Stryker’s summer procedure slowdown weighs on investor confidence
Mar Vista cited weaker-than-expected hip and knee volumes, European weakness and a supply problem in Peripheral Vascular.
Key takeaways
- Mar Vista said weaker summer hip and knee volumes hurt Stryker’s quarterly performance.
- The firm said a Peripheral Vascular supply problem would extend into Q4.
Stryker underperformed during the third quarter as investors grew less confident in its near-term growth, according to Mar Vista U.S. Quality Strategy’s investor letter. The firm said U.S. hip and knee volumes were weaker than expected in July and August.
Mar Vista also cited continued weakness in European hips, a competitive product gap and a Peripheral Vascular manufacturing and supply problem. Management had expected to resolve the supply issue in Q3 but said it would continue into Q4, the letter said.
The strategy said the concerns did not mean Stryker’s long-term franchise had deteriorated. Stryker shares traded at about $278.70, up 0.62% since the previous close, as of 15:59 UTC on October 9.
This article was produced with the help of AI technology. Source: Yahoo Finance
