July 31 (Reuters) - Stryker SYK.N raised its annual profit forecast and beat quarterly profit estimates on Thursday, banking on strong demand for its medical and surgical devices.
Medical and surgical device makers have benefited from a surge in demand as more American consumers, particularly older individuals, opted for elective procedures.
Investors and analysts are monitoring how medical device manufacturers are navigating tariff impacts and assessing potential benefits from foreign currency fluctuations.
The company reduced its annual tariff impact estimate to $175 million from $200 million, which reflects a reduction in bilateral United States and China tariffs as well as the proposed tariff framework between the U.S. and the European Union.
The medical equipment maker had previously said it plans to offset any tariff hit by optimizing its manufacturing footprint.
Stryker now sees its 2025 profit per share to range between $13.40 and $13.60, compared to its prior forecast of $13.20 to $13.45. Analysts expect a profit of $13.35 per share, according to data compiled by LSEG.
Sales at Stryker's medical surgery and neurotechnology unit rose 17.3% to $3.77 billion, while its orthopedics segment saw an increase in sales of 2% to $2.25 billion.
Total revenue for the quarter ended June 30 was $6.02 billion, above analysts' expectations of $5.93 billion.
On an adjusted basis, the company earned $3.13 per share in the second quarter, beating estimates of $3.07 per share.
(Reporting by Christy Santhosh in Bengaluru; Editing by Mohammed Safi Shamsi)
((Christy.Santhosh@thomsonreuters.com;))