Because of the restrictions that we at The Motley Fool impose on ourselves, writing on a company is a one-way ticket to the trading sidelines for 10 days before or after an author writes about that company. So even though I spoke very positively on Stryker (NYSE:SYK) as a candidate to buy for my niece or nephew to be, I couldn't do anything. And with the trading action being what it has been so far, that has become an expensive column to have written.

Now, putting aside my self-indulgent mewling, I can clearly see that the Stryker story just keeps on keepin' on. Revenue this quarter was up about 12% in constant currency terms, but adjusted earnings rose 20% -- so yet again, this rather large medical technology company enjoys another quarter of 20% growth. I was also quite pleased to see that gross margins improved by 1.5 points. That bodes well for the rest of the year.

Sales of orthopedic devices were up about 7%, and I saw little in the way of surprises. Sales in the spine, trauma, and knee sectors were all strong, but not so much for hips. That said, while total growth in hip sales wasn't great compared with, say Biomet (NASDAQ:BMET), it does seem to be getting better in the U.S. -- and that's without any groundbreaking new technologies or products.

Speaking of new technologies, I'll be paying some attention to Stryker's progress at the Food and Drug Administration with its OP-1 product. Though long in coming, approval of this biologic product would give the company access to a market where Medtronic (NYSE:MDT) has been making better than half a billion dollars a year. While OP-1 wouldn't make a huge impact on revenue, I would expect it to be rather profitable (good for margins), and who knows what the ultimate potential of the product could be once it gets approved and available for sale?

To make this really simple, I liked Stryker before, and I like it now, though the stock certainly isn't as cheap as before. There will be new product introductions, such as a hip resurfacing system from Biomet and/or Smith & Nephew (NYSE:SNN), and perhaps even new competitors -- if, say, Medtronic bought Biomet. But Stryker has been here before, and I think this well-run and well-balanced business can continue to produce solid returns.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).