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Stryker (SYK) Issues Safety Notice for Its Total Knee System
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Stryker Corporation (SYK - Free Report) recently initiated a voluntary correction for the application software in the Mako Total Knee system.
The company issued an urgent field safety notice due to increased software error #3 code. The error code is reflected when a Mako system shutdown or restart is not performed before switching between total knee and total hip applications. Per the company, the potential harms of this issue are complications associated with extended surgery.
Price Performance
For the past six months, SYK’s shares have rallied 15.4% compared with the industry’s growth of 7.3%. The S&P 500 increased 16.5% in the same time frame.
Image Source: Zacks Investment Research
More on the Error Code
Stryker identified that its Mako Total Knee system’s application software generated an error code when a Mako System shutdown or a restart was not performed prior to switching between applications.
In the event of Mako System generating ‘Software Error #3’, loss or deterioration of robotic system function could be identified as a potential hazard. Owing to the error code, a delay in surgery is another potential hazard, as exiting and re-entering the application page or restarting the Mako Arm software is likely to take more time.
Stryker’s Risk Mitigation Steps
Per Stryker, shutting down or restarting the Mako system prior to launching another application can potentially eliminate the occurrence of the software error.
Also, restarting the Mako Arm software prior to starting a case or after the occurrence of the software error code can reduce the hazards and harms.
Stryker advises healthcare professionals to prevent ‘Software Error #3’ caused by the Mako robotic system with the help of risk mitigation methods. To acknowledge the mitigation, the company also asks healthcare providers to return consumer reaction questionnaires.
Industry Prospects
Per a report by Grand View Research, the global joint replacement market was valued at $17.1 billion in 2020 and is expected to witness a growth rate of 3.4% from 2021 to 2028.
An increase in the prevalence of orthopedic disorders, osteoporosis, osteoarthritis, and lower extremity conditions are some factors driving the market for joint replacement. The increasing incidence of chronic diseases like rheumatoid arthritis leads to a high demand for surgical interventions, which thereby propels growth of the joint replacement market.
Notable Development
Stryker recently announced the completion of its first shoulder arthroplasty surgery in Europe using its Blueprint Mixed Reality Guidance system, which aims to benefit shoulder arthroplasty surgeons.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.
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Stryker (SYK) Issues Safety Notice for Its Total Knee System
Stryker Corporation (SYK - Free Report) recently initiated a voluntary correction for the application software in the Mako Total Knee system.
The company issued an urgent field safety notice due to increased software error #3 code. The error code is reflected when a Mako system shutdown or restart is not performed before switching between total knee and total hip applications. Per the company, the potential harms of this issue are complications associated with extended surgery.
Price Performance
For the past six months, SYK’s shares have rallied 15.4% compared with the industry’s growth of 7.3%. The S&P 500 increased 16.5% in the same time frame.
Image Source: Zacks Investment Research
More on the Error Code
Stryker identified that its Mako Total Knee system’s application software generated an error code when a Mako System shutdown or a restart was not performed prior to switching between applications.
In the event of Mako System generating ‘Software Error #3’, loss or deterioration of robotic system function could be identified as a potential hazard. Owing to the error code, a delay in surgery is another potential hazard, as exiting and re-entering the application page or restarting the Mako Arm software is likely to take more time.
Stryker’s Risk Mitigation Steps
Per Stryker, shutting down or restarting the Mako system prior to launching another application can potentially eliminate the occurrence of the software error.
Also, restarting the Mako Arm software prior to starting a case or after the occurrence of the software error code can reduce the hazards and harms.
Stryker advises healthcare professionals to prevent ‘Software Error #3’ caused by the Mako robotic system with the help of risk mitigation methods. To acknowledge the mitigation, the company also asks healthcare providers to return consumer reaction questionnaires.
Industry Prospects
Per a report by Grand View Research, the global joint replacement market was valued at $17.1 billion in 2020 and is expected to witness a growth rate of 3.4% from 2021 to 2028.
An increase in the prevalence of orthopedic disorders, osteoporosis, osteoarthritis, and lower extremity conditions are some factors driving the market for joint replacement. The increasing incidence of chronic diseases like rheumatoid arthritis leads to a high demand for surgical interventions, which thereby propels growth of the joint replacement market.
Notable Development
Stryker recently announced the completion of its first shoulder arthroplasty surgery in Europe using its Blueprint Mixed Reality Guidance system, which aims to benefit shoulder arthroplasty surgeons.
Stryker Corporation Price
Stryker Corporation price | Stryker Corporation Quote
Zacks Rank & Stocks to Consider
SYK carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.