By Liz Moyer
Investing.com -- Stryker (NYSE:SYK) reported mixed results for the third quarter.
Earnings per share of $2.12 fell short of estimates for earnings of $2.23 a share. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.47 billion.
Shares of the surgical equipment maker fell 6% in after-market trading. The Michigan-based company has battled supply chain issues and a shortage of materials to make its devices, including the semiconductors it uses amid a worldwide shortage of chips. This chip shortage may last well into 2023, many executives have warned.
Demand for elective surgeries has rebounded since shutting down during the pandemic, when hospitals were nearly entirely focused on treating Covid patients.
The company said it expects full-year 2022 organic net sales growth of 8.5% to 9.0%, and expects a 4% hit from foreign currency if exchange rates remain where they are now. That would hit EPS by approximately 35 cents to 40 cents in the full year, the company said. It now expects adjusted net earnings per share in the range of $9.15 to $9.25.
Stryker's stock price is down 14.62% in the last 12 months.