Medical device and equipment stocks have faced some headwinds in the year 2020. As patients postponed elective and non-emergency procedures, the number of operations and surgeries went down. As a result, the demand for implants and other surgical devices and equipment went down. Stryker Corporation is well known for its joint replacement implants and other orthopedic implants. The company’s endoscopy and communication systems are also widely used. Stryker is an American multinational firm, doing business in over 100 countries. Stryker is also one of the top medical stocks to buy right now.
Stryker Reports Encouraging Q32020 Results
In October of 2020, Stryker reported its third-quarter 2020 earnings. Revenues rose from $3.58 billion in the same quarter the prior year to $3.73 billion. US sales, which account for more than 75% of total revenues, were up from $2.64 billion to $2.75 billion. International sales were up from $943 million to $989 million. The orthopedic segment saw revenues rise from $1.26 billion to $1.32 billion. The medsurg segment, comprising of instruments, endoscopy, and other medical equipment products was up marginally from $1.5 billion to $1.6 billion. The neuro and spine segment saw revenues rise from $773 million to $820 million. So overall, all business segments seem to be coming out of the pandemic reasonably well.
Company CEO Kevin Lobo said, “I’m pleased to report that we returned to growth in Q3, posting organic sales growth of 3%. This represents a rapid improvement in our business, driven by a progressive return of elective procedures, ongoing demand for our medical capital products, and continued strong Mako performance.”
If you are looking to buy medical stocks, then Stryker is certainly one option. Other medical device companies like Zimmer Biomet and Boston Scientific are also worth exploring. Stryker’s stock gained 2.2% in December 2020. Zimmer Biomet is up about 3.4% for the same period while Boston Scientific is up almost 4.5%.