SYK - Stryker: Typically Excellent Typically Expensive
Summary
- Stryker posted impressive top-line growth in Q4, driven by mid-teens growth in the MedSurg & Neuro operations.
- Margins remain a drag as Stryker has struggled to offset higher input costs.
- I see upside potential in FY'23 revenue, with Stryker launching several significant new MedSurg products and continuing to drive increased penetration and utilization of its Mako robotics platform.
- Stryker is rarely cheap, but med-tech valuations are more stretched now than usual, and it's hard to argue for Stryker on a value basis.
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Stryker: Typically Excellent, Typically Expensive