Stryker's earnings have rebounded in the second quarter of 2015 as expenses from last year's recall of hip implants have declined. The Kalamazoo, Mich.-based medical-device maker saw its numbers triple in part because of strong sales in neurotechnology and spine devices.
Stryker reported that sales were up 2.9% to $2.4 billion during the three months ended June 30. Sales grew by about 6.4% in the Neurotechnology and Spine segment. The medical surgical segment saw sales growth of about 3.9%.
Stryker reported profits of $392 million, up over 206.3% for the quarter as compared with the same period the year before. The company is feeling relief from charges related to recalls of its Rejuvenate and ABG II modular-neck hip stems that plagued its earnings last year. Stryker voluntarily recalled its hip products after finding out the implants caused tissue damage and hip pain.
The past six months have also been marked by acquisitions.
Stryker announced in January that it had acquired Canada-based CHG Hospital beds, and on Monday announced the acquisition of Turkish hospital bedmaker Muka Metal. The company said those acquisitions had less than a 1% effect on sales.
Executives noted during a conference call Thursday that unfavorable exchange rates in Europe had a negative impact on the company's performance and are expected to negatively affect third-quarter and full-year sales by 3.5% to 4%, and decrease adjusted diluted earnings per share by $0.25.
Stryker expects sales growth of 5.5% to 6.5% for 2015, with adjusted diluted EPS of $5.06 to $5.12. The company expects adjusted diluted EPS of $1.20 to $1.25 in the third quarter.