Stryker plans to shift that money in the second half of 2015. But the company has already absorbed several U.S. tax provisions related to the Amsterdam office and the planned cash conversion. The device manufacturer's net earnings in the third quarter plummeted 45% year-over-year, from $103 million in 2013 to $57 million this year, as income taxes soared almost 1,000%. Stryker also continued to record charges related to three product recalls.
Stryker's net sales rose more than 11% to $2.4 billion as U.S. and international demand remained steady, a similar trend from the company's second quarter of this year. Most of the growth came in medical-surgical supplies, such as endoscopy equipment and bone-cutting instruments. Medical-surgical sales soared 16.3% to $936 million.
Sales in Stryker's reconstructive unit—a core business that includes knee and hip implants—increased 8.5% to more than $1 billion. Neurotechnology and spine product revenue increased 6.5% to $437 million.
Johnson & Johnson, one of Stryker's biggest competitors in the orthopedic device market, said this week that it reported better-than-expected sales with its products. Biomet similarly reported improved sales but lower profits. Zimmer Holdings, another orthopedic competitor to Stryker, will report its earnings Oct. 23.
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