Stryker Corp Files Q3 2024 10-Q

Ticker: SYK · Form: 10-Q · Filed: 2024-10-30T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

Related Tickers: SYK

TL;DR

STRY Q3 24 10-Q filed. Financials and biz updates out.

AI Summary

Stryker Corporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures regarding the company's business segments and financial condition are presented.

Why It Matters

This filing provides investors and analysts with the latest financial results and disclosures for Stryker, a major player in the medical technology industry, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 10-Q filing?

This 10-Q filing provides Stryker Corporation's quarterly financial performance and operational details for the period ending September 30, 2024.

What is the fiscal year end for Stryker Corp?

Stryker Corp's fiscal year ends on December 31.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on October 30, 2024.

What is Stryker Corp's Standard Industrial Classification code?

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

What is the SEC file number for Stryker Corp?

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

Filing Stats: 5,112 words · 20 min read · ~17 pages · Grade level 16.1 · Accepted 2024-10-30 12:35:26

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 Nine Months 2024 2023 2024 2023 Net sales $ 5,494 $ 4,909 $ 16,159 $ 14,683 Cost of sales 1,977 1,751 5,893 5,328 Gross profit $ 3,517 $ 3,158 $ 10,266 $ 9,355 Research, development and engineering expenses 377 353 1,108 1,038 Selling, general and administrative expenses 1,896 1,710 5,583 5,200 Amortization of intangible assets 159 164 467 486 Total operating expenses $ 2,432 $ 2,227 $ 7,158 $ 6,724 Operating income $ 1,085 $ 931 $ 3,108 $ 2,631 Other income (expense), net ( 42 ) ( 62 ) ( 144 ) ( 184 ) Earnings before income taxes $ 1,043 $ 869 $ 2,964 $ 2,447 Income taxes 209 177 517 425 Net earnings $ 834 $ 692 $ 2,447 $ 2,022 Net earnings per share of common stock: Basic $ 2.18 $ 1.82 $ 6.42 $ 5.33 Diluted $ 2.16 $ 1.80 $ 6.35 $ 5.27 Weighted-average shares outstanding (in millions): Basic 381.1 379.8 380.9 379.5 Effect of dilutive employee stock compensation 4.5 4.2 4.5 4.2 Diluted 385.6 384.0 385.4 383.7 Cash dividends declared per share of common stock $ 0.80 $ 0.75 $ 2.40 $ 2.25 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 Nine Months 2024 2023 2024 2023 Net earnings $ 834 $ 692 $ 2,447 $ 2,022 Other comprehensive income (loss), net of tax: Marketable securities — — — — Pension plans ( 2 ) ( 1 ) ( 1 ) ( 4 ) Unrealized gains (losses) on designated hedges ( 27 ) 2 ( 28 ) 4 Financial statement translation ( 161 ) 80 ( 100 ) ( 28 ) Total other comprehensive income (loss), net of tax $ ( 190 ) $ 81 $ ( 129 ) $ ( 28 ) Comprehensive income $ 644 $ 773 $ 2,318 $ 1,994 See accompanying notes to Consolidated Financial Statements. Dollar amounts are in millions except per share amounts or as otherwise specified. 1 STRYKER CORPORATION 2024 Third Quarte

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 September 30, 2024 and the results of operations for the three and nine 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

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