Stryker Corporation reported 3rd-quarter profits down 71% due to ongoing issues related to its Stryker hip replacement recall. The device manufacturer issued a voluntary recall of its Stryker ABG II and Stryker Rejuvenate hip replacement in July 2012.
Stryker issued the recall after several studies showed the hip replacements carried significant risks of side effects and a need for revision surgery. Stryker hip replacement side effects include metallosis, pain, swelling and bone deterioration.
Multiple metal-on-metal hip implant manufacturers have faced serious problems related to their devices. Stryker is one of several companies facing thousands of hip replacement lawsuits alleging that the company released a defective device.