Summary
Stryker Corporation (SYK) announced on March 30, 2020, that it is withdrawing its previously issued financial guidance for the first quarter and full year 2020, covering organic sales growth and earnings per share. This decision is a direct response to the escalating COVID-19 pandemic and the unprecedented measures being implemented globally to curb its spread. The company highlights that these measures, including the deferral of elective medical procedures and social restrictions, are significantly impacting its operations. Due to the high degree of uncertainty surrounding the pandemic's scope, duration, and the timing of global economic recovery, Stryker is currently unable to estimate the full material impact on its financial results. Investors are advised that the company plans to provide further updates during its next earnings release and conference call, scheduled for April 30, 2020.
Key Highlights
- 1Withdrawal of Q1 and full-year 2020 financial guidance (organic sales growth and EPS).
- 2Primary reason cited is the significant negative impact of the COVID-19 pandemic.
- 3Measures like deferral of elective medical procedures and social restrictions are affecting operations.
- 4Company unable to estimate the material impact due to uncertain scope and duration of the pandemic.
- 5Further information is expected in the next earnings release on April 30, 2020.