August 03, 2020
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Stryker reports decreased net sales, earnings in second-quarter 2020 operating results

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Stryker reported a “significant negative impact” from the global response to the COVID-19 pandemic on the company’s second-quarter 2020 financial results, according to a press release.

The company reported $2.8 billion in net sales, a 24.3% decrease from last quarter. Organic net sales also decreased 24% due to decreased unit volume and lower prices, according to the release.

As a result of a company decision to suspend certain investments, reported net earnings also decreased 117.3% in the quarter – a loss of $83 million.

While Stryker is unable the estimate the overall impact of the pandemic on operations and financial results, the company reported “gradual recoveries in the month of June 2020,” according to the release.

“Our second-quarter results were negatively impacted by COVID-19, but I am pleased with the resiliency and creativity that our team displayed in supporting our customers and continuing to advance our new product pipelines,” Kevin A. Lobo, Stryker chair and CEO, said in the release. “We were encouraged to see increased sales momentum through the quarter and into July and are poised to capitalize on the broader resumption of deferrable surgeries,” he added.