Stryker (NYSE: SYK) reported Q1 EPS of $1.84, $0.15 better than the analyst estimate of $1.69. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.45 billion.

First Quarter Results

• Reported net sales increased 2.0% to $3.6 billion
• Organic net sales increased 2.4%
• Reported operating income margin of 17.7%
• Adjusted operating income margin(1) contracted 110 bps to 24.0%
• Reported EPS increased 19.3% to $1.30
• Adjusted EPS(1) decreased 2.1% to $1.84

"Our first quarter organic sales growth of 2.4% reflects strong momentum through much of the quarter before experiencing a significant negative impact from the COVID-19 pandemic," said Kevin Lobo, Chairman and Chief Executive Officer. "We have taken a number of steps designed to ensure the safety of our employees and customers while continuing to meet the needs of hospitals and caregivers providing essential services. While the fluidity of the current environment makes it difficult to predict our financial performance for the remainder of 2020, given the strength of our balance sheet and cost containment efforts underway, we believe we are well positioned to manage through this unprecedented situation. And as patients who have deferred surgical procedures begin to return over the coming weeks and months, we will work with our customers to help meet the expected demand. On behalf of the Stryker leadership team, I would like to offer my thanks to our thousands of employees around the globe and to the caregivers and first responders for their tremendous efforts in dealing with this health crisis."

2020 Outlook

The global response to the COVID-19 pandemic has had, and we expect will continue to have, a significant negative impact on Stryker’s operations and financial results. While we reported overall increased unit volume in the quarter, most of our businesses saw dramatic declines in the month of March 2020. Due to the uncertain scope and duration of the pandemic, and uncertain timing of global recovery and economic normalization, we are unable to estimate the overall impacts on our operations and financial results, which could be material. Accordingly, we will not be providing second quarter or full-year organic sales growth or earnings guidance for 2020.

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