NEW YORK (TheStreet) -- Stryker (SYK) shares closed up up 0.9% to $87.65 on Tuesday after the medical technology company agreed to pay at least $1.43 billion to settle thousands of lawsuits filed by plaintiffs who had to have surgery to remove the company's faulty hip replacement units.
The company said that the $1.43 billion figure was at the "low end of the range of probable loss to resolve these matters," though the company did not provide estimates for how many plaintiffs would be compensated.
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Watch the video below for more on Stryker's settlement:
The company did say that it expects the majority of the settlements to be paid out by the end of 2015.
The lawsuits are related to the company's 2012 recall of two hip replacement implants whose problems included corrosion.
TheStreet Ratings team rates STRYKER CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate STRYKER CORP (SYK) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."