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.
For further details see:
Stryker: Typically Excellent, Typically Expensive