Recalls dent Stryker Q1 earnings
Recalls helped sink first-quarter numbers for medical device maker Stryker. Modern Healthcare reports that the company saw earnings fall 77% for the quarter ended March 30 compared to the same period last year.
Sales, however, rose to $2.31 billion, a 5% bump compared to the same period a year ago.
As Modern Healthcare reports, $344 million in charges related to recalls of Rejuvenate and ABG II modular-neck hip stems inflicted the the 77% earnings dent. Sales rose in the company's core categories: reconstructive, medical-surgical and neurotechnology, and spine.