KALAMAZOO, Mich., July 19 /PRNewswire-FirstCall/ -- Stryker Corporation
(NYSE: SYK) reported operating results for the quarter ended June 30, 2007 as
follows:
Second Quarter Highlights
-- Net sales increased 16.0% (14.2% constant currency) to $1,464 million
* Orthopaedic Implant sales increased 14.6% (12.4% constant currency)
* MedSurg Equipment sales increased 18.3% (17.0% constant currency)
-- Diluted net earnings per share increased 25.0% to $.65 and adjusted
diluted net earnings per share from continuing operations increased
17.3% to $.61
* The Company's Physiotherapy Associates business was sold for
approximately $150 million in the second quarter of 2007, resulting
in a net gain on sale of $25.7 million ($.06 per diluted share),
and has been reflected as a discontinued operation
* The second quarter of 2007 includes an intangible asset impairment
charge (net of income taxes) of $12.7 million ($.03 per diluted
share) to write off patents associated with intervertebral body
fusion cage products
* Net earnings from continuing operations increased 13.2% from $212
million to $240 million and adjusted net earnings from continuing
operations increased 19.2% from $212 million to $253 million
* Diluted net earnings per share from continuing operations increased
11.5% from $.52 to $.58
"We are encouraged to report accelerating growth rates for our Orthopaedic
Implant and MedSurg franchises in both the United States and globally,"
commented Stephen P. MacMillan, President and Chief Executive Officer. "Our
U.S. orthopaedic implant businesses had a great quarter with 17% collective
growth and worldwide sales of Endoscopy and Instruments products were
exceptionally strong with constant currency growth of 20% and 18%,
respectively."
Net sales were $1,463.7 million for the second quarter of 2007,
representing a 16.0% increase over net sales of $1,261.8 million for the
second quarter of 2006, and were $2,889.2 million for the first half of 2007,
representing a 14.8% increase over net sales of $2,515.7 million for the first
half of 2006. On a constant currency basis, net sales increased 14.2% for the
second quarter and 13.0% for the first half.
The Company's second quarter 2007 net earnings from continuing operations
were reduced by a $12.7 million intangible asset impairment charge (net of
$7.1 million income tax benefit) to write off patents associated with
intervertebral body fusion cage products. The impairment follows a United
States Food and Drug Administration decision to downgrade certain
intervertebral body fusion products to class II devices, along with a weak
market for sales of these specific products. The Company's first quarter 2006
net earnings from continuing operations were reduced by a $52.7 million charge
to write off purchased in-process research and development associated with the
acquisition of Sightline Technologies, Ltd. (Sightline).
Excluding the impact of the $12.7 million intangible asset impairment
recorded in the second quarter of 2007, adjusted net earnings from continuing
operations for the second quarter of 2007 of $252.8 million increased by 19.2%
over net earnings from continuing operations of $212.1 million for the second
quarter of 2006 and adjusted diluted net earnings per share from continuing
operations for the second quarter of 2007 of $.61 increased by 17.3% over
diluted net earnings per share from continuing operations of $.52 for the
second quarter of 2006.
Excluding the impact of the $12.7 million intangible asset impairment
recorded in the second quarter of 2007 and the $52.7 million charge to write
off purchased in-process research and development in the first quarter of
2006, adjusted net earnings from continuing operations for the first half of
2007 of $494.6 million increased 20.5% over adjusted net earnings from
continuing operations of $410.4 million for the first half of 2006 and
adjusted diluted net earnings per share from continuing operations for the
first half of 2007 of $1.19 increased by 19.0% over adjusted diluted net
earnings per share from continuing operations of $1.00 for the first half of
2006.
Net earnings from continuing operations for the second quarter of 2007
were $240.1 million, representing a 13.2% increase over net earnings from
continuing operations of $212.1 million for the second quarter of 2006.
Diluted net earnings per share from continuing operations for the second
quarter of 2007 increased 11.5% to $.58 compared to $.52 for the second
quarter of 2006. Net earnings from continuing operations for the first half
of 2007 were $481.9 million, representing a 34.7% increase over net earnings
from continuing operations of $357.7 million for the first half of 2006.
Diluted net earnings per share from continuing operations for the first half
of 2007 increased 33.3% to $1.16 compared to $.87 for the first half of 2006.
Net earnings for the second quarter of 2007 were $269.1 million,
representing a 25.8% increase over net earnings of $213.9 million for the
second quarter of 2006. Diluted net earnings per share for the second quarter
of 2007 increased 25.0% to $.65 compared to $.52 for the second quarter of
2006. Net earnings for the first half of 2007 were $512.6 million,
representing a 41.8% increase over net earnings of $361.4 million for the
first half of 2006. Diluted net earnings per share for the first half of 2007
increased 39.8% to $1.23 compared to $.88 for the first half of 2006.
Sales Analysis
Domestic sales were $936.5 million for the second quarter and $1,849.7
million for the first half of 2007, representing increases of 17.4% and 15.7%,
respectively, as a result of higher shipments of Orthopaedic Implants and
MedSurg Equipment.
International sales were $527.2 million for the second quarter and
$1,039.5 million for the first half of 2007, representing increases of 13.6%
and 13.4%, respectively, as a result of higher shipments of Orthopaedic
Implants and MedSurg Equipment. The impact of foreign currency comparisons to
the dollar value of international sales was favorable by $22.6 million in the
second quarter and by $46.8 million in the first half of 2007. On a constant
currency basis, international sales increased 8.8% in the second quarter and
8.3% in the first half of 2007.
Worldwide sales of Orthopaedic Implants were $883.3 million for the second
quarter and $1,743.3 million for the first half of 2007, representing
increases of 14.6% and 13.6%, respectively based on higher shipments of
reconstructive (hip, knee and shoulder), trauma, spinal and
craniomaxillofacial implant systems; bone cement; and the bone growth factor
OP-1. On a constant currency basis, sales of Orthopaedic Implants increased
12.4% in the second quarter and 11.4% in the first half of 2007.
Worldwide sales of MedSurg Equipment were $580.4 million for the second
quarter and $1,145.9 million for the first half of 2007, representing
increases of 18.3% and 16.8%, respectively based on higher shipments of
surgical equipment; surgical navigation systems; endoscopic, communications
and digital imaging systems; as well as patient handling and emergency medical
equipment. On a constant currency basis, sales of MedSurg Equipment increased
17.0% in the second quarter and 15.5% in the first half of 2007.
Physiotherapy Associates Divestiture
On June 4, 2007 the Company announced the sale of its outpatient physical
therapy business, Physiotherapy Associates, to Water Street Healthcare
Partners, for approximately $150 million in cash. The sale of Physiotherapy
resulted in a second quarter 2007 gain of $25.7 million (net of income taxes),
or $.06 per diluted share.
The Company's restated financial results reflecting Physiotherapy as a
discontinued operation for the first quarter of 2007, each quarter of 2006,
and for the years ended December 31, 2006 and 2005 on both a reported basis
and an adjusted basis to exclude the impact of charges to write off purchased
in-process research and development in 2006 and 2005 and to recognize the
income tax expense associated with the repatriation of foreign earnings in
2005 are included as an attachment to this press release.
Income Taxes
The Company's effective income tax rates on earnings from continuing
operations for the second quarter and first half of 2007 were 27.6% and 27.9%,
respectively, as compared to effective income tax rates on such earnings for
the second quarter, first half and year ended December 31, 2006 of 27.8%,
30.9% and 29.5%, respectively. The effective income tax rates for the second
quarter and first half of 2007 reflect the impact of the intangible asset
impairment charge of $12.7 million (net of $7.1 million income tax benefit).
The effective income tax rates for the first half and year ended December 31,
2006 reflect the impact of the non-deductibility for income tax purposes of
the purchased in-process research and development charge associated with the
acquisition of Sightline.
Outlook for 2007
The Company's outlook for 2007 continues to be optimistic regarding
underlying growth rates in orthopaedic procedures and sales growth rates in
the Company's broadly based range of products in orthopaedics and other
medical specialties, despite the potential for continued pricing pressure in
certain markets. The Company projects that adjusted diluted net earnings per
share from continuing operations for 2007 will approximate $2.40, an increase
of 20% over adjusted diluted net earnings per share from continuing operations
of $2.00 in 2006. The latest financial forecast for 2007 includes a constant
currency net sales increase in the range of 12% to 13%, up from the previous
forecast of 11% to 13% growth, as a result of growth in shipments of
Orthopaedic Implants and MedSurg Equipment. If foreign currency exchange
rates hold near current levels, the Company anticipates a favorable impact on
net sales of approximately 1.0% to 1.5% in the third quarter of 2007 and a
favorable impact on net sales of approximately 1.0% to 2.0% for the full year
of 2007.
Conference Call
As previously announced, the Company will conduct a conference call for
financial analysts at 4:30 p.m., Eastern Time, today. To participate in the
conference call dial 866-272-9941 (domestic) or 617-213-8895 (international)
and enter the participant passcode 37696038. A simultaneous webcast of the
call will be accessible via the Company's website at www.stryker.com. The call
will be archived on this site for 90 days.
A recording of the call will also be available from 6:30 p.m., Eastern
Time, today until 6:30 p.m. on Saturday, July 21, 2007. To hear this recording
dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter the
passcode 48324012.
Forward-Looking Statements
This press release contains information that includes or is based on
forward-looking statements within the meaning of the federal securities law
that are subject to various risks and uncertainties that could cause the
Company's actual results to differ materially from those expressed or implied
in such statements. Such factors include, but are not limited to: pricing
pressures generally, including cost-containment measures that could adversely
affect the price of or demand for the Company's products; regulatory actions;
unanticipated issues arising in connection with clinical studies and eventual
United States Food and Drug Administration approval of new products; changes
in reimbursement levels from third-party payors; a significant increase in
product liability claims; changes in economic conditions that adversely affect
the level of demand for the Company's products; changes in foreign exchange
markets; changes in financial markets; and changes in the competitive
environment. Additional information concerning these and other factors are
contained in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q.
Stryker Corporation is one of the world's leading medical technology
companies with the most broadly based range of products in orthopaedics and a
significant presence in other medical specialties. Stryker works with
respected medical professionals to help people lead more active and more
satisfying lives. The Company's products include implants used in joint
replacement, trauma, craniomaxillofacial and spinal surgeries; biologics;
surgical, neurologic, ear, nose & throat and interventional pain equipment;
and endoscopic, surgical navigation, communications and digital imaging
systems; as well as patient handling and emergency medical equipment. For
more information about Stryker, please visit the company web site at
http://www.stryker.com.
STRYKER CORPORATION
For the Three Month and Six Month Periods Ended June 30, 2007
(Unaudited - In Millions Except Per Share Amounts)
CONDENSED STATEMENTS Second Quarter Six Months
OF EARNINGS 2007 2006 % Change 2007 2006 % Change
Net sales $1,463.7 $1,261.8 16.0 $2,889.2 $2,515.7 14.8
Cost of sales 444.3 393.9 12.8 883.7 787.3 12.2
GROSS PROFIT 1,019.4 867.9 17.5 2,005.5 1,728.4 16.0
% of Sales 69.6 68.8 69.4 68.7
Research, development
and engineering
expenses 92.1 75.9 21.3 176.7 153.0 15.5
Selling, general and
administrative
expenses 581.6 493.0 18.0 1,149.7 994.7 15.6
Intangibles
amortization 11.0 10.1 8.9 22.2 20.3 9.4
Intangible asset
impairment 19.8 - -- 19.8 - --
Purchased in-process
research and
development - - -- - 52.7 (100.0)
704.5 579.0 21.7 1,368.4 1,220.7 12.1
OPERATING INCOME 314.9 288.9 9.0 637.1 507.7 25.5
% of Sales 21.5 22.9 22.1 20.2
Other income
(expense) 16.9 4.9 244.9 31.1 10.3 201.9
EARNINGS BEFORE
INCOME TAXES 331.8 293.8 12.9 668.2 518.0 29.0
Income taxes 91.7 81.7 12.2 186.3 160.3 16.2
NET EARNINGS FROM
CONTINUING
OPERATIONS 240.1 212.1 13.2 481.9 357.7 34.7
Net earnings from
discontinued
operations 3.3 1.8 83.3 5.0 3.7 35.1
Net gain on sale of
discontinued
operations 25.7 - -- 25.7 - --
NET EARNINGS FROM
DISCONTINUED
OPERATIONS 29.0 1.8 -- 30.7 3.7 --
NET EARNINGS $269.1 $213.9 25.8 $512.6 $361.4 41.8
Net Earnings Per
Share From
Continuing
Operations
Basic $0.59 $0.52 13.5 $1.18 $0.88 34.1
Diluted $0.58 $0.52 11.5 $1.16 $0.87 33.3
Net Earnings Per
Share From
Discontinued
Operations
Basic $0.07 $- -- $0.08 $0.01 --
Diluted $0.07 $- -- $0.07 $0.01 --
Net Earnings Per
Share
Basic $0.66 $0.53 24.5 $1.25 $0.89 40.4
Diluted $0.65 $0.52 25.0 $1.23 $0.88 39.8
Average Shares
Outstanding
Basic 409.4 406.4 409.0 406.0
Diluted 416.9 410.7 416.5 411.0
RECONCILIATION OF REPORTED NET EARNINGS FROM CONTINUING OPERATIONS
TO ADJUSTED NET EARNINGS FROM CONTINUING OPERATIONS
Second Quarter Six Months
2007 2006 % Change 2007 2006 % Change
NET EARNINGS FROM
CONTINUING
OPERATIONS
Reported net
earnings from
continuing
operations $240.1 $212.1 13.2 $481.9 $357.7 34.7
Intangible asset
impairment 12.7 - -- 12.7 - --
Purchased in-process
research and
development - - -- - 52.7 (100.0)
Adjusted net
earnings
from
continuing
operations $252.8 $212.1 19.2 $494.6 $410.4 20.5
DILUTED NET EARNINGS
PER SHARE FROM
CONTINUING
OPERATIONS
Reported diluted
net earnings
per share from
continuing
operations $0.58 $0.52 11.5 $1.16 $0.87 33.3
Intangible asset
impairment $0.03 $- -- $0.03 $- --
Purchased in-process
research and
development $- $- -- $- $0.13 (100.0)
Adjusted diluted
net earnings per
share from
continuing
operations $0.61 $0.52 17.3 $1.19 $1.00 19.0
STRYKER CORPORATION
For the Three Month and Six Month Periods Ended June 30, 2007
(Unaudited - In Millions)
Second Quarter
% Change
Constant
CONDENSED SALES ANALYSIS 2007 2006 Reported Currency
Domestic $936.5 $797.9 17.4 17.4
International 527.2 463.9 13.6 8.8
NET SALES $1,463.7 $1,261.8 16.0 14.2
Orthopaedic Implants $883.3 $771.1 14.6 12.4
MedSurg Equipment 580.4 490.7 18.3 17.0
NET SALES $1,463.7 $1,261.8 16.0 14.2
Six Months
% Change
Constant
CONDENSED SALES ANALYSIS 2007 2006 Reported Currency
Domestic $1,849.7 $1,598.8 15.7 15.7
International 1,039.5 916.9 13.4 8.3
NET SALES $2,889.2 $2,515.7 14.8 13.0
Orthopaedic Implants $1,743.3 $1,534.7 13.6 11.4
MedSurg Equipment 1,145.9 981.0 16.8 15.5
NET SALES $2,889.2 $2,515.7 14.8 13.0
Second Quarter
% Change
Domestic International Total
Constant Constant
Reported Reported Currency Reported Currency
SUPPLEMENTAL SALES
GROWTH ANALYSIS
Orthopaedic Implants sales:
Hips 6 10 5 8 6
Knees 16 14 9 15 13
Trauma 35 11 7 20 18
Spine 30 17 13 26 24
Craniomaxillofacial 27 8 4 20 18
Total Orthopaedic Implants 17 12 7 15 12
MedSurg Equipment sales:
Surgical equipment and surgical
navigation systems 18 22 16 19 18
Endoscopic, communications and
digital imaging systems 21 22 17 22 20
Patient handling and emergency
medical equipment 13 3 0 11 11
Total MedSurg Equipment 18 19 14 18 17
Six Months
% Change
Domestic International Total
Constant Constant
Reported Reported Currency Reported Currency
SUPPLEMENTAL SALES
GROWTH ANALYSIS
Orthopaedic Implants sales:
Hips 5 10 4 7 5
Knees 17 14 8 16 13
Trauma 33 8 4 17 14
Spine 26 20 15 24 23
Craniomaxillofacial 25 9 5 19 17
Total Orthopaedic Implants 16 11 6 14 11
MedSurg Equipment sales:
Surgical equipment and surgical
navigation systems 15 23 17 17 16
Endoscopic, communications and
digital imaging systems 17 24 18 19 18
Patient handling and emergency
medical equipment 14 4 2 12 12
Total MedSurg Equipment 16 20 15 17 16
STRYKER CORPORATION
(Unaudited - In Millions)
June 30 December 31
CONDENSED BALANCE SHEETS 2007 2006
ASSETS
Cash and cash equivalents $170.0 $416.6
Marketable securities 1,610.2 998.2
Accounts receivable (net) 940.5 867.2
Inventories 733.4 677.6
Other current assets 608.2 574.7
TOTAL CURRENT ASSETS 4,062.3 3,534.3
Property, Plant and Equipment (net) 932.7 914.9
Goodwill and Other Intangibles (net) 905.3 914.8
Other Assets 519.6 509.8
TOTAL ASSETS $6,419.9 $5,873.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $1,039.9 $1,351.5
Other Liabilities 578.6 331.3
Shareholders' Equity 4,801.4 4,191.0
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $6,419.9 $5,873.8
STRYKER CORPORATION
For the Three Month and Six Month Periods Ended June 30, 2007
(Unaudited - In Millions)
Second Quarter Six Months
CONDENSED STATEMENTS OF CASH FLOWS 2007 2006 2007 2006
OPERATING ACTIVITIES
Net earnings from continuing
operations $240.1 $212.1 $481.9 $357.7
Depreciation 32.8 28.7 64.7 55.8
Amortization 57.5 51.1 112.7 99.9
Intangible asset impairment 19.8 - 19.8 -
Gain on sale of discontinued
operations (40.7) - (40.7) -
Purchased in-process research and
development - - - 52.7
Changes in working capital and other (98.6) (96.1) (274.8) (349.6)
NET CASH PROVIDED BY OPERATING
ACTIVITIES 210.9 195.8 363.6 216.5
INVESTING ACTIVITIES
Acquisitions, net of cash acquired (31.9) (31.7) (37.6) (76.2)
Proceeds from sale of discontinued
operations 144.7 - 144.7 -
Purchases of marketable securities,
net (437.7) (62.3) (609.1) (172.7)
Purchases of property, plant and
equipment (39.1) (49.5) (79.9) (99.0)
Proceeds from sales of property,
plant and equipment 0.1 0.1 0.3 0.2
Other (0.4) (3.0) (1.6) (8.3)
NET CASH USED IN INVESTING
ACTIVITIES (364.3) (146.4) (583.2) (356.0)
FINANCING ACTIVITIES
Borrowings (repayments) of debt, net 1.9 (128.7) 2.3 (226.8)
Dividends paid - - (89.7) (44.6)
Other 25.8 8.1 56.3 46.3
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 27.7 (120.6) (31.1) (225.1)
Effect of exchange rate changes on
cash and cash equivalents 1.4 2.5 4.1 3.1
CHANGE IN CASH AND CASH EQUIVALENTS $(124.3) $(68.7) $(246.6) $(361.5)
STRYKER CORPORATION
CONDENSED STATEMENTS OF EARNINGS
RESTATED TO REFLECT PHYSIOTHERAPY ASSOCIATES AS A DISCONTINUED OPERATION
(Unaudited - In Millions Except Per Share Amounts)
Quarter Ended
2007 2006
March 31 Dec 31 Sept 30 June 30 March 31
Net sales $1,425.5 $1,400.4 $1,231.1 $1,261.8 $1,253.9
Cost of sales 439.4 444.5 384.8 393.9 393.4
GROSS PROFIT 986.1 955.9 846.3 867.9 860.5
% of Sales 69.2 68.3 68.7 68.8 68.6
Research, development
and engineering
expenses 84.6 91.2 80.4 75.9 77.1
Selling, general
and administrative
expenses 568.1 549.5 502.8 493.0 501.7
Intangibles
amortization 11.2 11.4 11.0 10.1 10.2
Purchased in-process
research and
development - - - - 52.7
663.9 652.1 594.2 579.0 641.7
OPERATING INCOME 322.2 303.8 252.1 288.9 218.8
% of Sales 22.6 21.7 20.5 22.9 17.4
Other income
(expense) 14.2 11.8 8.1 4.9 5.4
EARNINGS BEFORE
INCOME TAXES 336.4 315.6 260.2 293.8 224.2
Income taxes 94.6 88.9 73.2 81.7 78.6
NET EARNINGS
FROM CONTINUING
OPERATIONS 241.8 226.7 187.0 212.1 145.6
NET EARNINGS
FROM
DISCONTINUED
OPERATIONS 1.7 1.2 1.4 1.8 1.9
NET EARNINGS $243.5 $227.9 $188.4 $213.9 $147.5
Net Earnings Per
Share From
Continuing
Operations
Basic $0.59 $0.56 $0.46 $0.52 $0.36
Diluted $0.58 $0.55 $0.45 $0.52 $0.35
Net Earnings Per
Share From
Discontinued
Operations
Basic $- $- $- $- $-
Diluted $- $- $- $- $-
Net Earnings Per Share
Basic $0.60 $0.56 $0.46 $0.53 $0.36
Diluted $0.59 $0.55 $0.46 $0.52 $0.36
Average Shares
Outstanding
Basic 408.6 407.4 406.7 406.4 405.7
Diluted 416.0 413.8 411.6 410.7 411.3
Year Ended December 31
2006 2005
Net sales $5,147.2 $4,608.9
Cost of sales 1,616.6 1,489.2
GROSS PROFIT 3,530.6 3,119.7
% of Sales 68.6 67.7
Research, development and
engineering expenses 324.6 284.7
Selling, general and
administrative expenses 2,047.0 1,839.4
Intangibles amortization 42.7 47.6
Purchased in-process research and development 52.7 15.9
2,467.0 2,187.6
OPERATING INCOME 1,063.6 932.1
% of Sales 20.7 20.2
Other income (expense) 30.2 4.9
EARNINGS BEFORE INCOME TAXES 1,093.8 937.0
Income taxes 322.4 304.5
NET EARNINGS FROM CONTINUING OPERATIONS 771.4 632.5
NET EARNINGS FROM DISCONTINUED OPERATIONS 6.3 11.1
NET EARNINGS $777.7 $643.6
Net Earnings Per Share From Continuing Operations
Basic $1.90 $1.57
Diluted $1.87 $1.54
Net Earnings Per Share From Discontinued Operations
Basic $0.02 $0.03
Diluted $0.02 $0.03
Net Earnings Per Share
Basic $1.91 $1.59
Diluted $1.89 $1.57
Average Shares Outstanding
Basic 406.5 403.7
Diluted 411.8 410.8
RECONCILIATION OF REPORTED NET EARNINGS FROM CONTINUING OPERATIONS TO
ADJUSTED NET EARNINGS FROM CONTINUING OPERATIONS
Quarter Ended
2007 2006
March 31 Dec 31 Sept 30 June 30 March 31
NET EARNINGS
FROM CONTINUING
OPERATIONS
Reported net
earnings from
continuing
operations $241.8 $226.7 $187.0 $212.1 $145.6
Purchased
in-process
research and
development - - - - 52.7
Income taxes on
repatriation of
foreign earnings - - - - -
Adjusted net
earnings from
continuing
operations $241.8 $226.7 $187.0 $212.1 $198.3
DILUTED NET EARNINGS PER SHARE FROM
CONTINUING OPERATIONS
Reported diluted
net earnings per
share from
continuing
operations $0.58 $0.55 $0.45 $0.52 $0.35
Purchased
in-process
research and
development $- $- $- $- $0.13
Income taxes on
repatriation of
foreign earnings $- $- $- $- $-
Adjusted diluted
net earnings per
share from
continuing
operations $0.58 $0.55 $0.45 $0.52 $0.48
Year Ended December 31
2006 2005
NET EARNINGS FROM CONTINUING OPERATIONS
Reported net earnings from continuing operations $771.4 $632.5
Purchased in-process research and development 52.7 15.9
Income taxes on repatriation of foreign earnings - 27.4
Adjusted net earnings from continuing operations $824.1 $675.8
DILUTED NET EARNINGS PER SHARE FROM
CONTINUING OPERATIONS
Reported diluted net earnings per share
from continuing operations $1.87 $1.54
Purchased in-process research and development $0.13 $0.04
Income taxes on repatriation of foreign earnings $- $0.07
Adjusted diluted net earnings
per share from continuing operations $2.00 $1.65
SOURCE Stryker Corporation
CONTACT: Katherine A. Owen, Vice President, Strategy and Investor
Relations of Stryker Corporation, +1-269-385-2600/
/Web site: http://www.stryker.com/
(SYK)