Stryker Corp. reported higher fourth-quarter profit and sales on Thursday, but per-share earnings missed Wall Street’s target.
Profit for the medical technology products and services company SYK rose to $662 million from $568 million a year earlier. On a per-share basis, profit was $1.73, or $2.71 as adjusted. Analysts surveyed by FactSet expected $2.48 a share, or $2.72 a share as adjusted.
The results included $137 million in asset impairments, primarily in-process research and development along with plant and equipment as a result of pandemic-related demand impacts on in-process product development and other divestiture and restructuring activities, the company said.
Net sales for the quarter rose to $4.7 billion from $4.26 billion a year earlier. Analysts expected $4.65 billion in revenue.
The company ended the year with a $2 billion profit on $17.11 billion in sales, compared with a profit of $1.6 billion and $14.35 billion in sales a year earlier.
Chief Executive Kevin Lobo had said that the resurgence of Covid-19 cases had largely affected Stryker’s U.S. implant-related businesses with scheduled procedures being deferred. On Thursday, Lobo said the company delivered a strong year of financial results, despite the challenges of the pandemic.
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