Stryker confirms double-digit growth in 2011

Stryker has confirmed a net sales growth rate of 13.5 percent in 2011, following successful efforts to diversify its operations.

Data from the medical technology firm's full-year financial report shows that sales rose to $8.3 billion (5.29 billion pounds) last year, with its neurotechnology and spine business unit seeing a particularly pronounced 48.5 percent bump in revenues.

Much of the company's growth over the last 12 months can be attributed to the positive impact of targeted acquisitions, having purchased Orthovita, Memometal Technologies and Concentric Medical, as well as Boston Scientific's neurovascular division.

The company now expects to achieve a further sales increase of between 3.5 percent and 6.5 percent in 2012 on a constant currency basis.

Stephen MacMillan, chairman, president and chief executive officer, said: "Despite the challenging economic environment, our results for 2011 underscore the inherent strength afforded by our balanced diversification."

This follows the company's authorisation of a share repurchase scheme and quarterly dividend increase in December 2011.