Stryker Corp. reported $224 million in profit in the first quarter of 2015, more than three times the amount the medical-device manufacturer recorded in the same period of 2014.
The higher-than-expected earnings prompted Stryker to slightly raise the low end of its full-year adjusted earnings per share to $4.95, up from $4.90.
Stryker's earnings took a hit last year after the Kalamazoo, Mich.-based company dealt with charges related to the recall of hip implants. Stryker voluntarily recalled its Rejuvenate and ABG II hip products in June 2012 after finding out the implants caused tissue damage and hip pain for patients.
That led to $344 million in one-time expenses in the first quarter last year. Those costs declined 84% in the first three months of 2015 to $54 million, which immediately lifted Stryker's bottom line.
First-quarter revenue increased 3.2% to $2.38 billion. Sales of hip, knee and other orthopedic devices climbed 2.4% in the quarter, surpassing $1 billion. Medical and surgical equipment revenue increased 4.6% to $927 million.
