Investment Research report

Stryker Corp.

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Research Overview

S&P 500
Apr 6, 2022

After conducting a forensic financial and accounting review, Spruce Point believes Stryker Corporation (NYSE: SYK), one of the world’s largest orthopedic and medical products companies, is more levered and expensive than it appears. Based on our investigation, we estimate 35% to 75% downside risk, or $67.00 – $174.50 per share.

The report highlights several key concerns with the company, including:

  • Evidence shows that Stryker has a history of overpaying for subpar acquisitions, which see growth targets stall and delayed cost integrations
  • Years of bloated costs and failure to rationalize operations has led to a current margin and cash flow squeeze
  • We believe that Stryker has downplayed competitive threats to Mako Surgical, a rare growth spot in its portfolio
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