The company posted a net income of $281.1 million, compared to $290.5 million in first-quarter 2008.
The company’s shares dropped 2.5 percent to $36.50 in after hours trading, after the quarterly earnings were announced.
Reduced hospital spending across the country impacted Stryker’s sales of medical and surgical equipment; MedSurg, the company’s medical product unit, experienced a 27 percent decline in U.S. sales.
Stryker saw some growth in its replacement joint business; the sales of the company’s hip and knee replacements grew by 6 percent. Stryker’s growth in this market mirrors expected growth for the replacement-joint market overall, which is slightly slower than previous years, according to the report.
As a result, Stryker cut its expected full-year sales and earnings.
Read the Wall Street Journal’s report on Stryker 1Q earnings.
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