OKLAHOMA CITY --
continues to hits its targets, with its quarterly results and future guidance meeting Wall Street expectations once again.
The Michigan-based medical device maker announced on Thursday that second-quarter sales climbed 17% to $17.3 billion -- topping the $1.68 billion consensus estimate -- due to strong demand for artificial joints and medical-surgical equipment.
Net earnings, hurt by an asset impairment charge, rose 13.6% to $305.8 million. Excluding special items however, earnings per share of 73 cents matched Wall Street targets exactly.
"Balanced geographic growth helped us deliver another strong quarter -- our 30th consecutive with double-digit sales growth," Stryker CEO Stephen MacMillan boasted after the market closed on Thursday. "Seven of our eight product franchises grew at least 15%, and our collective MedSurg businesses were particularly strong."
In its core medical device unit, Stryker managed to post double-digit gains in every business lines except for artificial hips. The company's hip sales, which rose just 2% on a constant-currency basis, have been weak all year.
Unlike pure-play device makers like
, however, Stryker can depend on another big business for growth. The company's medical-surgical division, which sells everything from imaging equipment to hospital beds, continues to boost overall results.
While constant-currency sales of Stryker's medical devices climbed a respectable 9% in the latest quarter, sales of its medical-surgical products grew by twice as much.
Going forward, Stryker expects that strength to continue. The company reiterated its pledge to grow earnings by more than 20% over the course of the full year. The company's full-year guidance, calling for earnings of $2.88 a share, remains in line with Wall Street expectations.
Stryker acknowledged one key risk, when it highlighted the potential for pricing pressure on its artificial joints in certain markets. With aging baby boomers regularly seeking out new hips and knees, however, the company foresees continued strong demand for its devices and therefore remains upbeat about its future overall.
Despite the company's solid results, investors pushed the stock down 16 cents to $68.25 in after-hours trading. Late last year, before the economy took a dramatic turn for the worse, investors were paying a full $8 more for those same shares.