Stryker Corp. (NYSE:SYK) shares are trending Friday.
Shares of the Michigan-based medical technologies company fell about 11.79% to $275 in after-hours trading on Thursday after third-quarter results missed expectations.
Stryker reported results for the quarter ended Sept. 30 after the market close on Thursday.
Revenue And EPS Miss Analyst Estimates
Revenue for the quarter came in at $6.52 billion, missing the analyst estimate of $6.61 billion by 1.36%. Still, net sales rose 7.7% year over year.
Organic net sales, which exclude currency swings and acquisitions, also increased 7.7%, driven mainly by higher unit volume, according to the company’s earnings release.
Adjusted earnings per share were $3.52, missing the $3.55 expected by 0.85%.
Stryker also repurchased $1 billion of its common stock during the third quarter.
In October, the company’s board of directors approved an additional $3 billion for its existing share buyback program. The program allows management to repurchase shares on the open market or through private transactions, depending on market conditions and the stock price.
CEO Concedes Shortfall, Updates 2026 Outlook
CEO Kevin Lobo said the results “did fall short of our expectations,” though he said the underlying fundamentals remain strong. He added that the company expects a solid fourth quarter.
The company also updated its 2026 guidance. It now expects organic net sales growth of 6.5% to 7.0% and adjusted EPS of $14.80 to $14.90.
Stryker had topped analyst expectations in the second quarter, which it reported in July.
Trading Metrics, Technical Analysis
Stryker has a market capitalization of $119.58 billion, a 52-week high of $389.33 and a 52-week low of $267.
The Relative Strength Index (RSI) of SYK stands at 65.05.
The large-cap MedTech stock has fallen roughly 16% over the past 12 months.
SYK is currently trading 36.59% above its 52-week low.
Price Action: On Thursday, SYK stock closed at $311.75, up 2.55%, according to Benzinga Pro data.
See More:
Top Value Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Piotr Swat on Shutterstock.com
Recent Comments