What drove SYK's earnings beat in Q3 2024?

Stryker Corporation (SYK) reported an EPS of $2.16 for Q3 2024, which was a surprise of $0.1, representing a -0.83% change from the last period, and a revenue surprise of 120 million, with total revenue amounting to $5.49 billion. **MedSurg and Neurotechnology Segment Performance**:
The MedSurg and Neurotechnology segment saw substantial sales growth, driven by strong performances in various regions and market segments. This trend is likely to have continued in Q2 2024, supported by factors such as continued procedural growth, strong uptake of innovative products like the Insignia Hip Stem, and the expansion of the Mako robotic technology platform.

**Orthopaedics & Spine Segment Performance**:
The Orthopaedics & Spine segment also contributed to the overall growth, driven by growth across key subsegments such as Hip, Knee, and Trauma and Extremities. This was due to continued procedural growth and strong sales of products like the Insignia Hip Stem and Mako systems.
**Strategic Initiatives and New Product Launches**:
Stryker's strategic initiatives and new product launches have contributed to its growth. For instance, the launch of the Gamma4 Hip Fracture Nailing System in Europe and the LIFEPAK 35 monitor/defibrillator in the United States are likely to have brought in additional revenues during Q2 2024.
**Hospital Budget Improvements**:
An improving hospital budget is likely to have kept the order book strong, supporting sustained growth in demand for Stryker's products.
**Regional Market Strength**:
Strong performances in the United States, Canada, Australia, Europe, Japan, and most emerging markets have boosted revenues. This regional strength, coupled with a diversified product portfolio, has positioned Stryker for continued growth.
**Analyst Expectations and Company Performance**:
Analysts had projected an EPS of $2.79 for Q2 2024, which Stryker exceeded by $0.02, delivering an earnings surprise of 0.72%. This consistency in exceeding expectations reflects robust business performance and effective market positioning.

In conclusion, Stryker's earnings beat in Q3 2024 can be attributed to strong organic sales growth across its segments, particularly in MedSurg and Neurotechnology and Orthopaedics & Spine, along with the impact of new product launches, strategic acquisitions, and favorable market conditions.