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Stryker Posts Mixed Q4 Results

Stryker Corporation (NYSE: SYK) has reported mixed results for the fourth quarter of 2021, as earnings lagged estimates but revenue surpassed. The company provides medical technology products and services.

Adjusted earnings of $2.71 per share decreased 3.6% year-over-year and came slightly below Street’s expectations of $2.72. Revenue during the quarter rose 10.3% year-over-year to $4.7 billion. The revenue figure surpassed analysts’ expectations of $4.65 billion.

The company reported organic sales growth of 9% from the last year’s quarter, benefiting from 10% increased unit volume partially offset by 0.8% from lower prices.

Segment-wise, MedSurg and Neurotechnology revenues increased 8.7%, while Orthopaedics and Spine segment’s net sales climbed 12.5% in the fourth quarter.


For 2022, Stryker expects organic net sales growth in the range of 6% to 8% and adjusted net earnings per share is projected to be between $9.60 and $10. Further, the company expects unfavorable price reductions of nearly 1% in 2022.

Stock Rating

Following the results, Piper Sandler analyst Matthew O’Brien maintained a Buy rating on Stryker with a price target of $315 (28.4% upside potential from current levels).

O’Brien is of the opinion that the company’s 2022 guidance has been impacted by COVID-19 and rising supply and labor costs, but it comes as less of a surprise because SYK stock’s year-to-date price decline of 8% includes this view to some extent.

Overall, the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 9 Buys and 4 Holds. The average Stryker price target of $296 implies 20.7% upside potential to current levels.

Dividend History

Stryker’s dividend history remains impressive. SYK has been increasing its quarterly dividend once each year in January with the trend continuing in 2022 as well. The company has raised its quarterly common stock dividend to $0.69, up 9.5% from the previous payout, which is payable on January 31.

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