Two leading medical products brands, Stryker and Boston Scientific, jumped in early trade Wednesday following quarterly reports. Stryker, which also received a pair of analyst price target hikes, ended Tuesday in a buy range after a Jan. 10 breakout. BSX stock is eking out new highs above a November breakout.
Stryker delivered a 15% earnings gain, to $3.46 a share. That topped FactSet analyst views for $3.27.
Revenue rose nearly 12%, to $5.815 billion, above the analyst target of $5.6 billion. That marked the Kalamazoo, Mich.-based company's first year above $20 billion.
For 2024, management hoisted its earnings guidance to between $11.70 and $12, outpacing the $11.56 consensus.
Wells Fargo raised its price target to 364, from 336, and kept an overweight rating. Baird notched its price target upward to 367, from 319, maintaining its rating at outperform. The report noted the company was still in early stages of several new product launches.
Stryker makes a broad range of medical and surgical products, including surgical equipment and orthopedic implants.
Boston Scientific
Boston Scientific provides a range of highly engineered devices and systems for everything from endoscopy procedures to monitoring and maintaining cardiac health. It reported fourth-quarter earnings of 55 cents a share, a 22% jump and better than the analyst target of 51 cents.
Revenue climbed about 15% for the period, to $3.725 billion. Analysts projected $3.59 billion.
For the first quarter, management sees EPS at between 50 cents and 52 cents, on the weak side of the 52-cent consensus. The company looks for a revenue gain of 7.5% to 9.5%, putting the midpoint above consensus views.
BSX Stock, Stryker Stock
Boston Scientific is working on its eighth straight weekly advance, up almost 11% from a December breakout. The stock rose about 25% in 2023.
In Wednesday's premarket session BSX stock rose 3%
SYK stock added 5.5% before the open. Shares ended Tuesday's session in a buy range above a 306.93 entry. The buy range extends to 322.28.
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