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Stryker Reports Preliminary 2008 Results

Stryker Corporation (Stryker) has reported net sales of $6.7 billion for the 2008, up 12%, compared with net sales of $6 billion in the previous year-end. It has reported net sales of $1.7 billion for the fourth quarter of 2008, up 3.6%, compared with net sales of $1.6 billion in the year-ago quarter.

Stryker also reaffirmed that it projects 2008 diluted net earnings per share to be in the range of $2.77 to $2.79, up 14% compared to 2007 diluted net earnings per share of $2.44 which included earnings related to the sale and operations of our discontinued Physiotherapy Associates business. Excluding the impact of the earlier announced fourth quarter 2008 restructuring charges, adjusted diluted net earnings per share for 2008 are expected to be in the range of $2.82 to $2.84, up 18% compared to adjusted diluted net earnings per share from continuing operations of $2.40 in 2007.

2008 Sales Analysis

Domestic sales were $1,129 million for the fourth quarter and $4,282 million for the year ended December 31, 2008, up 7.0% and 11.2%, respectively. International sales were $589 million for the fourth quarter, down 2.3% and were $2,436 million for the year ended December 31, 2008, up 13.3%. The impact of foreign currency comparisons to the dollar value of international sales was unfavorable by $68 million in the fourth quarter and favorable by $85 million for the year ended December 31, 2008. On a constant currency basis, international sales increased 9.0% in the fourth quarter and 9.4% for the year ended December 31, 2008.

Worldwide sales of Orthopaedic Implants were $1,017 million for the fourth quarter and $3,967 million for the year ended December 31, 2008, up 4.2% and 10.6%, respectively. On a constant currency basis, sales of Orthopaedic Implants increased 8.9% in the fourth quarter and 8.8% for the year ended December 31, 2008. Worldwide sales of MedSurg Equipment were $701 million for the fourth quarter and $2,751 million for the year ended December 31, 2008, up 2.8% and 14.0%, respectively. On a constant currency basis, sales of MedSurg Equipment increased 6.2% in the fourth quarter and 13.2% for the year ended December 31, 2008.

2009 Guidance

The company expects that diluted net earnings per share for 2009 will be in the range of $3.12 to $3.22, up 10% to 14% over adjusted diluted net earnings per share of $2.82 to $2.84 in 2008. The financial guidance for 2009 includes a constant currency net sales increase of 6% to 9% as a result of growth in shipments of Orthopaedic Implants and MedSurg Equipment. If foreign currency exchange rates hold near current levels, the company projects net sales will be unfavorably impacted by about 4% to 5% in the first quarter of 2009 and by about 3% to 4% for the full year of 2009.

“In a challenging economic environment, we are pleased to report our eighth consecutive year of double-digit sales growth for 2008,” commented Stephen P. MacMillan, president and chief executive officer. “Although our fourth quarter was impacted by reduced capital purchases by the Company’s hospital customers, our diversified business model helped deliver another strong year of growth. Despite great uncertainty in the global economy and continued pressure on hospital capital expenditure budgets, we believe the strength of our global franchises combined with our focus on cost controls will allow us to deliver solid top line growth and double-digit EPS gains in 2009.”