Stryker Corp.'s net earnings tumbled 48.8% to $515 million in 2014 even though sales were up 7.3% for the Kalamazoo, Mich.-based maker of orthopedic devices and medical surgical supplies. The company blamed the earnings drop in part on charges related to three product recalls.
Total 2014 sales reached $9.67 billion as the company reported sales increases across all of its businesses. The medical/surgical segment reported a 10.8% increase to $3.78 billion in 2014.
Sales in the U.S. market increased 9.6% to $6.59 billion for the year. Sales of hip implants in the U.S. went up 6.1% in 2014 while knee implants rose 4.3%.
Stryker said it expects sales growth between 4.5% and 6% in 2015.
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