8-KEarnings & ResultsExhibits & Filings

STRYKER CORP 8-K Report, Financial Results (Apr 20, 2009)

Filed April 20, 2009For Securities:SYK

Summary

This 8-K filing by Stryker Corporation (SYK) on April 20, 2009, primarily announces the company's first quarter 2009 operating results via a press release filed as an exhibit. Investors should note that the company is presenting non-GAAP financial measures, specifically 'constant currency' sales and 'adjusted diluted net earnings per share.' These measures are provided to offer a more consistent and comparable view of performance by excluding the impact of foreign currency fluctuations and restructuring charges from prior periods. The company emphasizes that these non-GAAP figures are supplemental and should be reviewed alongside their official GAAP financial statements. The key takeaway for investors is Stryker's effort to provide clarity on its underlying operational performance amidst potential currency impacts and past restructuring events. The use of 'constant currency' aims to illustrate sales growth without the noise of exchange rate volatility, while 'adjusted EPS' allows for a clearer comparison of earnings trends by stripping out one-time charges. Investors are encouraged to consider these adjusted metrics when evaluating the company's financial health and operational efficiency.

Key Highlights

  • 1Stryker Corporation announced its first quarter 2009 operating results on April 20, 2009.
  • 2The company is reporting non-GAAP financial measures, including 'constant currency' sales and 'adjusted diluted net earnings per share'.
  • 3Constant currency measures are used to remove the impact of foreign currency exchange rate changes on sales, providing a more comparable view of sales performance.
  • 4Adjusted diluted net earnings per share excludes restructuring charges recorded in 2008 to allow for a consistent comparison of earnings trends.
  • 5The company provides a reconciliation for adjusted diluted net earnings per share, showing $0.05 of restructuring charges in 2008, resulting in an adjusted EPS of $2.83 compared to reported EPS of $2.78 for the year ended December 31, 2008.
  • 6Stryker emphasizes that these non-GAAP measures are supplemental and should be considered alongside their GAAP financial results.
  • 7The press release detailing these results is attached as Exhibit 99.1 to the 8-K filing.

Frequently Asked Questions

Stryker is reporting 'constant currency' sales, which removes the impact of foreign currency fluctuations, and 'adjusted diluted net earnings per share,' which excludes restructuring charges from prior periods. These are presented to offer a more consistent and comparable view of the company's performance.

The company uses these non-GAAP measures to provide meaningful insights into its results on a consistent and comparable basis. 'Constant currency' helps investors understand sales performance without the volatility of exchange rates, and 'adjusted EPS' allows for a clearer evaluation of earnings trends by excluding one-time restructuring charges.

No, Stryker explicitly encourages investors and users to review their consolidated financial statements and other publicly filed reports in their entirety. These non-GAAP measures are supplemental and should not be relied upon solely; they should be considered alongside the company's official GAAP financial results.

For the year ended December 31, 2008, restructuring charges amounted to $0.05 per diluted share. This resulted in an adjusted diluted net earnings per share of $2.83, compared to the reported diluted net earnings per share of $2.78.