Stryker Corp Q2 2024 10-Q Filing

Ticker: SYK · Form: 10-Q · Filed: 2024-07-31T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-filing, financials

Related Tickers: SYK

TL;DR

Stryker's Q2 2024 10-Q is in, check financials.

AI Summary

Stryker Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures related to its business segments and debt instruments are presented.

Why It Matters

This filing provides investors with an update on Stryker's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new or elevated risks.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 31, 2024.

What is Stryker Corporation's Standard Industrial Classification code?

Stryker Corporation's Standard Industrial Classification code is 3841, for Surgical & Medical Instruments & Apparatus.

What is Stryker's primary business address?

Stryker's primary business address is 1941 Stryker Way, Portage, MI 49002.

What is the SEC file number for Stryker Corporation?

The SEC file number for Stryker Corporation is 001-13149.

Filing Stats: 5,121 words · 20 min read · ~17 pages · Grade level 16.1 · Accepted 2024-07-31 10:51:11

Key Financial Figures

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Three Months Six Months 2024 2023 2024 2023 Net sales $ 5,422 $ 4,996 $ 10,665 $ 9,774 Cost of sales 2,006 1,815 3,916 3,577 Gross profit $ 3,416 $ 3,181 $ 6,749 $ 6,197 Research, development and engineering expenses 363 346 731 685 Selling, general and administrative expenses 1,847 1,709 3,687 3,490 Amortization of intangible assets 155 161 308 322 Total operating expenses $ 2,365 $ 2,216 $ 4,726 $ 4,497 Operating income $ 1,051 $ 965 $ 2,023 $ 1,700 Other income (expense), net ( 53 ) ( 66 ) ( 102 ) ( 122 ) Earnings before income taxes $ 998 $ 899 $ 1,921 $ 1,578 Income taxes 173 161 308 248 Net earnings $ 825 $ 738 $ 1,613 $ 1,330 Net earnings per share of common stock: Basic $ 2.17 $ 1.95 $ 4.24 $ 3.51 Diluted $ 2.14 $ 1.93 $ 4.19 $ 3.47 Weighted-average shares outstanding (in millions): Basic 381.0 379.7 380.7 379.4 Effect of dilutive employee stock compensation 4.4 4.2 4.5 4.2 Diluted 385.4 383.9 385.2 383.6 Cash dividends declared per share of common stock $ 0.80 $ 0.75 $ 1.60 $ 1.50 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 Six Months 2024 2023 2024 2023 Net earnings $ 825 $ 738 $ 1,613 $ 1,330 Other comprehensive income (loss), net of tax: Marketable securities — — — — Pension plans ( 1 ) ( 1 ) 1 ( 3 ) Unrealized gains (losses) on designated hedges ( 3 ) 11 ( 1 ) 2 Financial statement translation 26 ( 35 ) 61 ( 108 ) Total other comprehensive income (loss), net of tax $ 22 $ ( 25 ) $ 61 $ ( 109 ) Comprehensive income $ 847 $ 713 $ 1,674 $ 1,221 See accompanying notes to Consolidated Financial Statements. Dollar amounts are in millions except per share amounts or as otherwise specified. 1 STRYKER CORPORATION 2024 Second Quarter Form 10-Q CONSOLIDAT

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 June 30, 2024 and the results of operations for the three and six 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

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