Stryker (NYSE:SYK) reported operating results for the fourth
quarter and full year of 2021:
Fourth Quarter Results
- Reported net sales
increased 10.3% from 2020 and 13.8% from 2019 to $4.7
billion
- Organic net sales increased
9.0% from 2020 and 6.2% from 2019
- Reported operating income
margin of 17.4%
- Adjusted operating income
margin(1) contracted 190 bps
to 27.3%
- Reported EPS increased
16.1% to $1.73
- Adjusted
EPS(1) decreased 3.6% to
$2.71
In addition to sales growth analysis versus
2020, we are including sales growth versus 2019 as 2019 provides a
more normal baseline for comparison given the variability caused by
the COVID-19 pandemic throughout 2020. As previously disclosed,
effective December 31, 2021, we have updated our reportable
business segments to (i) MedSurg and Neurotechnology and (ii)
Orthopaedics and Spine to align to our new internal reporting
structure.
|
Fourth Quarter Net Sales Growth Overview |
|
From 2020 |
|
From 2019 |
|
Reported |
|
Foreign Currency Exchange |
|
Constant Currency |
|
Acquisitions / Divestitures |
|
Organic |
|
Reported |
|
Foreign Currency Exchange |
|
Constant Currency |
|
Acquisitions / Divestitures |
|
Organic |
MedSurg and
Neurotechnology |
8.7 |
% |
|
(0.7) % |
|
9.4 |
% |
|
0.2 |
% |
|
9.2 |
% |
|
12.3 |
% |
|
0.5 |
% |
|
11.8 |
% |
|
0.2 |
% |
|
11.6 |
% |
Orthopaedics and Spine |
12.5 |
|
|
(0.8)
|
|
|
13.3 |
|
|
4.6 |
|
|
8.7 |
|
|
15.8 |
|
|
0.6 |
|
|
15.2 |
|
|
16.0 |
|
|
(0.8) |
|
Total |
10.3 |
% |
|
(0.8) % |
|
11.1 |
% |
|
2.1 |
% |
|
9.0 |
% |
|
13.8 |
% |
|
0.5 |
% |
|
13.3 |
% |
|
7.1 |
% |
|
6.2 |
% |
Full Year Results
- Reported net sales
increased 19.2% from 2020 and 14.9% from 2019 to $17.1
billion
- Organic net sales increased
12.6% from 2020 and 7.2% from 2019
- Reported operating income
margin of 15.1%
- Adjusted operating income
margin(1) expanded 120 bps
to 25.6%
- Reported EPS increased
24.0% to $5.21
- Adjusted
EPS(1) increased 22.3% to
$9.09
|
Full Year Net Sales Growth Overview |
|
From 2020 |
|
From 2019 |
|
Reported |
|
Foreign Currency Exchange |
|
Constant Currency |
|
Acquisitions / Divestitures |
|
Organic |
|
Reported |
|
Foreign Currency Exchange |
|
Constant Currency |
|
Acquisitions / Divestitures |
|
Organic |
MedSurg and
Neurotechnology |
14.3 |
% |
|
1.0 |
% |
|
13.3 |
% |
|
0.2 |
% |
|
13.1 |
% |
|
12.6 |
% |
|
1.0 |
% |
|
11.6 |
% |
|
0.2 |
% |
|
11.4 |
% |
Orthopaedics and Spine |
26.0 |
|
|
1.2 |
|
|
24.8 |
|
|
12.8 |
|
|
12.0 |
|
|
18.1 |
|
|
1.3 |
|
|
16.8 |
|
|
15.1 |
|
|
1.7 |
|
Total |
19.2 |
% |
|
1.1 |
% |
|
18.1 |
% |
|
5.5 |
% |
|
12.6 |
% |
|
14.9 |
% |
|
1.1 |
% |
|
13.8 |
% |
|
6.6 |
% |
|
7.2 |
% |
"We delivered a strong year of financial
results, despite the ongoing challenges of the pandemic," said
Kevin Lobo, Chair & Chief Executive Officer. "Organic sales
growth of over 7% versus 2019, coupled with double-digit adjusted
EPS growth and excellent cash flow performance were all
noteworthy achievements, as was the excellent integration of Wright
Medical. We continue to be well-positioned for future growth."
Sales Analysis Compared to 2020 and
2019
Consolidated net sales of $4.7 billion and $17.1
billion increased 10.3% in the quarter, 11.1% in constant currency,
and increased 19.2% in the full year, 18.1% in constant currency,
from 2020. Organic net sales increased 9.0% and 12.6% in the
quarter and full year including 9.8% and 13.4% from increased unit
volume partially offset by 0.8% and 0.8% from lower prices. From
2019, consolidated net sales increased 13.8% in the quarter, 13.3%
in constant currency, and increased 14.9% in the full year, 13.8%
in constant currency. Organic net sales increased 6.2% and 7.2% in
the quarter and full year including 7.9% and 8.7% from increased
unit volume partially offset by 1.7% and 1.5% from lower
prices.
MedSurg and Neurotechnology net sales of $2.6
billion and $9.5 billion increased 8.7% in the quarter, 9.4% in
constant currency, and increased 14.3% in the full year, 13.3% in
constant currency, from 2020. Organic net sales increased 9.2% and
13.1% in the quarter and full year including 10.0% and 13.6% from
increased unit volume partially offset by 0.8% and 0.5% from lower
prices. From 2019, MedSurg and Neurotechnology net sales increased
12.3% in the quarter, 11.8% in constant currency, and increased
12.6% in the full year, 11.6% in constant currency. Organic net
sales increased 11.6% and 11.4% in the quarter and full year
including 12.8% and 11.9% from increased unit volume partially
offset by 1.2% and 0.5% from lower prices.
Orthopaedics and Spine net sales of $2.1 billion
and $7.6 billion increased 12.5% in the quarter, 13.3% in constant
currency, and increased 26.0% in the full year, 24.8% in constant
currency, from 2020. Organic net sales increased 8.7% and 12.0% in
the quarter and full year including 9.6% and 13.2% from increased
unit volume partially offset by 0.9% and 1.2% from lower prices.
From 2019, Orthopaedics and Spine net sales increased 15.8% in the
quarter, 15.2% in constant currency, and increased 18.1% in the
full year, 16.8% in constant currency. Organic net sales decreased
0.8% in the quarter including 1.6% from increased unit volume and
2.4% and from lower prices. Organic net sales increased 1.7% in the
full year including 4.4% from increased unit volume partially
offset by 2.7% from lower prices.
Earnings Analysis Compared to
2020
Reported net earnings of $662 million and $2.0
billion increased 16.5% and 24.7% in the quarter and full year.
Reported net earnings per diluted share of $1.73 and $5.21
increased 16.1% and 24.0% in the quarter and full year. Reported
gross profit margin and reported operating income margin were 64.8%
and 17.4% in the quarter and 64.1% and 15.1% in the full year. In
the quarter, we recorded asset impairments of $137 million
consisting primarily of in-process research and development, other
intangible assets and property, plant and equipment as a result of
COVID-19-related demand impacts on in-process product development
and certain other divestiture and restructuring activities.
Reported net earnings include certain items, such as charges for
acquisition and integration-related activities, the amortization of
purchased intangible assets, asset impairments and
restructuring-related and other charges, costs to comply with
certain medical device regulations, recall-related matters,
regulatory and legal matters and tax matters. Excluding the
aforementioned items, adjusted gross profit margin(1) was 65.8% and
65.9% in the quarter and full year, and adjusted operating income
margin(1) was 27.3% and 25.6% in the quarter and full year.
Adjusted net earnings(1) of $1.0 billion and $3.5 billion decreased
3.5% and increased 22.9% in the quarter and full year. Adjusted net
earnings per diluted share(1) of $2.71 and $9.09 decreased 3.6% and
increased 22.3% in the quarter and full year.
2022 Outlook
We continue to monitor and evaluate the impact
the global response to the COVID-19 pandemic has had, and will
continue to have, on our operations and financial results. As we
assess the impact of the pandemic on our operations and the
external environment we believe the short-term outlook remains
volatile. We expect 2022 organic net sales growth to be in the
range of 6% to 8% and expect adjusted net earnings per diluted
share(2) to be in the range of $9.60 to $10.00. Consistent with the
pricing environment experienced in previous years, we expect
continued unfavorable price reductions of approximately 1% in 2022.
If foreign exchange rates hold near their current levels, we
anticipate sales and EPS will be modestly unfavorably impacted as
compared to 2021.
(1) A reconciliation of the non-GAAP financial
measures: adjusted gross profit margin, adjusted operating income
and adjusted operating income margin, adjusted net earnings and
adjusted net earnings per diluted share, to the most directly
comparable GAAP measures: gross profit margin, operating income and
operating income margin, net earnings and net earnings per diluted
share, and other important information accompanies this press
release.
(2) We are unable to present a quantitative
reconciliation of our expected net earnings per diluted share to
expected adjusted net earnings per diluted share as we are unable
to predict with reasonable certainty and without unreasonable
effort the impact and timing of restructuring-related and other
charges, acquisition-related expenses and fair value adjustments to
inventory and the outcome of certain regulatory, legal and tax
matters. The financial impact of these items is uncertain and is
dependent on various factors, including timing, and could be
material to our Consolidated Statements of Earnings.
Conference Call on Thursday,
January 27, 2022
As previously announced, Stryker will host a
conference call on Thursday, January 27, 2022 at 4:30 p.m.,
Eastern Time, to discuss the Company's operating results for the
quarter and year ended December 31, 2021 and provide an
operational update.
To register for this conference call, please use
the following link: Stryker's Q4 2021 earnings
call. After registering, a confirmation will be sent via
email, including dial-in details and unique conference call access
codes required for call entry. Registration is open throughout the
live call. To ensure you are connected prior to the beginning of
the call, the Company suggests registering a minimum of 15 minutes
before the start of the call.
A simultaneous webcast of the call will be
accessible via the Investor Relations page of the Company's website
at www.stryker.com. For those not planning to ask a question of
management, the Company recommends listening via the webcast.
Please allow 15 minutes to register, download and install any
necessary software.
Following the conference call, a replay will be
available at (866) 813-9403 (Toll Free) or (929) 458-6194
(International). The replay passcode is 064681. An archive of the
webcast will also be available on the Company's website two hours
after the live call ends.
Caution Concerning Forward-Looking
Statements
This press release contains information that
includes or is based on forward-looking statements within the
meaning of the federal securities law that are subject to various
risks and uncertainties that could cause our actual results to
differ materially from those expressed or implied in such
statements. Such factors include, but are not limited to: the
impact on our operations and financial results of the COVID-19
pandemic and any related policies and actions by governments or
other third parties; the failure to satisfy any of the closing
conditions to the acquisition of Vocera Communications, Inc.
("Vocera"), including the receipt of any required regulatory
clearances (and the risk that such clearances may result in the
imposition of conditions that could adversely affect the expected
benefits of the transaction); delays in consummating the
acquisition of Vocera; unexpected liabilities, costs, charges or
expenses in connection with the acquisition of Vocera; the effects
of the proposed Vocera transaction (or the announcement thereof) on
the parties' relationships with employees, customers, other
business partners or governmental entities; weakening of economic
conditions that could adversely affect the level of demand for our
products; pricing pressures generally, including cost-containment
measures that could adversely affect the price of or demand for our
products; changes in foreign exchange markets; legislative and
regulatory actions; unanticipated issues arising in connection with
clinical studies and otherwise that affect United States Food and
Drug Administration approval of new products, including Vocera
products; potential supply disruptions; changes in reimbursement
levels from third-party payors; a significant increase in product
liability claims; the ultimate total cost with respect to
recall-related matters; the impact of investigative and legal
proceedings and compliance risks; resolution of tax audits; the
impact of the federal legislation to reform the United States
healthcare system; costs to comply with medical device regulations;
changes in financial markets; changes in the competitive
environment; our ability to integrate and realize the anticipated
benefits of acquisitions in full or at all or within the expected
timeframes, including the acquisition of Vocera; and our ability to
realize anticipated cost savings. Additional information concerning
these and other factors is contained in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. We disclaim any
intention or obligation to publicly update or revise any
forward-looking statement to reflect any change in our expectations
or in events, conditions or circumstances on which those
expectations may be based, or that affect the likelihood that
actual results will differ from those contained in the
forward-looking statements.
Stryker is one of the world's leading medical
technology companies and, together with its customers, is driven to
make healthcare better. The company offers innovative products and
services in Medical and Surgical, Neurotechnology, Orthopaedics and
Spine that help improve patient and hospital outcomes. More
information is available at www.stryker.com.
For investor inquiries please
contact:
Preston Wells, Vice President, Investor
Relations at 269-385-2600 or preston.wells@stryker.com
For media inquiries please
contact:
Yin Becker, Vice President, Chief Corporate
Affairs Officer at 269-385-2600 or yin.becker@stryker.com
STRYKER CORPORATION |
For the Three Months and Full Year December
31 |
(Unaudited - Millions of Dollars, Except Per Share
Amounts) |
CONSOLIDATED STATEMENTS OF EARNINGS |
|
|
|
|
|
|
|
|
|
Three Months |
|
Full Year |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
Net
sales |
$ |
4,701 |
|
|
$ |
4,262 |
|
|
10.3 |
% |
|
$ |
17,108 |
|
|
$ |
14,351 |
|
|
19.2 |
% |
Cost of sales |
|
1,656 |
|
|
|
1,545 |
|
|
7.2 |
|
|
|
6,140 |
|
|
|
5,294 |
|
|
16.0 |
|
Gross
profit |
$ |
3,045 |
|
|
$ |
2,717 |
|
|
12.1 |
% |
|
$ |
10,968 |
|
|
$ |
9,057 |
|
|
21.1 |
% |
% of sales |
|
64.8 |
% |
|
|
63.7 |
% |
|
|
|
|
64.1 |
% |
|
|
63.1 |
% |
|
|
Research, development and engineering expenses |
|
331 |
|
|
|
255 |
|
|
29.8 |
|
|
|
1,235 |
|
|
|
984 |
|
|
25.5 |
|
Selling, general and administrative expenses |
|
1,745 |
|
|
|
1,562 |
|
|
11.7 |
|
|
|
6,427 |
|
|
|
5,361 |
|
|
19.9 |
|
Recall charges |
|
5 |
|
|
|
21 |
|
|
nm |
|
|
103 |
|
|
|
17 |
|
|
nm |
Amortization of intangible assets |
|
145 |
|
|
|
130 |
|
|
11.5 |
|
|
|
619 |
|
|
|
472 |
|
|
31.1 |
|
Total operating expenses |
$ |
2,226 |
|
|
$ |
1,968 |
|
|
13.1 |
% |
|
$ |
8,384 |
|
|
$ |
6,834 |
|
|
22.7 |
% |
Operating
income |
$ |
819 |
|
|
$ |
749 |
|
|
9.3 |
% |
|
$ |
2,584 |
|
|
$ |
2,223 |
|
|
16.2 |
% |
% of sales |
|
17.4 |
% |
|
|
17.6 |
% |
|
|
|
|
15.1 |
% |
|
|
15.5 |
% |
|
|
Other income (expense), net |
|
(62)
|
|
|
|
(78)
|
|
|
(20.5) |
|
|
|
(303)
|
|
|
|
(269)
|
|
|
12.6 |
|
Earnings before income
taxes |
$ |
757 |
|
|
$ |
671 |
|
|
12.8 |
% |
|
$ |
2,281 |
|
|
$ |
1,954 |
|
|
16.7 |
% |
Income taxes |
|
95 |
|
|
|
103 |
|
|
(7.8)
|
|
|
|
287 |
|
|
|
355 |
|
|
(19.2)
|
|
Net
earnings |
$ |
662 |
|
|
$ |
568 |
|
|
16.5 |
% |
|
$ |
1,994 |
|
|
$ |
1,599 |
|
|
24.7 |
% |
Net earnings per share
of common stock: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.75 |
|
|
$ |
1.51 |
|
|
15.9 |
% |
|
$ |
5.29 |
|
|
$ |
4.26 |
|
|
24.2 |
% |
Diluted |
$ |
1.73 |
|
|
$ |
1.49 |
|
|
16.1 |
% |
|
$ |
5.21 |
|
|
$ |
4.20 |
|
|
24.0 |
% |
Weighted-average
shares outstanding (in millions): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
377.3 |
|
|
|
375.9 |
|
|
|
|
|
377.0 |
|
|
|
375.5 |
|
|
|
Diluted |
|
382.7 |
|
|
|
381.3 |
|
|
|
|
|
382.3 |
|
|
|
380.3 |
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
December 31 |
|
|
2021 |
|
|
2020 |
Assets |
|
|
|
Cash and cash equivalents |
$ |
2,944 |
|
$ |
2,943 |
Marketable securities |
|
75 |
|
|
81 |
Accounts receivable, net |
|
3,022 |
|
|
2,701 |
Inventories |
|
3,314 |
|
|
3,494 |
Prepaid expenses and other current assets |
|
662 |
|
|
488 |
Total current assets |
$ |
10,017 |
|
$ |
9,707 |
Property, plant and equipment, net |
|
2,833 |
|
|
2,752 |
Goodwill and other intangibles, net |
|
17,758 |
|
|
18,332 |
Noncurrent deferred income tax assets |
|
1,760 |
|
|
1,530 |
Other noncurrent assets |
|
2,263 |
|
|
2,009 |
Total
assets |
$ |
34,631 |
|
$ |
34,330 |
Liabilities and
shareholders' equity |
|
|
|
Current liabilities |
$ |
4,549 |
|
$ |
5,041 |
Long-term debt, excluding current maturities |
|
12,472 |
|
|
13,230 |
Income taxes |
|
913 |
|
|
990 |
Other noncurrent liabilities |
|
1,820 |
|
|
1,985 |
Shareholders' equity |
|
14,877 |
|
|
13,084 |
Total liabilities and
shareholders' equity |
$ |
34,631 |
|
$ |
34,330 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
December 31 |
|
|
2021 |
|
|
|
2020 |
|
Operating
activities |
|
|
|
Net earnings |
$ |
1,994 |
|
|
$ |
1,599 |
|
Depreciation |
|
371 |
|
|
|
340 |
|
Amortization of intangible assets |
|
619 |
|
|
|
472 |
|
Changes in operating assets, liabilities, income taxes payable and
other, net |
|
279 |
|
|
|
866 |
|
Net cash provided by
operating activities |
$ |
3,263 |
|
|
$ |
3,277 |
|
Investing
activities |
|
|
|
Acquisitions, net of cash acquired |
$ |
(339)
|
|
|
$ |
(4,222)
|
|
Purchases of property, plant and equipment |
|
(525)
|
|
|
|
(487)
|
|
Other investing, net |
|
5 |
|
|
|
8 |
|
Net cash used in
investing activities |
$ |
(859)
|
|
|
$ |
(4,701)
|
|
Financing
activities |
|
|
|
Borrowings (payments) of debt, net |
$ |
(1,153)
|
|
|
$ |
989 |
|
Payments of dividends |
|
(950)
|
|
|
|
(863)
|
|
Other financing, net |
|
(262)
|
|
|
|
(137)
|
|
Net cash provided by
(used in) financing activities |
$ |
(2,365)
|
|
|
$ |
(11)
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(38)
|
|
|
|
41 |
|
Change in cash and
cash equivalents |
$ |
1 |
|
|
$ |
(1,394)
|
|
nm - not meaningful
STRYKER CORPORATION |
For the Three Months and Full Year December
31 |
(Unaudited - Millions of Dollars) |
SALES GROWTH ANALYSIS |
|
Three Months |
|
Full Year |
|
|
|
|
Percentage Change |
|
|
|
|
Percentage Change |
|
|
2021 |
|
2020 |
|
As Reported |
ConstantCurrency |
|
|
2021 |
|
2020 |
|
As Reported |
ConstantCurrency |
Geographic: |
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
3,418 |
$ |
3,098 |
|
10.3 |
% |
10.3 |
% |
|
$ |
12,321 |
$ |
10,455 |
|
17.9 |
% |
17.9 |
% |
International |
|
1,283 |
|
1,164 |
|
10.2 |
|
13.1 |
|
|
|
4,787 |
|
3,896 |
|
22.8 |
|
18.8 |
|
Total |
$ |
4,701 |
$ |
4,262 |
|
10.3 |
% |
11.1 |
% |
|
$ |
17,108 |
$ |
14,351 |
|
19.2 |
% |
18.1 |
% |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
MedSurg and Neurotechnology |
$ |
2,639 |
$ |
2,429 |
|
8.7 |
% |
9.4 |
% |
|
$ |
9,538 |
$ |
8,345 |
|
14.3 |
% |
13.3 |
% |
Orthopaedics and Spine |
|
2,062 |
|
1,833 |
|
12.5 |
|
13.3 |
|
|
|
7,570 |
|
6,006 |
|
26.0 |
|
24.8 |
|
Total |
$ |
4,701 |
$ |
4,262 |
|
10.3 |
% |
11.1 |
% |
|
$ |
17,108 |
$ |
14,351 |
|
19.2 |
% |
18.1 |
% |
SUPPLEMENTAL SALES GROWTH ANALYSIS |
|
Three Months |
|
|
|
|
|
|
United States |
|
International |
|
|
|
Percentage Change |
|
|
2021 |
|
2020 |
|
As Reported |
Constant Currency |
|
As Reported |
|
As Reported |
Constant Currency |
MedSurg
and Neurotechnology: |
|
|
|
|
|
|
|
|
|
|
Instruments |
$ |
600 |
$ |
555 |
|
8.4 |
% |
9.0 |
% |
|
5.3 |
% |
|
20.9 |
% |
23.9 |
% |
Endoscopy |
|
629 |
|
525 |
|
19.9 |
|
21.0 |
|
|
19.7 |
|
|
20.7 |
|
25.9 |
|
Medical |
|
709 |
|
705 |
|
0.5 |
|
1.0 |
|
|
0.6 |
|
|
0.4 |
|
2.5 |
|
Neurovascular |
|
303 |
|
281 |
|
7.0 |
|
8.3 |
|
|
1.1 |
|
|
10.8 |
|
13.1 |
|
Neuro Cranial |
|
324 |
|
294 |
|
10.7 |
|
11.1 |
|
|
11.5 |
|
|
7.2 |
|
9.6 |
|
Other |
|
74 |
|
69 |
|
6.0 |
|
6.0 |
|
|
5.6 |
|
|
32.1 |
|
27.9 |
|
|
$ |
2,639 |
$ |
2,429 |
|
8.7 |
% |
9.4 |
% |
|
7.7 |
% |
|
11.5 |
% |
14.4 |
% |
Orthopaedics and
Spine: |
|
|
|
|
|
|
|
|
|
|
Knees |
$ |
523 |
$ |
459 |
|
14.2 |
% |
14.9 |
% |
|
14.6 |
% |
|
13.1 |
% |
15.8 |
% |
Hips |
|
352 |
|
340 |
|
3.2 |
|
4.0 |
|
|
1.6 |
|
|
5.9 |
|
8.1 |
|
Trauma and Extremities |
|
711 |
|
570 |
|
24.5 |
|
25.5 |
|
|
30.7 |
|
|
11.4 |
|
14.4 |
|
Spine |
|
300 |
|
307 |
|
(1.8)
|
|
(1.1)
|
|
|
(0.5)
|
|
|
(5.2)
|
|
(2.6)
|
|
Other |
|
176 |
|
157 |
|
11.7 |
|
13.0 |
|
|
8.2 |
|
|
25.2 |
|
32.1 |
|
|
$ |
2,062 |
$ |
1,833 |
|
12.5 |
% |
13.3 |
% |
|
14.1 |
% |
|
8.7 |
% |
11.7 |
% |
Total |
$ |
4,701 |
$ |
4,262 |
|
10.3 |
% |
11.1 |
% |
|
10.3 |
% |
|
10.2 |
% |
13.1 |
% |
|
|
Full Year |
|
|
|
|
|
|
United States |
|
International |
|
|
|
Percentage Change |
|
|
2021 |
|
2020 |
|
As Reported |
Constant Currency |
|
As Reported |
|
As Reported |
Constant Currency |
MedSurg
and Neurotechnology: |
|
|
|
|
|
|
|
|
|
|
Instruments |
$ |
2,111 |
$ |
1,863 |
|
13.4 |
% |
12.5 |
% |
|
11.3 |
% |
|
20.9 |
% |
16.6 |
% |
Endoscopy |
|
2,141 |
|
1,763 |
|
21.5 |
|
20.8 |
|
|
18.6 |
|
|
32.7 |
|
29.4 |
|
Medical |
|
2,607 |
|
2,524 |
|
3.3 |
|
2.2 |
|
|
5.1 |
|
|
(2.4)
|
|
(6.6)
|
|
Neurovascular |
|
1,188 |
|
973 |
|
22.0 |
|
19.5 |
|
|
18.3 |
|
|
24.4 |
|
20.3 |
|
Neuro Cranial |
|
1,214 |
|
972 |
|
24.9 |
|
24.3 |
|
|
23.4 |
|
|
32.4 |
|
28.6 |
|
Other |
|
277 |
|
250 |
|
10.4 |
|
10.3 |
|
|
10.0 |
|
|
48.9 |
|
40.8 |
|
|
$ |
9,538 |
$ |
8,345 |
|
14.3 |
% |
13.3 |
% |
|
13.0 |
% |
|
18.1 |
% |
14.0 |
% |
Orthopaedics and
Spine: |
|
|
|
|
|
|
|
|
|
|
Knees |
$ |
1,848 |
$ |
1,567 |
|
18.0 |
% |
16.9 |
% |
|
15.4 |
% |
|
25.5 |
% |
21.3 |
% |
Hips |
|
1,342 |
|
1,206 |
|
11.2 |
|
9.9 |
|
|
5.8 |
|
|
21.1 |
|
17.2 |
|
Trauma and Extremities |
|
2,664 |
|
1,722 |
|
54.6 |
|
53.0 |
|
|
63.8 |
|
|
36.8 |
|
32.3 |
|
Spine |
|
1,167 |
|
1,047 |
|
11.5 |
|
10.5 |
|
|
8.7 |
|
|
19.1 |
|
15.2 |
|
Other |
|
549 |
|
464 |
|
18.2 |
|
18.0 |
|
|
10.1 |
|
|
58.8 |
|
57.4 |
|
|
$ |
7,570 |
$ |
6,006 |
|
26.0 |
% |
24.8 |
% |
|
25.0 |
% |
|
28.6 |
% |
24.5 |
% |
Total |
$ |
17,108 |
$ |
14,351 |
|
19.2 |
% |
18.1 |
% |
|
17.9 |
% |
|
22.8 |
% |
18.8 |
% |
STRYKER CORPORATION |
For the Three Months and Full Year December
31 |
(Unaudited - Millions of Dollars) |
SALES GROWTH ANALYSIS |
|
Three Months |
|
Full Year |
|
|
|
|
Percentage Change |
|
|
|
|
Percentage Change |
|
|
2021 |
|
2019 |
|
As Reported |
ConstantCurrency |
|
|
2021 |
|
2019 |
|
As Reported |
ConstantCurrency |
Geographic: |
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
3,418 |
$ |
3,039 |
|
12.5 |
% |
12.5 |
% |
|
$ |
12,321 |
$ |
10,957 |
|
12.4 |
% |
12.4 |
% |
International |
|
1,283 |
|
1,092 |
|
17.5 |
|
15.5 |
|
|
|
4,787 |
|
3,927 |
|
21.9 |
|
17.6 |
|
Total |
$ |
4,701 |
$ |
4,131 |
|
13.8 |
% |
13.3 |
% |
|
$ |
17,108 |
$ |
14,884 |
|
14.9 |
% |
13.8 |
% |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
MedSurg and Neurotechnology |
$ |
2,639 |
$ |
2,352 |
|
12.3 |
% |
11.8 |
% |
|
$ |
9,538 |
$ |
8,475 |
|
12.6 |
% |
11.6 |
% |
Orthopaedics and Spine |
|
2,062 |
|
1,779 |
|
15.8 |
|
15.2 |
|
|
|
7,570 |
|
6,409 |
|
18.1 |
|
16.8 |
|
Total |
$ |
4,701 |
$ |
4,131 |
|
13.8 |
% |
13.3 |
% |
|
$ |
17,108 |
$ |
14,884 |
|
14.9 |
% |
13.8 |
% |
SUPPLEMENTAL SALES GROWTH ANALYSIS |
|
Three Months |
|
|
|
|
|
|
|
United States |
|
International |
|
|
|
|
Percentage Change |
|
|
2021 |
|
2019 |
|
As Reported |
Constant Currency |
|
As Reported |
|
As Reported |
Constant Currency |
MedSurg
and Neurotechnology: |
|
|
|
|
|
|
|
|
|
|
Instruments |
$ |
600 |
$ |
542 |
|
10.8 |
% |
10.3 |
% |
|
10.8 |
% |
|
10.6 |
% |
8.6 |
% |
Endoscopy |
|
629 |
|
559 |
|
12.5 |
|
12.7 |
|
|
11.3 |
|
|
17.0 |
|
17.7 |
|
Medical |
|
709 |
|
637 |
|
11.4 |
|
10.9 |
|
|
10.3 |
|
|
15.1 |
|
13.1 |
|
Neurovascular |
|
303 |
|
245 |
|
23.3 |
|
20.9 |
|
|
7.4 |
|
|
35.0 |
|
30.6 |
|
Neuro Cranial |
|
324 |
|
295 |
|
10.2 |
|
10.0 |
|
|
6.7 |
|
|
28.5 |
|
26.9 |
|
Other |
|
74 |
|
74 |
|
0.4 |
|
0.3 |
|
|
(0.6)
|
|
|
87.0 |
|
78.6 |
|
|
$ |
2,639 |
$ |
2,352 |
|
12.3 |
% |
11.8 |
% |
|
9.6 |
% |
|
20.7 |
% |
18.7 |
% |
Orthopaedics and
Spine: |
|
|
|
|
|
|
|
|
|
|
Knees |
$ |
523 |
$ |
510 |
|
2.6 |
% |
2.2 |
% |
|
0.3 |
% |
|
9.7 |
% |
7.9 |
% |
Hips |
|
352 |
|
372 |
|
(5.3)
|
|
(5.8)
|
|
|
(9.7)
|
|
|
2.7 |
|
1.3 |
|
Trauma and Extremities |
|
711 |
|
442 |
|
60.5 |
|
59.0 |
|
|
78.2 |
|
|
29.1 |
|
25.9 |
|
Spine |
|
300 |
|
312 |
|
(3.7)
|
|
(4.2)
|
|
|
(6.6)
|
|
|
5.3 |
|
2.9 |
|
Other |
|
176 |
|
143 |
|
22.1 |
|
22.3 |
|
|
21.5 |
|
|
24.0 |
|
24.7 |
|
|
$ |
2,062 |
$ |
1,779 |
|
15.8 |
% |
15.2 |
% |
|
16.6 |
% |
|
14.0 |
% |
12.1 |
% |
Total |
$ |
4,701 |
$ |
4,131 |
|
13.8 |
% |
13.3 |
% |
|
12.5 |
% |
|
17.5 |
% |
15.5 |
% |
|
|
Full Year |
|
|
|
|
|
|
|
United States |
|
International |
|
|
|
|
Percentage Change |
|
|
2021 |
|
2019 |
|
As Reported |
Constant Currency |
|
As Reported |
|
As Reported |
Constant Currency |
MedSurg
and Neurotechnology: |
|
|
|
|
|
|
|
|
|
|
Instruments |
$ |
2,111 |
$ |
1,959 |
|
7.7 |
% |
6.8 |
% |
|
6.1 |
% |
|
13.6 |
% |
9.4 |
% |
Endoscopy |
|
2,141 |
|
1,983 |
|
8.0 |
|
7.6 |
|
|
5.9 |
|
|
16.0 |
|
14.2 |
|
Medical |
|
2,607 |
|
2,264 |
|
15.2 |
|
14.2 |
|
|
12.4 |
|
|
25.8 |
|
21.0 |
|
Neurovascular |
|
1,188 |
|
924 |
|
28.6 |
|
25.3 |
|
|
15.5 |
|
|
38.2 |
|
32.4 |
|
Neuro Cranial |
|
1,214 |
|
1,059 |
|
14.7 |
|
14.0 |
|
|
10.9 |
|
|
34.3 |
|
29.8 |
|
Other |
|
277 |
|
286 |
|
(3.2)
|
|
(3.3)
|
|
|
(3.7)
|
|
|
46.2 |
|
37.7 |
|
|
$ |
9,538 |
$ |
8,475 |
|
12.6 |
% |
11.6 |
% |
|
8.6 |
% |
|
25.3 |
% |
21.0 |
% |
Orthopaedics and
Spine: |
|
|
|
|
|
|
|
|
|
|
Knees |
$ |
1,848 |
$ |
1,815 |
|
1.8 |
% |
0.9 |
% |
|
0.3 |
% |
|
6.3 |
% |
2.6 |
% |
Hips |
|
1,342 |
|
1,383 |
|
(3.0)
|
|
(4.2)
|
|
|
(6.9)
|
|
|
4.0 |
|
0.6 |
|
Trauma and Extremities |
|
2,664 |
|
1,639 |
|
62.5 |
|
60.3 |
|
|
77.6 |
|
|
35.6 |
|
30.2 |
|
Spine |
|
1,167 |
|
1,157 |
|
0.9 |
|
(0.2)
|
|
|
(4.8)
|
|
|
18.4 |
|
13.6 |
|
Other |
|
549 |
|
415 |
|
32.1 |
|
31.5 |
|
|
27.5 |
|
|
51.0 |
|
47.9 |
|
|
$ |
7,570 |
$ |
6,409 |
|
18.1 |
% |
16.8 |
% |
|
18.0 |
% |
|
18.3 |
% |
14.1 |
% |
Total |
$ |
17,108 |
$ |
14,884 |
|
14.9 |
% |
13.8 |
% |
|
12.4 |
% |
|
21.9 |
% |
17.6 |
% |
Note: Fourth quarter 2021 had
the same number of selling days as 2020 and 2019. The full year
2021 had one less selling day than 2020 and the same number of
selling days as 2019.
SUPPLEMENTAL INFORMATION -
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
We supplement the reporting of our financial
information determined under accounting principles generally
accepted in the United States (GAAP) with certain non-GAAP
financial measures, including: percentage sales growth; percentage
sales growth in constant currency; percentage organic sales growth;
adjusted gross profit; adjusted selling, general and administrative
expenses; adjusted research, development and engineering expenses;
adjusted operating income; adjusted other income (expense), net;
adjusted effective income tax rate; adjusted net earnings; adjusted
net earnings per diluted share (Diluted EPS); free cash flow; and
free cash flow conversion. We believe these non-GAAP financial
measures provide meaningful information to assist investors and
shareholders in understanding our financial results and assessing
our prospects for future performance. Management believes
percentage sales growth in constant currency and the other adjusted
measures described above are important indicators of our operations
because they exclude items that may not be indicative of or are
unrelated to our core operating results and provide a baseline for
analyzing trends in our underlying businesses. Management uses
these non-GAAP financial measures for reviewing the operating
results of reportable business segments and analyzing potential
future business trends in connection with our budget process and
bases certain management incentive compensation on these non-GAAP
financial measures.
To measure percentage sales growth in constant
currency, we remove the impact of changes in foreign currency
exchange rates that affect the comparability and trend of sales.
Percentage sales growth in constant currency is calculated by
translating current and prior year results at the same foreign
currency exchange rate. To measure percentage organic sales growth,
we remove the impact of changes in foreign currency exchange rates,
acquisitions and divestitures, which affect the comparability and
trend of sales. Percentage organic sales growth is calculated by
translating current year and prior year results at the same foreign
currency exchange rate excluding the impact of acquisitions and
divestitures. To measure earnings performance on a consistent and
comparable basis, we exclude certain items that affect the
comparability of operating results and the trend of earnings. To
measure free cash flow, we adjust cash provided by operating
activities by the amount of purchases of property, plant and
equipment and proceeds from long-lived asset disposals and remove
the impact of certain legal settlements and recall payments. To
measure free cash flow conversion we divide free cash flow by
adjusted net earnings.
Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial
measures with other companies' non-GAAP financial measures having
the same or similar names. These adjusted financial measures should
not be considered in isolation or as a substitute for reported
sales growth, gross profit, selling, general and administrative
expenses, research, development and engineering expenses, operating
income, other income (expense), net, effective income tax rate, net
earnings and net earnings per diluted share, the most directly
comparable GAAP financial measures. These non-GAAP financial
measures are an additional way of viewing aspects of our operations
that, when viewed with our GAAP results and the reconciliations to
corresponding GAAP financial measures below, provide a more
complete understanding of our business. We strongly encourage
investors and shareholders to review our financial statements and
publicly-filed reports in their entirety and not to rely on any
single financial measure.
The following reconciles the non-GAAP financial
measures discussed above with the most directly comparable GAAP
financial measures. The weighted-average diluted shares outstanding
used in the calculation of non-GAAP net earnings per diluted share
are the same as those used in the calculation of reported net
earnings per diluted share for the respective period.
STRYKER CORPORATION |
For the Three Months and Full Year December
31 |
(Unaudited - Millions of Dollars, Except Per Share
Amounts) |
Reconciliation of Non-GAAP Financial Measures to the Most
Directly Comparable GAAP Financial Measures |
Three Months 2021 |
Gross Profit |
Selling, General & Administrative
Expenses |
Research, Development & Engineering
Expenses |
Operating Income |
Other Income (Expense), Net |
Net Earnings |
EffectiveTax Rate |
Diluted EPS |
Reported |
$ |
3,045 |
|
$ |
1,745 |
|
$ |
331 |
|
$ |
819 |
|
$ |
(62)
|
|
$ |
662 |
|
12.5 |
% |
$ |
1.73 |
Reported percent net
sales |
|
64.8 |
% |
|
37.1 |
% |
|
7.0 |
% |
|
17.4 |
% |
(1.3) % |
|
14.1 |
% |
|
|
Acquisition and
integration-related charges (a) |
|
|
|
|
|
|
|
|
Inventory stepped-up to fair value |
|
35 |
|
|
— |
|
|
— |
|
|
35 |
|
|
— |
|
|
27 |
|
0.4 |
|
|
0.07 |
Other acquisition and integration-related |
|
— |
|
|
(55)
|
|
|
— |
|
|
55 |
|
|
— |
|
|
40 |
|
0.8 |
|
|
0.11 |
Amortization of purchased
intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
145 |
|
|
— |
|
|
111 |
|
1.4 |
|
|
0.29 |
Restructuring-related and
other charges (b) |
|
8 |
|
|
(169)
|
|
|
— |
|
|
177 |
|
|
— |
|
|
147 |
|
0.5 |
|
|
0.38 |
Medical device regulations
(c) |
|
3 |
|
|
— |
|
|
(32)
|
|
|
35 |
|
|
— |
|
|
30 |
|
— |
|
|
0.08 |
Recall-related matters
(d) |
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
4 |
|
0.1 |
|
|
0.01 |
Regulatory and legal matters
(e) |
|
— |
|
|
(14)
|
|
|
— |
|
|
14 |
|
|
(4)
|
|
|
7 |
|
0.2 |
|
|
0.03 |
Tax matters (f) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
(0.7) |
|
|
0.01 |
Adjusted |
$ |
3,091 |
|
$ |
1,507 |
|
$ |
299 |
|
$ |
1,285 |
|
$ |
(66)
|
|
$ |
1,034 |
|
15.2 |
% |
$ |
2.71 |
Adjusted percent net
sales |
|
65.8 |
% |
|
32.1 |
% |
|
6.4 |
% |
|
27.3 |
% |
(1.4) % |
|
22.0 |
% |
|
|
Three Months 2020 |
Gross Profit |
Selling, General & Administrative
Expenses |
Research, Development & Engineering
Expenses |
Operating Income |
Other Income (Expense), Net |
Net Earnings |
EffectiveTax Rate |
Diluted EPS |
Reported |
$ |
2,717 |
|
$ |
1,562 |
|
$ |
255 |
|
$ |
749 |
|
$ |
(78)
|
|
$ |
568 |
|
15.4 |
% |
$ |
1.49 |
Reported percent net
sales |
|
63.7 |
% |
|
36.6 |
% |
|
6.0 |
% |
|
17.6 |
% |
(1.8) % |
|
13.3 |
% |
|
|
Acquisition and
integration-related charges (a) |
|
|
|
|
|
|
|
|
Inventory stepped-up to fair value |
|
39 |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
|
30 |
|
0.9 |
|
|
0.08 |
Other acquisition and integration-related |
|
— |
|
|
(118)
|
|
|
— |
|
|
118 |
|
|
— |
|
|
97 |
|
1.8 |
|
|
0.25 |
Amortization of purchased
intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
130 |
|
|
— |
|
|
104 |
|
2.3 |
|
|
0.27 |
Restructuring-related and
other charges (b) |
|
17 |
|
|
(150)
|
|
|
— |
|
|
166 |
|
|
— |
|
|
159 |
|
(1.0)
|
|
|
0.42 |
Medical device regulations
(c) |
|
1 |
|
|
— |
|
|
(20)
|
|
|
21 |
|
|
— |
|
|
16 |
|
0.4 |
|
|
0.05 |
Recall-related matters
(d) |
|
— |
|
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
|
15 |
|
0.8 |
|
|
0.03 |
Regulatory and legal matters
(e) |
|
— |
|
|
(1)
|
|
|
— |
|
|
1 |
|
|
— |
|
|
2 |
|
— |
|
|
— |
Tax matters (f) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3)
|
|
|
80 |
|
(12.6) |
|
|
0.22 |
Adjusted |
$ |
2,774 |
|
$ |
1,293 |
|
$ |
235 |
|
$ |
1,245 |
|
$ |
(81)
|
|
$ |
1,071 |
|
8.0 |
% |
$ |
2.81 |
Adjusted percent net
sales |
|
65.1 |
% |
|
30.3 |
% |
|
5.5 |
% |
|
29.2 |
% |
(1.9) % |
|
25.1 |
% |
|
|
Full Year 2021 |
Gross Profit |
Selling, General & Administrative
Expenses |
Research, Development & Engineering
Expenses |
Operating Income |
Other Income (Expense), Net |
Net Earnings |
EffectiveTax Rate |
Diluted EPS |
Reported |
$ |
10,968 |
|
$ |
6,427 |
|
$ |
1,235 |
|
$ |
2,584 |
|
$ |
(303)
|
|
$ |
1,994 |
|
12.6 |
% |
$ |
5.21 |
|
Reported percent net
sales |
|
64.1 |
% |
|
37.6 |
% |
|
7.2 |
% |
|
15.1 |
% |
(1.8) % |
|
11.7 |
% |
|
|
Acquisition and
integration-related charges (a) |
|
|
|
|
|
|
|
|
Inventory stepped-up to fair value |
|
266 |
|
|
— |
|
|
— |
|
|
266 |
|
|
— |
|
|
203 |
|
1.0 |
|
|
0.53 |
|
Other acquisition and integration-related |
|
— |
|
|
(319)
|
|
|
— |
|
|
319 |
|
|
— |
|
|
244 |
|
1.2 |
|
|
0.64 |
|
Amortization of purchased
intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
619 |
|
|
— |
|
|
489 |
|
1.6 |
|
|
1.28 |
|
Restructuring-related and
other charges (b) |
|
28 |
|
|
(358)
|
|
|
— |
|
|
386 |
|
|
11 |
|
|
345 |
|
(0.3)
|
|
|
0.90 |
|
Medical device regulations
(c) |
|
5 |
|
|
— |
|
|
(102)
|
|
|
107 |
|
|
— |
|
|
90 |
|
— |
|
|
0.24 |
|
Recall-related matters
(d) |
|
— |
|
|
— |
|
|
— |
|
|
103 |
|
|
— |
|
|
89 |
|
— |
|
|
0.23 |
|
Regulatory and legal matters
(e) |
|
— |
|
|
2 |
|
|
— |
|
|
(2)
|
|
|
(7)
|
|
|
(12)
|
|
0.2 |
|
|
(0.02) |
|
Tax matters (f) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
(1.4)
|
|
|
0.08 |
|
Adjusted |
$ |
11,267 |
|
$ |
5,752 |
|
$ |
1,133 |
|
$ |
4,382 |
|
$ |
(299)
|
|
$ |
3,474 |
|
14.9 |
% |
$ |
9.09 |
|
Adjusted percent net
sales |
|
65.9 |
% |
|
33.6 |
% |
|
6.6 |
% |
|
25.6 |
% |
(1.7) % |
|
20.3 |
% |
|
|
Full Year 2020 |
Gross Profit |
Selling, General & Administrative
Expenses |
Research, Development & Engineering
Expenses |
Operating Income |
Other Income (Expense), Net |
Net Earnings |
EffectiveTax Rate |
Diluted EPS |
Reported |
$ |
9,057 |
|
$ |
5,361 |
|
$ |
984 |
|
$ |
2,223 |
|
$ |
(269)
|
|
$ |
1,599 |
|
18.2 |
% |
$ |
4.20 |
Reported percent net
sales |
|
63.1 |
% |
|
37.4 |
% |
|
6.9 |
% |
|
15.5 |
% |
(1.9) % |
|
11.1 |
% |
|
|
Acquisition and
integration-related charges (a) |
|
|
|
|
|
|
|
|
Inventory stepped-up to fair value |
|
48 |
|
|
— |
|
|
— |
|
|
48 |
|
|
— |
|
|
36 |
|
0.3 |
|
|
0.10 |
Other acquisition and integration-related |
|
— |
|
|
(194)
|
|
|
— |
|
|
194 |
|
|
— |
|
|
157 |
|
0.7 |
|
|
0.41 |
Amortization of purchased
intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
472 |
|
|
— |
|
|
381 |
|
1.6 |
|
|
1.00 |
Restructuring-related and
other charges (b) |
|
53 |
|
|
(406)
|
|
|
— |
|
|
458 |
|
|
— |
|
|
397 |
|
0.2 |
|
|
1.04 |
Medical device regulations
(c) |
|
2 |
|
|
— |
|
|
(79)
|
|
|
81 |
|
|
— |
|
|
63 |
|
0.4 |
|
|
0.17 |
Recall-related matters
(d) |
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
13 |
|
0.1 |
|
|
0.03 |
Regulatory and legal matters
(e) |
|
— |
|
|
(6)
|
|
|
— |
|
|
6 |
|
|
— |
|
|
8 |
|
(0.1)
|
|
|
0.02 |
Tax matters (f) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
173 |
|
(8.8)
|
|
|
0.46 |
Adjusted |
$ |
9,160 |
|
$ |
4,755 |
|
$ |
905 |
|
$ |
3,499 |
|
$ |
(265)
|
|
$ |
2,827 |
|
12.6 |
% |
$ |
7.43 |
Adjusted percent net
sales |
|
63.8 |
% |
|
33.1 |
% |
|
6.3 |
% |
|
24.4 |
% |
(1.8) % |
|
19.7 |
% |
|
|
(a) |
Charges represent certain acquisition and integration-related costs
associated with acquisitions. |
(b) |
Charges represent the costs associated with the termination of
sales relationships in certain countries, workforce reductions,
elimination of product lines, certain long-lived and intangible
asset impairments and associated costs and other
restructuring-related activities. |
(c) |
Charges represent the costs specific to updating our quality
system, product labeling, asset write-offs and product
remanufacturing to comply with the medical device reporting
regulations and other requirements of the new medical device
regulations in the European Union and China. |
(d) |
Charges represent changes in our best estimate of the minimum end
of the range of probable loss to resolve certain recall-related
matters. |
(e) |
Our best estimate of the minimum of the range of probable loss to
resolve certain regulatory or other legal matters and the amount of
favorable awards from settlements. |
(f) |
Benefits and charges represent the accounting impact of certain
significant and discrete tax items, including adjustments related
to the Tax Cuts and Jobs Act of 2017, and the transfer of certain
intellectual properties between tax jurisdictions. |
Year Ended |
|
2021 |
|
|
|
2020 |
|
Cash provided by operating activities |
$ |
3,263 |
|
|
$ |
3,277 |
|
Net earnings |
|
1,994 |
|
|
|
1,599 |
|
Conversion |
|
163.6 |
% |
|
|
204.9 |
% |
|
|
|
|
Cash provided by
operating activities |
$ |
3,263 |
|
|
$ |
3,277 |
|
Purchases of property, plant
and equipment |
|
(525)
|
|
|
|
(487)
|
|
Proceeds from long-lived asset
disposals |
|
11 |
|
|
|
14 |
|
Recall payments |
|
221 |
|
|
|
17 |
|
Free cash
flow |
$ |
2,970 |
|
|
$ |
2,821 |
|
Adjusted net earnings |
|
3,474 |
|
|
|
2,827 |
|
Free cash flow
conversion |
|
85.5 |
% |
|
|
99.8 |
% |
Stryker (NYSE:SYK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stryker (NYSE:SYK)
Historical Stock Chart
From Apr 2023 to Apr 2024