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Investing.com -- Stryker Corp. shares dropped as much as 7.7% on Tuesday morning after company executives discussed ongoing problems in its peripheral vascular and joint replacement operations at an industry conference.
The company presented at the Wells Fargo Healthcare Conference, where Chief Financial Officer Preston Wells addressed issues affecting the business.
Wells explained that a manufacturing problem continues to prevent the company from maintaining full inventory supply to customers. The issue also limits the company's ability to pursue new business opportunities. The company had expected to resolve this problem in the third quarter.
"What we're seeing is that is continuing into the third quarter. We expect it to continue a little bit into the fourth quarter as well," Wells said.