Stryker reported third‑quarter 2025 results with net sales of $6.06 billion, up 10.3% year‑over‑year and 9.6% in constant currency. Organic net sales grew 9.5% YoY, driven by a 9.1% rise in unit volume and a 0.4% lift from higher prices. MedSurg and Neurotechnology sales increased 14.4% YoY, while Orthopaedics sales grew 3.9% YoY, excluding the divested spinal implant business.
The company posted reported net earnings of $859 million, or $2.22 per diluted share, and adjusted net earnings of $1.20 billion, or $3.19 per diluted share. Adjusted operating margin reached 25.6%, up 90 basis points from Q3 2024, and adjusted gross profit margin was 65.0%, 50 basis points higher than the prior year quarter. The results beat analyst consensus of $6.03 billion in revenue and $3.13 in adjusted EPS.
Stryker raised its full‑year guidance, projecting organic net sales growth of 9.8% to 10.2% and adjusted earnings per diluted share of $13.50 to $13.60. Management cited robust pricing, favorable foreign‑exchange conditions, and continued demand for its medical and surgical devices as key drivers, while noting tariff headwinds that are expected to be mitigated through production shifts and pricing adjustments.
Segment analysis shows MedSurg and Neurotechnology growth was supported by new product launches and increased adoption of robotic‑assisted surgery, while Orthopaedics growth, after excluding the divested spinal implant line, reflects strong demand for joint replacement and trauma products. Margin expansion was driven by higher gross margin and disciplined SG&A spending.
In Q3 2025, Stryker completed two acquisitions: Guard Medical’s NPseal products and advanced medical balloons for Sage, expanding its portfolio in minimally invasive procedures and interventional radiology.
Analyst consensus for Q3 2025 expected revenue of $6.03 billion and adjusted EPS of $3.13; Stryker’s reported revenue of $6.06 billion and adjusted EPS of $3.19 represent a beat of $0.06 per share.
Stryker’s performance is set against a competitive MedTech landscape, with its Mako robotic‑surgery platform and LifePak 35 life‑support system reinforcing its market position. The raised guidance signals confidence in sustained growth amid tariff impacts estimated at $175‑$200 million for 2025, which the company plans to offset through strategic sourcing and pricing.
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