Research Desk Line-up: Hologic Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Stryker Corp. (NYSE: SYK), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SYK, following the Company's release of its second quarter fiscal 2017 results, on July 27, 2017. The medical device maker outperformed top- and bottom-line expectations and provided its outlook for the upcoming quarter and fiscal 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Medical Appliances & Equipment industry. Pro-TD has currently selected Hologic, Inc. (NASDAQ: HOLX) for due-diligence and potential coverage as the Company announced on August 02, 2017, its financial results for Q3 FY17 which ended on July 01, 2017. Register for a free membership today, and be among the early birds that get access to our report on Hologic when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SYK; also brushing on HOLX. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=SYK

http://protraderdaily.com/optin/?symbol=HOLX

Earnings Reviewed

For the three months ended June 30, 2017. Stryker's consolidated net sales totaled $3.01 billion compared to net sales of $2.84 billion in Q2 2016, reflecting growth of 6.1% on a reported basis and 6.9% in a constant currency basis, as foreign currency exchange rates negatively impacted net sales by 0.8% in the reported quarter. Excluding the 0.2% impact of acquisitions, Stryker's net sales rose 6.7% in a constant currency basis for Q2 2017. The Company's revenue numbers exceeded analysts' estimates of $2.97 billion.

During Q2 2017, Stryker's gross profit totaled $1.99 billion, up 8% compared to gross profit of $1.84 billion in Q2 2016. The Company's operating income for the reported quarter was $501 million compared to $500 million in the prior year's same quarter.

For Q2 2017, Stryker's net earnings grew 2.9% to $391 million compared to $380 million in Q2 2016. The Company's net earnings per diluted share of $1.03 increased 3.0% in the reported quarter compared to $1.00 per share in the prior year's corresponding quarter.

Stryker's Q2 2017 net earnings include certain charges for the amortization of purchased intangible assets, Rejuvenate and ABG II and other recall matters, restructuring-related activities, legal matters, and acquisition and integration related activities. Excluding the impact of these items, the Company's adjusted net earnings totaled $581 million, or $1.53 per share, growing 10.7% or 10.1%, respectively, on a y-o-y basis. Stryker's earnings numbers surpassed Wall Street's estimates of $1.51 per share.

Segment Results

During Q2 2017, Stryker's Orthopaedics segment's net sales grew 5.5% to $1.14 as reported and 6.5% in constant currency, as foreign currency exchange rates negatively impacted net sales by 1.0%. Excluding the 0.3% impact of acquisitions, the segment's net sales rose 6.2% in constant currency in the reported quarter, including 8.6% from increased unit volume partially offset by 2.4% due to lower prices.

Stryker's MedSurg segment recorded net sales of $1.34 billion in Q2 2017, reflecting growth of 6.2% on reported and 6.8% in constant currency basis, as foreign currency exchange rates negatively impacted net sales by 0.6%. Excluding the 0.1% impact of acquisitions, MedSurg's net sales rose 6.7% in constant currency in the reported quarter, including 7.1% from increased unit volume slightly offset by 0.4% due to lower prices.

For Q2 2017, Stryker's Neurotechnology and Spine division generated net sales of $535 million, up 6.9% on a y-o-y and 7.9% in constant currency, as foreign currency exchange rates negatively impacted net sales by 1.0%. The segment's net sales in the reported quarter advanced 10.0% from increased unit volume partially offset by 2.1% due to lower prices.

Dividend Declared

On August 02, 2017, Stryker announced that its Board of Directors has declared a quarterly dividend of $0.425 per share payable on October 31, 2017, to shareholders of record at the close of business on September 29, 2017, representing an increase of 12% on a y-o-y basis.

Outlook

For FY17, Stryker is forecasting organic net sales growth to be in the range of 6.5% to 7.0% and adjusted net earnings per diluted share to be in the range of $6.45 to $6.55. For Q3 2017, the Company is expecting adjusted net earnings per diluted share in the band of $1.50 to $1.55. On current level of foreign currency exchange rates, Stryker is forecasting net sales for Q3 2017 and FY17 to be negatively impacted by approximately 0.5% and adjusted net earnings per diluted share to be negatively impacted by approximately $0.02 in the upcoming quarter and $0.10 for the full year.

Stock Performance

Stryker's share price finished yesterday's trading session at $146.14, marginally down 0.40%. A total volume of 644.97 thousand shares have exchanged hands. The Company's stock price surged 8.36% in the last three months, 19.29% in the past six months, and 27.28% in the previous twelve months. Additionally, the stock rallied 21.98% since the start of the year. Shares of the Company have a PE ratio of 32.61 and have a dividend yield of 1.16%. The stock currently has a market cap of $54.61 billion.

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SOURCE: Pro-Trader Daily