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.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.