Companies /Healthcare

Stryker Corp

NYSE: SYK Medical Devices
$330.69
â–² $8.57 (+2.66%) today
Markets closed · 7:07pm ET

Q1 2025 Earnings

Reported May 1, 2025, 4:10pm ET · SEC source
$2.84
Beat +4.03%
EPS · est. $2.73
$5.9B
Beat +3.07%
Revenue · est. $5.7B
−4.0%
Trailing market
SYK vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%May 1May 2report 4:10pm ETearnings+1.7%+1.7%
−2%0+2%May 1May 2earnings+1.7%+1.7%
SYK +1.7%S&P 500 +1.7%
−2%0+2%May 1May 2report 4:10pm ETearnings+2.0%+1.7%
−2%0+2%May 1May 2earnings+2.0%+1.7%
SYK +1.7%NASDAQ +2.0%
−2%0+2%+4%Apr 30May 9report 4:10pm ETearnings+1.3%+2.1%
−2%0+2%+4%Apr 30May 9earnings+1.3%+2.1%
SYK +2.1%S&P 500 +1.3%
−2%0+2%+4%Apr 30May 9report 4:10pm ETearnings+1.9%+2.1%
−2%0+2%+4%Apr 30May 9earnings+1.9%+2.1%
SYK +2.1%NASDAQ +1.9%
+1.13%
Day of report
+0.83%
Next session
+0.71%
One week
+1.14%
30 days

S&P 500 over the same 30 days: +5.15%.

Did SYK Beat Earnings? Q1 2025 Results

Stryker opened 2025 on a strong footing, posting first-quarter revenue of $5.87 billion, up 11.9% year-over-year and ahead of the $5.69 billion consensus estimate by 3.07%, while adjusted EPS of $2.84 beat the $2.73 Wall Street forecast by 4.03% and represented 13.6% growth from the prior year. The standout driver was broad-based volume momentum, with organic net sales advancing 10.1% on the back of 9.4% unit volume gains across both segments; the newly integrated Vascular business, reflecting the Inari Medical acquisition, surged 31.0% to $406 million and anchored MedSurg and Neurotechnology's 13.4% reported growth. Adjusted operating margins expanded 100 basis points to 22.9%, underscoring operational discipline even as acquisition-related charges weighed heavily on GAAP results. Looking ahead, Stryker raised its full-year organic sales growth guidance to 8.5%-9.5% while holding adjusted EPS guidance at $13.20 to $13.45, a range that absorbs an estimated $200 million tariff headwind that management acknowledged would otherwise have supported higher earnings.

Key Takeaways
  • 10.1% organic net sales growth driven by 9.4% unit volume increases and 0.7% higher prices
  • Strong procedural volumes across MedSurg, Neurotechnology, and Orthopaedics
  • Demand for capital products
  • Commercial execution across end markets
  • Vascular segment grew 31.0% driven by Inari Medical acquisition
  • U.S. sales growth of 13.4% outpaced international growth of 7.3%
  • Adjusted operating income margin expanded 100 bps to 22.9%

“Our 2024 momentum continued into the first quarter as we delivered double-digit organic sales growth and continued to expand adjusted operating margins. We remain confident in our sales and earnings power for 2025, fueled by the strength of procedural volumes, demand for our capital products and our commercial execution.”

Stryker CEO, on the earnings call

Forward Guidance & Outlook

Stryker raised its full-year 2025 organic net sales growth guidance to 8.5%–9.5% (from prior 8.0%–9.0%), reflecting strong demand for capital products, modestly favorable pricing, and a slightly unfavorable foreign exchange impact. Adjusted EPS guidance is $13.20 to $13.45, which reiterates previous guidance inclusive of $0.20–$0.30 dilution from the Inari Medical acquisition while also absorbing an estimated $200 million tariff impact based on currently available information.

SYK YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$2.0B$4.0B$6.0B$5.2B$5.9BRevenue$3.2B$3.7BGross Profit$1.0B$837.0MOperating Income$788.0M$654.0MNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

SYK Revenue by Segment

MedSurg and Neurotechnology$3.5B+13.4%
Orthopaedics$2.4B+9.7%
Medical$945.0M+9.4%
Endoscopy$867.0M+11.4%
Trauma and Extremities$945.0M+13.9%
Instruments$730.0M+9.4%
Knees$639.0M+8.7%
Other Orthopaedics$162.0M−1.2%

SYK Revenue by Geography

United States$4.4B+13.4%
Rest of World$1.4B+7.3%

Figures from SEC filings and company reports. Not investment advice.