation, adjusted net earnings per diluted share will likely come in at lower end of $9.60 to $10 per share.
Check out why Seeking Alpha contributor Khaveen Investments says Stryker (SYK) is a hold.