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NEW YORK - Shares of orthopedics manufacturer Stryker Corp. fell Thursday after the company indicated that fewer hip surfacing procedures would be conducted this year than it previously forecast.
| SYK | 66.84 |  -0.36 |
This week, Stryker notified its partner, U.K.-based medical technology company Corin PLC, that based on current inventory, it will not order additional Cormet hip resurfacing devices from Corin until December.
Stryker in April had confirmed its order plans with Corin, saying it expected implant procedures to accelerate in the second quarter once a training program picked up. However, Stryker has now doesn't expect procedures to meet its prior forecasts.
Goldman Sachs analyst Lawrence Keusch said he is not surprised by Stryker's announcement given that the investment house's recent survey of U.S. orthopedic surgeons indicate that hip resurfacing procedures will be modest.
Keusch maintained his "Neutral" rating and $70 price target on the stock.
Stryker shares were down $1.49, or more than 2 percent, to $62.70 in midday trading.
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