Stryker's neurotechnology + spine sales drop 29.6% in Q2: 6 company notes

Alan Condon -   Print  |

Second-quarter neurotechnology and spine sales at Stryker decreased 29.6 percent to $546 million year over year, according to a July 30 announcement.

Six things to know:

1. Net sales in the second quarter declined 24.3 percent year over year to $2.8 billion.

2. Stryker's second-quarter orthopedics sales — including knees, hips, and trauma and other extremities — fell 29.9 percent, compared to the same period last year, to $894 million. 

3. Knees sales suffered the biggest decline within the orthopedics line, decreasing 45.2 percent to $241 million year over year.

4. Most of Stryker's business units saw gradual recoveries in June, according to CEO Kevin Lobo.

5. Mr. Lobo said sales gathered momentum "through the quarter and into July" and are likely to continue to grow due to the resumption of elective surgeries.

6. Stryker will not be providing third quarter of full-year financial projections due to the uncertainty surrounding the COVID-19 pandemic.

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