Stryker Corporation has suffered slumping profits due to hip replacement recalls for its Rejuvenate and ABG II hip replacements. The hip implant recalls reportedly cost the company about $112 million, though that amount does not include the Stryker hip lawsuit settlement the company reached near the end of 2014.
Stryker agreed to settle metal hip replacement lawsuits levied against its Rejuvenate and ABG II devices for more than $1.4 billion. The Stryker settlement will cover thousands of lawsuits alleging that the recalled devices caused serious complications in patients.
Stryker recalled the Rejuvenate and ABG II hip implants in 2012 after studies showed that the devices were much more likely to fail than other hip implants. Patients who received a faulty Stryker hip replacement complained of side effects including tissue damage and toxic levels of metal in the blood stream.