Investing.com -- Shares in Stryker Corporation (N:SYK) rose considerably in after-hours trading, after the Michigan-based medical device company more than doubled its earnings for its final quarter of fiscal year 2015.
During the company's fourth quarter, which ended in late-December, Stryker reported earnings of $522 million or 1.38 a share, up significantly from its net profits over the same period a year earlier when it earned $260 million or 0.67 a share. For the period Stryker's revenues surged by 3.7% to $2.72 billion, slightly topping analysts of $2.7 billion. On a constant currency basis, Stryker's net sales grew by 7%, as its revenues among its Orthopedic, MedSurg and Neurotechnology and Spine divisions all jumped by more than 5.5%.
The strong quarter helped cap a productive year for the manufacturer, whose implants are used in joint replacement and trauma surgeries. In 2015, Stryker's net sales grew by 2.8%, led by a 5% spike in revenues in the Neurotechnology and Spine segment. Styker's adjusted net earnings per diluted share also increased by 8.2% to 5.12.
"With 2015 organic sales growth of 6.1%, bolstered by a strong fourth quarter increase of 6.4%, our top line results came in above our initial guidance," Styker CEO Kevin Lobo said in a statement. "This performance reflects the strength of our diversified revenue model, a commitment to innovation and the competitive advantage of our sales and marketing organizations.
"Our full year adjusted diluted EPS also exceeded our initial expectation, underscoring our commitment to delivering sales growth at the high end of med tech and leveraged earnings gains."
Also on Tuesday, Stryker announced that CFO William Jellison will retire in April after completing a 36-year professional career. Jellison will be replaced by Glenn Boehnlein, who currently serves as the company's CFO for its MedSurg & Neurotechnology divisions.
Moving forward, Stryker projected a full-year forward guidance for earnings of 5.50 to 5.70 for 2016 in line with consensus estimates. The company also anticipates increasing sales by 5 to 6% for the year as a whole.
"With these results and the current momentum across our businesses, we feel well positioned heading into 2016," Lobo added.
Shares in Stryker gained 1.74 or 1.84% to 96.15 in after-hours trading.