April 23 U.S. orthopedic implant maker Stryker
Corp reported a 77 percent drop in first-quarter net
profit on Wednesday as higher expenses offset a 5 percent rise
Quarterly net earnings fell to $70 million, or 18 cents per
share, compared with $304 million, or 79 cents a share, a year
earlier. Net sales rose 5.3 percent to $2.31 billion.
The company said research and development expenses rose 16
percent in the quarter, selling, general and administrative
expenses rose 32 percent and intangibles amortization rose 41
Excluding items such as product recall and acquisition
charges, Stryker said it earned $1.06 per share, a decrease of 3
percent from a year earlier.
Stryker said it still expects full-year 2014 sales growth in
the range of 4.5 percent to 6 percent and adjusted earnings per
share of $4.75 to $4.90, excluding amortization of intangible
Shares of Stryker, which closed at $78.39 on the New York
Stock Exchange on Wednesday, were unchanged after hours.
(Reporting by Deena Beasley; Editing by Leslie Adler)