8-KEarnings & ResultsExhibits & Filings

STRYKER CORP 8-K Report, Financial Results (Oct 19, 2011)

Filed October 19, 2011For Securities:SYK

Summary

Stryker Corporation (SYK) filed an 8-K on October 19, 2011, to report its third quarter 2011 operating results. The key focus for investors is the company's performance and its outlook, which are detailed in a press release attached as an exhibit. Stryker is supplementing its GAAP financial reporting with non-GAAP measures, including constant currency sales growth, adjusted net earnings, and adjusted diluted net earnings per share, to provide a clearer view of underlying business trends and performance, particularly in light of recent acquisitions. The company provided projected full-year 2011 adjusted diluted net earnings per share, ranging from $3.70 to $3.74. This projection includes adjustments for acquisition and integration-related charges stemming from the recent acquisitions of the Neurovascular division of Boston Scientific Corporation, Orthovita, Inc., and Memometal Technologies. Investors should note these non-GAAP measures are presented to offer additional insights and should be considered alongside the company's reported GAAP results.

Key Highlights

  • 1Stryker Corporation released its third quarter 2011 operating results via an 8-K filing on October 19, 2011.
  • 2The filing includes a press release detailing the company's financial performance for the quarter ended September 30, 2011.
  • 3Stryker is utilizing non-GAAP financial measures such as constant currency sales growth, adjusted net earnings, and adjusted diluted net earnings per share to supplement GAAP reporting.
  • 4These non-GAAP measures are intended to provide a more meaningful understanding of underlying business trends by excluding items not indicative of core operations.
  • 5The company provided a full-year 2011 projection for adjusted diluted net earnings per share, estimated to be between $3.70 and $3.74.
  • 6The earnings projection accounts for acquisition and integration-related charges from the acquisitions of Boston Scientific's Neurovascular division, Orthovita, Inc., and Memometal Technologies completed in 2011.
  • 7Investors are encouraged to review both GAAP and non-GAAP measures, along with provided reconciliations, for a comprehensive view of financial performance.

Frequently Asked Questions

The main purpose of this 8-K filing is to report Stryker Corporation's third quarter 2011 operating results and financial condition. It includes a press release that provides detailed financial information and management's commentary.

Stryker is using non-GAAP measures such as 'percentage sales growth in constant currency,' 'adjusted net earnings,' and 'adjusted diluted net earnings per share.' The company uses these measures to provide a clearer view of its core operating results and underlying business trends, excluding the impact of foreign currency fluctuations and acquisition/integration-related charges.

For the full year ended December 31, 2011, Stryker projects its adjusted diluted net earnings per share to be in the range of $3.70 to $3.74. This projection excludes acquisition and integration-related charges.

The acquisition and integration-related charges mentioned in the filing are associated with the acquisitions completed in 2011: the Neurovascular division of Boston Scientific Corporation, Orthovita, Inc., and Memometal Technologies.