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Stryker Corp. |
% Increase | ||
| US | INT'L | WW | |
| (Constant Currency) | |||
| Orthopedic Implants | 12% | 5% | 9% |
| Hip | 6% | 0% | 3% |
| Knee | 16% | 6% | 12% |
| Spine | 15% | 13% | 15% |
| Trauma | 21% | 8% | 12% |
| CMF | 28% | 8% | 19% |
| MedSurg Equipment | 14% | N/A | 13% |
| Instruments | 10% | 7% | 9% |
| Endoscopy | 16% | 17% | 16% |
| Medical | 18% | 20% | 19% |
| Total Revenues* | 12% | 7% | 10% |
| * Includes Physiotherapy business | |||
Despite pricing pressure, Stryker remains positive for growth and estimated that Q4 sales increase should be ~11% with EPS ~20% or greater. Therefore, the Company estimates that Q4 EPS will be ~$0.55 per share with adjusted FY2006 net earnings of $2.02 per share.
Stryker expects that '07 OP-1 revenues will be similiar to '06 OP-1 revenues and that revenue growth from OP-1 will be seen in 2008. Management believes that it will take ~18 months for OP-1 to be reviewed by the FDA, in line with other biologic approvals. According to a report by JP Morgan analyst, Michael Weinstein, "the U.S. Food and Drug Administration has canceled the Dec. 11-12 meeting, potentially pushing back Stryker's bone-growth stimulation product."