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US Stryker reports USD270m profit in Q4  Join our daily free Newsletter

MENAFN - 24/01/2013

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(MENAFN) US medical device maker Stryker Corp. reported a 33 percent decline in quarterly profits on a recall charge, AP reported.

The company said it made USD270 million net profit during the fourth quarter ended in December, down from USD401 million a year earlier.

In the final quarter of 2012, the company took a USD133 million charge related to a recall of hip implant devices earlier in the year. Revenue rose 6 percent to USD2.34 billion from USD2.22 billion.

Stryker recalled its Rejuvenate and ABG III products in late June and stopped worldwide distribution of the products.

The company cited concerns about fretting and corrosion, saying they could cause tissue reaction and pain in patients. Stryker said it plans to reimburse patients for the costs of testing and treatment related to the problem, which could include replacement surgeries.

The company's reconstructive products unit generated USD1.05 billion revenue in the quarter, 7 percent higher from a year earlier.

Stryker's revenue from its MedSurg equipment unit grew by 2 percent to USD877 million and revenue from neurotechnology and spine products increased 10 percent to USD414 million.

 






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