Stryker Corp (SYK) CEO Kevin Lobo on Q1 2022 Results - Earnings Call Transcript

Stryker Corp (NYSE:SYK) Q1 2022 Earnings Conference Call April 28, 2022 4:30 PM ET

Company Participants

Kevin Lobo - Chairman, CEO & President

Preston Wells - VP, IR

Glenn Boehnlein - VP & CFO

Conference Call Participants

Vijay Kumar - Evercore ISI

Matthew Miksic - Crédit Suisse

Robert Marcus - JPMorgan Chase & Co.

Jason Wittes - Loop Capital Markets

Danielle Antalffy - SVB Leerink

Andrew Stafford - Piper Sandler & Co.

David Saxon - Needham & Company

Ryan Zimmerman - BTIG

Andrew Ranieri - Morgan Stanley

Richard Newitter - Truist

Joshua Jennings - Cowen and Company

Joanne Wuensch - Citigroup

Lawrence Biegelsen - Wells Fargo Securities

Philip Chickering - Deutsche Bank

Operator

Welcome to the First Quarter 2022 Stryker's Earnings Conference Call. My name is Brika, and I'll be your operator for today. [Operator Instructions]. This conference call is being recorded for replay purposes.

Before we begin, I would like to remind you that the discussions during this conference call will include forward-looking statements. Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC.

Also, the discussions will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release that is an exhibit to Stryker's current report on Form 8-K filed today with the SEC.

I will now turn the call over to Mr. Kevin Lobo, Chair and Chief Executive Officer. You may proceed, sir.

Kevin Lobo

Thank you. Welcome to Stryker's first quarter earnings call. Joining me today are Glenn Boehnlein, Stryker's CFO; and Preston Wells, Vice President of Investor Relations. For today's call, I will provide opening comments, followed by Preston with an update on the trends we saw during the quarter as well as recent acquisitions. Glenn will then provide additional details regarding our quarterly results before opening the call to Q&A.

For the quarter, organic sales growth exceeded 9% with double-digit growth from our MedSurg and Neurotechnology businesses, led by Endoscopy, Instruments and Neurocranial. Our Orthopedics and Spine businesses delivered high single-digit growth, highlighting procedural recovery throughout the quarter. Internationally, we posted mid-single-digit organic growth, highlighted by double-digit organic growth in Europe and emerging markets.

During the quarter, we continue to have robust demand for our capital products. However, we had meaningful shipment delays as a result of ongoing product supply challenges, mostly affecting our large capital businesses.