Stryker Corporation - SYK STOCK NEWS

Stryker (NYSE:SYK) will host a conference call on January 27, 2021, at 4:30 p.m. ET to discuss its operating results for the quarter ending December 31, 2020. The final results will be released at 4:05 p.m. that same day. Participants can join by dialing (877) 702-4565 domestically or (647) 689-5532 internationally, using conference ID 5283279. A webcast of the call will also be available on Stryker's website and will be archived for later access. Stryker is a leading medical technology company focused on improving healthcare through innovative products and services.

Stryker (NYSE:SYK) has declared a quarterly dividend of $0.63 per share, an increase of 9.6% compared to last year, payable on January 29, 2021 to shareholders recorded by December 31, 2020. This decision aligns with Stryker's capital allocation strategy amidst ongoing financial challenges. CEO Kevin Lobo highlighted their commitment to delivering strong financial results and enhancing shareholder value.

Stryker announced it has priced an offering of $600 million aggregate principal amount of its 0.600% Notes due 2023, set to mature on December 1, 2023. The offering, expected to settle on November 23, 2020, will utilize net proceeds for general corporate purposes, potentially including the redemption of Wright Medical Group's convertible debt, assumed during Stryker's acquisition. Citigroup, BofA Securities, and Wells Fargo are acting as joint book-running managers for the offering.

Stryker (NYSE:SYK) will participate in the 3rd Annual Evercore ISI HealthCONx Virtual Conference on December 3, 2020. The presentation starts at 8:00 a.m. Eastern Time and will be represented by Preston Wells, Vice President, Investor Relations, and Spencer Stiles, Group President, Orthopaedics and Spine. A webcast will be available on Stryker's website, allowing for both live viewing and replay. Stryker is a leading medical technology firm committed to improving healthcare through its innovative products in Orthopaedics, Medical and Surgical, and Neurotechnology.

Stryker has completed the acquisition of Wright Medical Group for $30.75 per share, enhancing its position in the trauma and extremities market. The acquisition, which involved 124.9 million shares and represents approximately 96% of Wright Medical's outstanding shares, allows Stryker to expand its product offerings, particularly in the fast-growing upper and lower extremities segments. The company is not providing fourth-quarter earnings guidance due to uncertainties from the COVID-19 pandemic but plans to offer 2021 guidance in January 2021.

Stryker announced its intent to complete the acquisition of Wright Medical Group, with approximately 96% of shares validly tendered as of November 10, 2020. The cash tender offer for Wright's shares expired on the same day, and Stryker plans to accept all validly tendered shares on November 11, 2020, following the specified purchase agreement. This strategic acquisition is expected to enhance Stryker's market position and product offerings in the medical technology field.

Stryker (NYSE:SYK) has elected Giovanni Caforio, M.D., Chairman and CEO of Bristol Myers Squibb, to its Board of Directors, effective December 1, 2020. Kevin Lobo, CEO of Stryker, highlighted Dr. Caforio's extensive experience as a physician and business leader, emphasizing his contributions to patient-focused innovations. Dr. Caforio brings significant expertise in biopharmaceuticals, having led Bristol Myers Squibb since 2015, including the notable acquisition of Celgene. Stryker aims to enhance healthcare through innovative medical solutions.

Stryker (NYSE: SYK) has received all regulatory approvals for its cash tender offer for Wright Medical Group N.V. (NASDAQ: WMGI). The U.S. Federal Trade Commission approved the transaction on November 3, 2020, followed by the UK Competition and Markets Authority. To facilitate this acquisition, Stryker agreed to divest its STAR total ankle replacement product and finger joint replacement products. The tender offer is set to expire at 5:00 p.m. ET on November 10, 2020, with completion subject to conditions outlined in the tender offer statement.

Stryker reported a net sales increase of 4.2% to $3.7 billion for Q3 2020, despite COVID-19 disruptions.

Organic net sales rose 3.3%, with adjusted EPS climbing 12% to $2.14. Reported net income grew 33.3% to $621 million. Operating income margin improved to 28%, a 260 bps increase. Stryker refrained from providing Q4 or full-year guidance due to pandemic uncertainties.