Stryker’s Robot Sales Hit a Record, but a Cyberattack and Earnings Miss Rattle Wall Street

Stryker's Q1 2026 earnings miss and cyberattack overshadow record Mako robot installations, triggering price-target cuts despite strong full-year outlook.

The first quarter of 2026 painted a starkly contrasting picture for Stryker. On one hand, its Mako surgical robotics division posted its best-ever first-quarter installation numbers, underscoring the relentless shift toward robot-assisted orthopedics. On the other, a crippling cyberattack and a subsequent earnings miss sent shares sliding and triggered a flurry of price-target cuts from major banks.

The cybersecurity incident, which brought global production to a standstill for three weeks, left a significant dent in the company’s books. Roughly $375 million in revenue was either lost or deferred, and adjusted earnings per share came in at $2.60—well short of analyst expectations. The stock now trades at around €253, hovering just above its 52-week low and down roughly 15% since the start of the year.

Barclays was among the first to react, slashing its price target from $469 to $394. Deutsche Bank and JPMorgan followed suit with downward revisions of their own. Truist Securities also cut its target from $380 to $330, maintaining a neutral rating until Stryker’s supply chain is fully back on track. The valuation has cooled considerably: the price-to-earnings ratio has dropped from over 27 a year ago to roughly 19, a level some analysts now view as a new baseline for the stock.

Despite the rocky start, management is standing firm on its full-year outlook. The company still expects organic revenue growth of up to 9.5% in 2026, with adjusted earnings per share reaching as high as $15.10. CEO Kevin Lobo has expressed confidence that the production backlog will be cleared over the course of the year, keeping the annual revenue target of $27.3 billion intact.

Stryker is also pushing ahead with strategic expansion. The planned acquisition of Amplitude Vascular Systems, a specialist in calcified artery treatment, is expected to close in the second quarter. Meanwhile, the company has established a new business unit called “Ortho Tech” as part of a broader restructuring of its orthopedics division—a topic investors hope to hear more about when leadership takes the stage at a Las Vegas conference in mid-May.

For now, the market remains cautious. The record-breaking Mako installations and the long-term promise of robotic surgery are real positives, but they have been overshadowed by the immediate fallout from the cyberattack and the earnings disappointment. Stryker’s ability to regain momentum will depend on how quickly it can restore full production capacity and convince investors that the worst is behind it.