8-KEarnings & ResultsExhibits & Filings

STRYKER CORP 8-K Report, Financial Results (Oct 16, 2008)

Filed October 16, 2008For Securities:SYK

Summary

Stryker Corporation (SYK) filed an 8-K on October 16, 2008, reporting its third quarter 2008 operating results. The report primarily serves as a vehicle to attach a press release detailing these results. Investors should note that the company is referencing non-GAAP financial measures, specifically "constant currency," "adjusted net earnings from continuing operations," and "adjusted diluted net earnings per share from continuing operations." The company explains these non-GAAP measures are provided to offer a more consistent and comparable view of performance, by removing the impact of foreign currency fluctuations and a specific intangible asset impairment charge from the prior year. Management utilizes these metrics for internal analysis, budgeting, and bonus calculations, and Stryker encourages investors to review these alongside GAAP results for a comprehensive understanding.

Key Highlights

  • 1Stryker Corporation (SYK) released its third quarter 2008 financial results via an 8-K filing on October 16, 2008.
  • 2The filing's primary purpose is to provide investors with the company's Q3 2008 earnings press release.
  • 3The company is reporting non-GAAP financial measures, including 'constant currency' sales and 'adjusted net earnings from continuing operations'.
  • 4These non-GAAP measures aim to provide a more comparable view of performance by excluding foreign currency impacts and a prior year intangible asset impairment charge.
  • 5Management uses these adjusted figures for internal business reviews, trend analysis, budgeting, and incentive compensation.
  • 6Stryker emphasizes that these non-GAAP measures are supplemental and investors should also consider reported GAAP results.
  • 7A specific reconciliation is provided for adjusted diluted EPS from continuing operations, showing a $.03 impact from an intangible asset impairment in the prior year.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report Stryker Corporation's third quarter 2008 operating results by attaching the press release that announces these results.

Stryker is using 'constant currency' to measure sales performance, and 'adjusted net earnings from continuing operations' and 'adjusted diluted net earnings per share from continuing operations' to measure earnings performance.

Stryker provides these non-GAAP measures to offer a more consistent and comparable view of its operational performance, by removing the effects of foreign currency exchange rate fluctuations and a specific intangible asset impairment charge from the prior year. Management uses these metrics internally for analysis and decision-making.

Investors should view these non-GAAP measures as supplemental information. Stryker encourages them to review these alongside the company's official GAAP financial statements and other filings to gain a complete understanding of the company's financial condition and performance.