Stryker saw a fairly steep year-over-year decline of 33% in net profit for its Q4, according to a company release announcing quarterly and fiscal 2012 results. The bottom line came in at $270 million (diluted $0.71 per share), well short of the $401 million ($1.05 diluted EPS) it posted in the same quarter of 2011. Net sales, meanwhile, grew 6% on an annual basis to $2.3 billion.
Much of the net profit shortfall was due to a $133 million charge the company took for the recall of a pair of modular-neck hip stem products, the Rejuvenate and the ABG II.
For the full year, the company's net sales advanced 4% over those of 2011 to land at $8.7 billion. Net profit dropped 4% to $1.3 billion ($3.39 diluted EPS).
Looking forward, the firm expects sales to grow 3%-5.5% on a constant currency basis. It's currently modeling EPS of $4.25-$4.40.
Earlier this month, Stryker announced that it made a $764 million offer to acquire Hong Kong-listed Trauson Holdings, a maker of goods for patients with spinal difficulties. The company anticipates that the purchase will not significantly affect earnings for this year.
The article Stryker's Q4, 2012 Earnings Slide originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool hae no position in Stryker. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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