By Maria Armental
Medical-device maker Stryker Corp. expects 2016 profit to come in at the high end of its projections, driven by strong sales in the latest quarter and bolstered by acquisitions.
On Tuesday, the Michigan-based company released preliminary sales figures that indicated a 16% sales increase in the fourth quarter at $3.2 billion and 14% for the year at $11.3 billion.
The annual sales results easily topped the company's projections of a 6% to 6.5% increase on an organic basis, which removes the effect of currency conversion and acquisitions, but were roughly in line with Wall Street targets.
The Sage Productsand Physio-Control International acquisitions added $258 million in sales in the fourth quarter and $740 million for the year, Striker said.
Shares, which have gained more than one-third in price over the past 12 months, closed Tuesday at $121.90.
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(END) Dow Jones Newswires
January 10, 2017 17:04 ET (22:04 GMT)
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