Stryker has announced increased reported net sales and earnings per share in its second-quarter 2022 financial results, according to a company press release.
Stryker reported consolidated net sales of $4.5 billion, a 4.6% increase from the second quarter of 2021. The company also reported net earnings of $656 million, a 10.8% increase from the prior year period, and net earnings per diluted share of $1.72, an 11% increase from the prior year period.
“Despite supply shortages we delivered solid organic sales growth in Q2,” Kevin A. Lobo, chair and CEO of Stryker, said in the release.
“Negative foreign currency and inflation, including spot buys of materials, pressured our adjusted earnings. We are confident in our full year outlook for revenue; however, we are expecting continued adjusted [earnings per share] challenges due to worsening foreign exchange and other macroeconomic conditions,” Lobo added.
According to the release, the company has updated its full-year 2022 guidance to reflect second-quarter performance as well as continued supply chain and inflation challenges.