Stryker Corp (NYSE:SYK) stock fell 2.13% (As on November 3, 11:44:56 AM UTC-4, Source: Google Finance) though the company  raised the lower end of its full-year profit forecast as the medtech company sees steady demand for its medical and surgical devices from a post-pandemic pick-up in volumes of surgical procedures at hospitals. The company also beat Wall Street estimates for third-quarter profit, benefiting from a recovery in procedure volumes, especially as older patients return to hospitals for surgeries, including hip and knee replacements that they had put off during the pandemic. The adjusted operating income margin increased by 110 basis points to 23.4%. Organic net sales increased by 9.2% in the quarter, including an 8.9% increase from unit volume and a 0.3% increase from higher prices. MedSurg and Neurotechnology net sales increased by 10.5% in the quarter, reaching $2.9 billion. Organic net sales in this segment increased by 10.1%, including an 8.7% increase from unit volume and a 1.4% increase from higher prices. Orthopaedics and Spine net sales increased by 8.4% in the quarter, reaching $2.1 billion. Organic net sales in this segment increased by 8.0%, including a 9.1% increase from unit volume partially offset by a 1.1% decrease from lower prices. The adjusted gross profit margin was 64.7% in the quarter, and adjusted operating income margin was 23.4% in the quarter. Adjusted net earnings of $944 million increased by 16.5% in the quarter.

SYK in the third quarter of FY 23 has reported the adjusted earnings per share of $2.46, beating the analysts’ estimates for the adjusted earnings per share of $2.44, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 9.6 percent to $4.91 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $4.88 billion.

Stryker Corp expects full year 2023 organic net sales growth to be in the range of 10.0% to 10.5%. The company anticipates net sales will be unfavorably impacted by approximately 0.6% and adjusted net earnings per diluted share will be unfavorably impacted by $0.10 to $0.15 for the full year, both of which are included in the guidance. The company now expects adjusted net earnings per diluted share to be in the range of $10.35 to $10.45. Analysts were expecting a profit of $10.36 per share for the year, according to LSEG data.