Reuters: Global Markets: Stryker profit in line as hips, knees improve

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Stryker profit in line as hips, knees improve Apr 17th 2012, 22:02 By Susan Kelly Tue Apr 17, 2012 6:02pm EDT (Reuters) - Stryker Corp reported quarterly earnings on Tuesday that were in line with analyst expectations as sales of artificial hips and knees picked up pace after a prolonged slump. Investors are looking for signs of improving demand for elective procedures such as hip and knee implants as the economy slowly strengthens. Stryker said the market has stabilized but stopped short of predicting a rebound. "We did not see any meaningful acceleration in volumes during the quarter. Rather, the environment appears stable," Stryker Vice President Katherine Owen told analysts on a conference call. First-quarter net earnings rose to $350 million, or 91 cents a share, from $307 million or 78 cents a share a year ago. Net sales increased 7.2 percent to $2.16 billion. Excluding special items, the Kalamazoo, Michigan-based medical device maker said it earned 99 cents a share, in line with the average analyst estimate according to Thomson Reuters I/B/E/S. Sales of replacement knee joints increased 5.1 percent to $352 million in the quarter. Hip sales rose 3.3 percent to $312 million. Sales in the medical equipment and surgical instruments business climbed 7.5 percent to $821 million. "All three segments did better than expected. I think overall investors will be happy from the top-line perspective," said Edward Jones analyst Aaron Vaughn. Stryker said it continues to expect 2012 sales growth of 2 to 5 percent and double-digit earnings-per-share growth over 2011. (Reporting By Susan Kelly in Chicago; Editing by Andre Grenon and Matthew Lewis) Link this Share this Digg this Email Reprints

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