SYK Stryker Corp

By Allison Prang

Stryker Corp., a medical technology company, reported adjusted earnings and higher sales that beat estimates but said the deferral of medical procedures because of the Covid-19 pandemic had a negative impact on the results.

Net income was $493 million in the first quarter, which increased 20% from a year ago. Earnings at Stryker were $1.30 a share, up from $1.09 a share.

Earnings were $1.84 a share when adjusted for some items. According to FactSet, analysts were expecting $1.81 a share.

Net sales were $3.59 billion, up 2%. Analysts were expecting $3.57 billion. The company said organic net sales rose 2.4%.

"The response to the COVID-19 pandemic has included unprecedented measures to slow the spread of the virus taken by local governments and health care authorities globally, including the deferral of elective medical procedures and social contact restrictions, which have had a significant negative impact on Stryker's operations and financial results," the company said, noting most of its "businesses saw dramatic declines" last month even though unit volume rose.

Write to Allison Prang at alllison.prang@wsj.com

(END) Dow Jones Newswires

April 30, 2020 16:49 ET (20:49 GMT)

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