Stryker Corp. shares dropped as much as 7.7% on Tuesday after executives discussed ongoing problems in its peripheral vascular and joint replacement operations at the Wells Fargo Healthcare Conference. Chief Financial Officer Preston Wells said a manufacturing problem continues to limit inventory supply and new business opportunities, with the issue now expected to persist into the fourth quarter. The joint replacement business also underperformed due to more typical seasonal patterns, though the company anticipates a better September. Shares of peer Zimmer Biomet also declined.
Stryker CorporationManufacturing problem continues to limit inventory supply and new business opportunities, expected to persist into Q4.
Zimmer Biomet Holdings Inc