By Ben Glickman


Stryker raised its full-year forecast for organic sales growth after its first-quarter profit and revenue both rose more than expected.

The Portage, Mich.-based medical technology company reported a profit of $788 million, or $2.05 a share, in the quarter ended March 31, compared with a profit of $592 million, or $1.54 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $1.99.

Stripping out certain one-time items, the company posted an adjusted per-share profit of $2.50, ahead of the $2.36 expected by analysts surveyed by FactSet.

Revenue rose 9.7% to $5.24 billion, beating the $5.1 billion expected by analysts polled by FactSet.

Stryker's organic sales were up 10% in the period, almost all of which was from increases to sales volume. Analysts polled by FactSet expected organic sales to be up about 7.3%.

The company's MedSurg and Neurotechnology sales were up 11.5%, while orthopaedics and spine sales had slower growth.

The company said it expects organic sales to be up 8.5% to 9.5% for 2024, compared to its previous outlook for a 7.5% to 9% increase.

Stryker also lifted its full-year forecast for adjusted per-share earnings to $11.85 to $12.05, compared with a previous guidance range of $11.70 to $12.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

04-30-24 1634ET