Stryker sales drop 3 percent, shares follow

Stryker Corp.’s (NYSE:SYK) second-quarter sales slid more than 3 percent, despite a top-line rise of 16.3 percent, as the Kalamazoo, Mich.-based medical device maker digested a pair of big acquisitions.

Stryker posted earnings of $309 million, or 79 cents per diluted share, on sales of $2.05 billion during the three months ended June 30. That compares with profits of $319 million, or 80 cents diluted EPS, on sales of $1.76 billion during the same period last year.

Excluding some $43 million in integration costs from Stryker’s $316 million buyout of Orthovita and its $1.5 billion acquisition of Boston Scientific’s (NYSE:BSX) neurovascular business, the company managed a profit of $352 million (90 cents diluted adjusted EPS), up 10.4 percent and 12.5 percent, respectively, over Q2 2010.

Stryker said it expects full-year sales to grow between 5 percent and 7 percent, excluding foreign exchange effects and acquisitions and stood pat on its earnings forecast of between $3.65 and $3.73 diluted adjusted EPS.

SYK shares were down 3.1 percent to$57.30 in mid-day activity today.