10 Best Medical AI Companies

2. Stryker Corporation (NYSE:SYK)

Number of Hedge Fund Holders: 53

Market Capitalization: $134.6 billion

Stryker Corporation (NYSE:SYK) is a healthcare equipment provider based in Portage, Michigan. The company utilizes both AI and machine learning in its platforms and operations.

In 2022, Stryker Corporation (NYSE:SYK) was using AI for surgery preparation and patient monitoring. This August, the company also announced its acquisition of care.ai, a privately held company that specializes in delivering AI-assisted virtual care workflows, smart room tech, and ambient intelligence solutions. Through this acquisition, Stryker Corporation (NYSE:SYK) aims to strengthen its growing healthcare IT offering and wirelessly connected medical device portfolio.

Stryker Corporation’s (NYSE:SYK) focus on AI in medicine is set to help the company fill an existing gap in the medical field, since nursing shortages, employee retention challenges, and overworked staff conditions are all plaguing the healthcare industry currently. Through AI-focused moves such as the acquisition of care.ai, Stryker Corporation (NYSE:SYK) aims to provide its customers with an enterprise-wide ecosystem that can deliver dynamic clinical workflows and further the development of smart care facilities. Because of such moves, the company has also been able to raise its full-year guidance for 2024. For instance, in Stryker Corporation’s (NYSE:SYK) second-quarter earnings call, expectations for organic sales growth were raised from 9% to 10%.

There were 53 hedge funds long Stryker Corporation (NYSE:SYK) in the second quarter, with a total stake value of $4.03 billion.

Baron Funds mentioned Stryker Corporation (NYSE:SYK) in its first-quarter 2024 investor letter:

“We also added to Surgery Partners, Inc., a leading operator of ambulatory surgery centers, and Stryker Corporation (NYSE:SYK), a large diversified medical device company. We think Surgery Partners should benefit from a multi-year trend of surgical procedures migrating from inpatient hospitals to outpatient centers. Stryker reported strong fourth quarter financial results, highlighted by 11.5% organic revenue growth, and management provided solid guidance for 2024, calling for 7.5% to 9.0% organic revenue growth and double-digit EPS growth.”