By Kimberly Chin
Stryker Corp.'s profit fell in the third quarter as expenses rose but the company posted higher sales due to continued strong demand.
The medical-technology company's profit was $438 million, lower than the $621 million reported in the year-earlier period. Earnings were $1.14 a share, compared with $1.63 a share a year earlier. Adjusted profit was $2.20 a share.
Net sales rose to $4.16 billion from $3.74 billion in the comparable period a year ago.
Stryker's total operating expenses rose close to 30% to $2.07 billion.
The company said it had a $105 million impairment charge related to intangible assets from price cuts on its trauma and joint replacement products in China.
The recent resurgence of Covid-19 cases has led to the postponement of some deferrable medical procedures, and has mainly affected its U.S. implant related businesses, Stryker said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
10-28-21 1650ET