(Reuters) – Stryker Corp (NYSE:) forecast 2024 revenue above Wall Avenue estimates on Tuesday, banking on a post-pandemic pick-up in quantity for sure surgical procedures at hospitals to drive gross sales for its medical and surgical gadgets.
Shares of the med-tech agency rose 3.2% to about $327 after the bell.
Demand for medical gadgets has not too long ago seen a surge as older adults in the USA are returning to hospitals for procedures reminiscent of joint replacements that have been delay in the course of the pandemic.
The joint-implant maker sees its 2024 per share revenue within the $11.70-$12.00 vary, above analysts’ estimates of $11.56, in response to LSEG knowledge.
Bigger rival and trade bellwether Johnson & Johnson (NYSE:), which additionally reported better-than-expected medical system unit gross sales final week, mentioned it anticipated med-tech associated procedures to stay excessive in 2024.
Stryker, which affords implants for joint substitute, trauma and spine-based surgical procedures, surgical tools, amongst different merchandise, recorded full-year 2023 gross sales of $20.5 billion, beating estimates of $20.28 billion.
The Michigan-based firm sees 2024 natural internet gross sales progress to be within the vary of seven.5% to 9.0%.
Its quarterly income rose 11.5% to $5.82 billion, in contrast with estimates of $5.60 billion.
Gross sales at Stryker’s medical surgical procedure and neurotechnology unit, rose 12.5% to $3.43 billion, whereas gross sales within the orthopedics and backbone section rose 11.6% to $2.39 billion.
On an adjusted foundation, the corporate reported a revenue of $3.46 per share for the quarter ended Dec. 31, beating analysts’ estimates of $3.27.