Stryker Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stryker Corp has filed its Q1 2024 10-Q report detailing financial performance and corporate structure.</b>

AI Summary

STRYKER CORP (SYK) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Stryker Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data for the period is included. The report details various financial instruments and stock components. Stryker Corp is incorporated in Michigan and operates in the Surgical & Medical Instruments & Apparatus industry.

Why It Matters

For investors and stakeholders tracking STRYKER CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Stryker Corp, crucial for assessing the company's health and investment potential. The detailed breakdown of financial instruments and equity components offers insights into the company's capital structure and financial management strategies.

Risk Assessment

Risk Level: medium — STRYKER CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which is routine for publicly traded companies and does not inherently signal significant positive or negative events beyond the disclosed financial performance.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any significant trends or deviations from previous periods.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-03-31 — Prior Year Quarter End (Comparative Period)

Key Players & Entities

• STRYKER CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-01 (date) — FILED AS OF DATE
• 3841 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• MI (location) — STATE OF INCORPORATION
• 001-13149 (filing_id) — SEC FILE NUMBER
• 2693892600 (phone) — BUSINESS PHONE
• 2024 Q1 (period) — Reporting Period

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Provides the financial snapshot for the first quarter of 2024.
• 2024-05-01: Filing Date — Indicates when the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.10 — ere 380,949,778 shares of Common Stock, $0.10 par value, on March 31, 2024. STRYKER

Filing Documents

• syk-20240331.htm (10-Q) — 1095KB
• ex31i331202410q.htm (EX-31.1) — 9KB
• ex31ii331202410q.htm (EX-31.2) — 9KB
• ex32i331202410q.htm (EX-32.1) — 5KB
• ex32ii331202410q.htm (EX-32.2) — 5KB
• syk-20240331_g1.jpg (GRAPHIC) — 45KB
• 0000310764-24-000064.txt (&nbsp;) — 5658KB
• syk-20240331.xsd (EX-101.SCH) — 32KB
• syk-20240331_cal.xml (EX-101.CAL) — 68KB
• syk-20240331_def.xml (EX-101.DEF) — 172KB
• syk-20240331_lab.xml (EX-101.LAB) — 426KB
• syk-20240331_pre.xml (EX-101.PRE) — 292KB
• syk-20240331_htm.xml (XML) — 871KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three Months 2024 2023 Net sales $ 5,243 $ 4,778 Cost of sales 1,910 1,762 Gross profit $ 3,333 $ 3,016 Research, development and engineering expenses 368 339 Selling, general and administrative expenses 1,840 1,781 Amortization of intangible assets 153 161 Total operating expenses $ 2,361 $ 2,281 Operating income $ 972 $ 735 Other income (expense), net ( 49 ) ( 56 ) Earnings before income taxes $ 923 $ 679 Income taxes 135 87 Net earnings $ 788 $ 592 Net earnings per share of common stock: Basic $ 2.07 $ 1.56 Diluted $ 2.05 $ 1.54 Weighted-average shares outstanding (in millions): Basic 380.4 379.0 Effect of dilutive employee stock compensation 4.7 4.2 Diluted 385.1 383.2 Cash dividends declared per share of common stock $ 0.80 $ 0.75 Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months 2024 2023 Net earnings $ 788 $ 592 Other comprehensive income (loss), net of tax: Marketable securities — — Pension plans 2 ( 2 ) Unrealized gains (losses) on designated hedges 2 ( 9 ) Financial statement translation 35 ( 73 ) Total other comprehensive income (loss), net of tax $ 39 $ ( 84 ) Comprehensive income $ 827 $ 508 See accompanying notes to Consolidated Financial Statements. Dollar amounts are in millions except per share amounts or as otherwise specified. 1 STRYKER CORPORATION 2024 First Quarter Form 10-Q CONSOLIDATED BALANCE SHEETS March 31 December 31 2024 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 2,330 $ 2,971 Marketable securities 77 82 Accounts receivable, less allowance of $ 175 ($ 182 in 2023) 3,473 3,765 Inventories: Materials and supplies 1,232 1,242 Work in process 372 330 Finished goods 3,422 3,271 Total inventories $ 5,02

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 - BASIS OF PRESENTATION General Information Management believes the accompanying unaudited Consolidated Financial Statements contain all adjustments, including normal recurring items, considered necessary to fairly present the financial position of Stryker Corporation and its consolidated subsidiaries ("Stryker," the "Company," "we," "us" or "our") on March 31, 2024 and the results of operations for the three months 2024. The results of operations included in these Consolidated Financial Statements may not necessarily be indicative of our annual results. These statements should be read in conjunction with our Annual Report on Form 10-K for 2023. New Accounting Pronouncements Not Yet Adopted In December 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 (Topic 740): Income Taxes: Improvements to Income Tax Disclosures which expands the existing rules on income tax disclosures. This update requires entities to disclose specific categories in the tax rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and disclose additional information about income taxes paid on an annual basis. The new disclosure requirements are effective for fiscal years beginning after December 15, 2024 and we will adopt this ASU in 2025. In November 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands disclosure requirements to require entities to disclose significant segment expenses that are regularly provided to or easily computed from information regularly provided to the chief operating decision maker. This update also requires all annual disclosures currently required by Topic 280 to be disclosed in interim periods. The new disclosure requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal