SYK Stryker Corp

By Kimberly Chin

Stryker Corp.'s profit fell in the third quarter as expenses rose but the company posted higher sales due to continued strong demand.

The medical-technology company's profit was $438 million, lower than the $621 million reported in the year-earlier period. Earnings were $1.14 a share, compared with $1.63 a share a year earlier. Adjusted profit was $2.20 a share.

Net sales rose to $4.16 billion from $3.74 billion in the comparable period a year ago.

Stryker's total operating expenses rose close to 30% to $2.07 billion.

The company said it had a $105 million impairment charge related to intangible assets from price cuts on its trauma and joint replacement products in China.

The recent resurgence of Covid-19 cases has led to the postponement of some deferrable medical procedures, and has mainly affected its U.S. implant related businesses, Stryker said.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

October 28, 2021 16:50 ET (20:50 GMT)

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