Europe's recession likely to hurt Stryker's orthopedic business in Q2 (MassDevice)
Southern Europe remains a "challenging" environment for ortho giant Stryker as hospitals in Spain and Portugal cut back on procedures in the wake of a crippling recession.
Stryker says its business in Europe is under pressure thanks to a crippling recession in some parts of the continent.
Katherine Owen, strategy and investor relations vice president for the Kalamazoo, Mich.-based orthopedics giant, told investors last week that business in Europe has been "challenging." She said the company derives about 15% of its total sales from the E.U.
"We're seeing a lot of head-line risk in southern Europe," she said at the Wells Fargo Securities Conference in Boston. "There are hospitals in Portugal and Spain that have put a moratorium on elective procedures because they don't have the budgets," she said, adding that the company saw similar activities in Italy last year.
However, not all of the continent is gloomy. Owen said hospitals in the United Kingdom are "freeing up waiting lists" and elective procedures are on the rise.
"Net-net, those southern European markets are challenging," she said.
Owen said it...
