Stryker Corporation (SYK) Q1 2023 Earnings Call Transcript
Stryker Corporation (NYSE:SYK) Q1 2023 Earnings Conference Call May 1, 2023 4:30 PM ET
Company Participants
Kevin Lobo - Chair and Chief Executive Officer
Jason Beach - Vice President, Investor Relations
Glenn Boehnlein - Vice President, Chief Financial Officer
Conference Call Participants
Lawrence Biegelsen - Wells Fargo Securities
Robert Marcus - JPMorgan
Joanne Wuensch - Citibank
Vijay Kumar - Evercore ISI
Matthew O'Brien - Piper Sandler
Ryan Zimmerman - BTIG
Eric Anderson - TD Cowen
Matt Miksic - Barclays
Travis Steed - Bank of America
Steven Lichtman - Oppenheimer & Company
Rick Wise - Stifel
Matthew Mishan - KeyBanc Capital Markets
Imron Zafar - Deutsche Bank
Richard Newitter - Truist Securities
Danielle Antalffy - UBS
Jeffrey Johnson - Baird
Kyle Rose - Canaccord
Operator
Good day and welcome to the First Quarter 2023 Stryker Earnings Call. My name is Todd and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Following the conference, we will conduct a question-and-answer session. Please note 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
Welcome to Stryker's first quarter earnings call. Joining me today are Glenn Boehnlein, Stryker's CFO; and Jason Beach, Vice President of Investor Relations. For today's call, I will provide opening comments followed by Jason with the trends we saw during the quarter and some product updates. Glenn will then provide additional details regarding our quarterly results, before opening the call to Q&A.
In the first quarter, we delivered organic sales growth of 13.6% with double-digit growth in both MedSurg and Neurotechnology and Orthopaedics and Spine. Our international business continues to be a growth engine with strong results in all countries other than China, which had negative growth due to COVID and volume-based procurement. We are also seeing good traction with our pricing initiatives, delivering positive pricing overall in the first quarter.