3 Top Healthcare Stocks For 2021: Stryker, Edwards Lifesciences, And Align

NYSE: SYK | Stryker Corporation  News, Ratings, and Charts

The healthcare industry has been lifted into the spotlight by the coronavirus pandemic. The lasting side effects of the COVID-19, combined with inactive lifestyles, has raised people’s awareness of their own health issues like few events have before.  Moreover, the U.S. is seeing an increase in chronic ailments, in-part due to an ageing population, which will demand more treatment and medical care over time.

The production of general medical equipment was severely impacted this year as COVID-19 PPE kits became the priority of several medical equipment manufacturers. Also, the fear of virus transmission impelled patients to defer their elective medical procedures, significantly reducing the demand for non-COVID medical equipment.

Nevertheless, medical technology companies have continued innovating with future demand in mind. With the likelihood that the ongoing coronavirus vaccination drive will control the virus’ spread in the foreseeable future, we believe Stryker Corporation (SYK - Get Rating), Edwards Lifesciences Corporation (EW - Get Rating), and Align Technology, Inc. (ALGN - Get Rating) have the potential to deliver impressive results in 2021.

Stryker Corporation (SYK - Get Rating)

SYK develops and supplies medical technology products and services through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The company sells its products through subsidiaries, branches, and third-party dealers and distributors in approximately 75 countries.

SYK acquired Wright Medical Group N.V. (WMGI), an extremities and biologics focused medical device company, in November. This was done to boost SYK’s global market position in the global medical devices market.

SYK’s revenues have increased 4.2% year-over-year to $3.74 billion in the third quarter ended September 30, 2020. Non-GAAP operating profit increased 36.8% from the year-ago value to $859 million, while Non-GAAP EPS rose 32.5% from the same period last year to $1.63.

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