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Stryker (SYK) investor relations material
Stryker Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net sales grew 10.3% year-over-year to $6.1B for the quarter and 11.1% to $17.95B for the nine months, driven by strong volume in MedSurg, Neurotechnology, and Orthopaedics.
Achieved 9.5% organic sales growth and 11.1% adjusted EPS growth to $3.19, with double-digit growth in key U.S. segments and margin expansion.
Completed the $4.8B acquisition of Inari, expanding the Vascular business and reorganizing the Spine segment.
Integration of Inari progressing well, delivering double-digit pro forma organic sales growth.
Sale of the Spinal Implants business completed in April 2025.
Financial highlights
Adjusted EPS reached $3.19, up 11.1% year-over-year, with adjusted net earnings of $1.2B for the quarter.
Adjusted gross margin improved by 50 basis points to 65% (reported 63.6%), and adjusted operating margin was 25.6%, up 90 basis points.
Year-to-date cash from operations totaled $2.9B, with cash and equivalents at $3.3B at quarter-end.
Net earnings for the quarter were $859M ($2.22 per diluted share); adjusted net earnings for nine months were $3.54B ($9.16 per share).
Effective tax rate was 16.5% for the quarter and 14.7% for the nine months, reflecting discrete tax benefits.
Outlook and guidance
Raised full-year 2025 guidance: organic net sales growth of 9.8%-10.2% and adjusted EPS of $13.50-$13.60.
Guidance reflects sustained demand, margin expansion, and a slightly positive impact from foreign exchange.
Management expects continued strong sales growth, especially in MedSurg and Neurotechnology, but notes potential headwinds from tariffs, inflation, and global economic uncertainty.
Full-year adjusted effective tax rate expected at the lower end of 15%-16% range.
Expect continued strong procedural volumes and robust order book through year-end.
Inari acquisition's impact on Vascular growth and costs
Orthopaedics growth excluding Spinal implant divestiture?
What drove the increase in goodwill impairments?
Inari's international growth strategy
M&A adjacencies and criteria for larger deals
Mitigating 2026 tariff impact on margins
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Frequently asked questions
A Pioneer in Medical Technologies
Stryker Corporation is an American medical technology company listed on the NYSE. Headquartered in Kalamazoo, Michigan, the company's operations extend across the globe, serving customers in over 100 countries. Stryker was founded in 1941 by Dr. Homer Stryker, an orthopedic surgeon from Michigan, the company has anchored its reputation on its range of medical devices. Stryker's products encompass a vast segment with everything from orthopedic implants to surgical instruments, and even hospital beds.
Building Upon Dr. Stryker’s Legacy
Dr. Homer Stryker's initial inventions, such as the mobile hospital bed and the turning frame, set the stage for the company's trajectory. Over the years, Stryker Corporation expanded its portfolio, venturing into various medical specialties, such as neurotechnology, spinal surgery, and endoscopy. Strategic acquisitions have played a crucial role in Stryker's growth and the company has absorbed various businesses within the industry, diversifying and expanding its portfolio. When looking at publicly traded peers to Stryker we find names like Medtronic and Abbott Laboratories as well as numerous divisions of massive international corporations such as GE.
Three Focus Areas
Stryker's products can be broadly categorized into three major sectors: Orthopedics, MedSurg, and Neurotechnology & Spine.
The Orthopedics division focuses on joint replacements, trauma and extremities, and other orthopedic surgeries. Products like hip and knee joint replacements and bone cement fall under this bracket.
MedSurg encompasses a wider spectrum. This category includes surgical equipment, navigation systems, patient-handling solutions, and emergency medical equipment. Noteworthy mentions include the power tools for precise bone surgeries and the 1588 AIM camera system for endoscopic surgeries.
The Neurotechnology & Spine department designs and manufactures equipment for the intricacies of neuro and spine surgeries. This division offers products like the Neuroform Atlas Stent System for brain aneurysm treatment and the LITe Decompression System for spine surgeries.
Dedicated Research and Development
Behind Stryker's extensive product portfolio lies its steadfast commitment to research and development. The company continually invests in R&D, ensuring its products not only meet but often exceed industry standards. This commitment to innovation is evident in the company's historically consistent rollout of advanced medical devices, many of which have been firsts in their respective fields.
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