{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-c6f1577ed5e1", "slug": "97e66c73c118", "title": "Hill-Rom Holdings, Inc. (HRC)", "subtitle": "Ben Axler · 2019-10", "author": "Ben Axler", "date": "2019-10-29 00:00:00", "pageCount": 80, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Hill-Rom Holdings, Inc.", "targetTicker": "HRC", "document": { "id": "019dd923-622c-750b-8b98-c6f1577ed5e1", "slug": "97e66c73c118", "title": "Hill-Rom Holdings, Inc. (HRC)", "rawTitle": "64e7a3749023c09271d46ff2 hrc research thesis 10 29 2019", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "authorDisplay": "Ben Axler", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2019-10-64e7a3749023c09271d46ff2_hrc_research_thesis_10-29-2019.pdf", "sourceUrl": null, "sourceDate": "2019-10-29 00:00:00", "presentationDate": "2019-10-29 00:00:00", "ingestedAt": "2026-04-22 21:13:10+00", "status": "ready", "pageCount": 80, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Hill-Rom Holdings, Inc.", "targetTicker": "HRC", "metadata": { "local_root": "/tmp/legacy-images/97e66c73c118", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 131.42014980316162 } }, "coverage": { "pageCount": 80, "pagesIndexed": 80, "pagesWithImages": 80, "pagesWithMetadata": 80, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 521, "chartCount": 36, "metricSlides": 0, "toolMatches": 18, "documentToolMatches": 6, "frameworkMatches": 68, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "940d383b-6283-4e04-a176-c738cebfdb9e", "evidence": "The document follows a clear problem-agitate-solution structure, presenting a detailed critique of Hill-Rom's financial practices and growth prospects, and offering a clear solution (i.e., a short sell opinion).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:58.298832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem (Identify pain)", "beatId": "c371490c-1423-4103-859c-e4f7073ca041", "matchId": "940d383b-6283-4e04-a176-c738cebfdb9e", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies multiple problems with Hill-Rom's financial practices and growth prospects, including slowing growth, margin stagnation, and aggressive accounting.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 30, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Agitate (Make it worse)", "beatId": "752f6091-c36e-43bc-b0d4-a9876a03de40", "matchId": "940d383b-6283-4e04-a176-c738cebfdb9e", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document agitates the problems by highlighting multiple contradictions and concerns with Hill-Rom's financial practices and growth prospects.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "db009eae-b370-4f2e-8760-f147732e0f81", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": 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"pageNumber": 78, "frameworkName": "comparison-frame" }, { "matchId": "389eea0b-18fa-49e4-8a44-d779162c5963", "evidence": "Table comparing consensus vs internal bear/base/bull cases to derive downside", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:39:14.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "valuation_table" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short report on a serial acquirer. Striking conceptual cover art (decaying patient in hospital bed, SELL monitor, rats) sits above a generally conservative teal/grey institutional layout — the cover is a notable craft moment. Page 3 'Success Shorting Sleepy Roll-Up Stories' functions as a credibility block citing prior wins (CECO, LKQ, AMETEK, XPO). Two-page executive summary (pp. 6-7) is dense prose that reads almost like a legal brief. Page 40 uses verbatim CEO (John Greisch) and IR (Mary Kay Ladone) earnings-call quotes to catch management walking back new-product cannibalization claims — strong 'management contradicts itself' specimen. Target ticker is NYSE:HRC. No stake disclosed; Spruce Point flags a short position in the legal disclaimer on page 2. Precedent citations are unusually playbook-oriented: they anchor villainy to CFO Steven Strobel's Newell tenure and successor Barbara Bodem's Mallinckrodt tenure.", "kpisCited": [ { "detail": "$45-$75 vs. $100.50 market price (25-55% downside)", "metric": "Price target range" }, { "detail": "~$3.5B on acquisitions subsequently divested at losses", "metric": "M&A spend since FY09" }, { "detail": "-1.5% avg (85% incremental) to 0.7% avg (50% incremental) over eight quarters", "metric": "Organic core growth ex-new products" }, { "detail": "Grown from ~$0 in 2017 to >$400M in FY19E; Q4 FY19 guidance implies -26% to +2% YoY", "metric": "New product revenue" }, { "detail": "-2.5% base / -3.7% bear / -4.1% deep bear vs. $741.6M consensus", "metric": "Q4 FY19 consensus revenue miss" }, { "detail": "~$500M, ~11% of total HRC assets", "metric": "Goodwill/intangibles at impairment risk" }, { "detail": "~$55M flattered earnings over four years; ~16% one-year EPS hit to reset", "metric": "Cumulative under-reserving" }, { "detail": "~50% of non-GAAP income comes from acquisition and restructuring add-backs", "metric": "Non-GAAP EPS adjustments" }, { "detail": "20-30% below pre-year guidance since FY16; cumulative ~$80M FY16-18, ~$110M through FY19", "metric": "Capex underspend vs. guidance" }, { "detail": "Machinery and equipment max 10 years — matches decade of capex underspend", "metric": "PP&E useful life" }, { "detail": "Self-imposed 4.5x maximum limits further M&A", "metric": "Leverage ceiling" }, { "detail": "14.5x Street vs. 16.9x unadjusted (Spruce Point)", "metric": "Street vs. Spruce Point EV/EBITDA" }, { "detail": "20.0x Street vs. 31.6x unadjusted (Spruce Point)", "metric": "Street vs. Spruce Point P/E" }, { "detail": "P/E 34.6x and EV/EBITDA 22.5x (BAX, BDX, RMD, STE, SYK, TFX)", "metric": "Peer group average multiples" }, { "detail": "Lost CEO, CFO, CIO and 2 of 3 division heads in 2 years; fifth CFO since 2010", "metric": "Executive turnover" }, { "detail": "Average $114, 13% upside; only Morningstar rates Sell ($87)", "metric": "Consensus price target / rating" } ], "closingAsk": "Short Hill-Rom shares: Spruce Point sees 25-55% downside to a $45-$75 per-share fundamental value versus the $100.50 market price.", "extraction": { "at": "2026-04-22 21:13:10+00", "model": "unknown-legacy", "runId": null, "seconds": 131.42015, "promptVersion": null }, "scqaReward": "Base-case $60.51, bear-case $46.91, bull-case $74.81 per share versus $100.50 — 26%-53% downside, with a near-term Q4 FY19 revenue miss of 2.5%-4.1% versus consensus as the first catalyst.", "thesisTypes": [ "fraud_exposure", "multiple_rerating", "management_change" ], "top3Reasons": [ "New-product growth has plateaued, exposing flat-to-negative organic core growth underneath", "Divestiture-driven margin expansion is nearly exhausted; leverage caps further roll-up M&A", "Aggressive accounting, chronic capex underspend and insider selling under a revolving-door C-suite" ], "scqaSituation": "Hill-Rom is a $6.8B NYSE-listed hospital-bed and medical-device roll-up built via $3.5B of acquisitions since FY09, marketed to investors as a mid-single-digit 'core growth' story with expanding margins.", "thesisSummary": "Spruce Point argues Hill-Rom is a $3.5B-assembled medical-equipment roll-up masking flat organic growth with a fluid 'core growth' metric, new-product releases like the Centrella smart bed, and serial divestitures of low-margin businesses. Stripping out new-product contribution, legacy core growth has averaged -1.5% to 0.7% over eight quarters, setting up a Q4 FY19 consensus miss of 2-4%. Margin expansion since FY16 is largely divestiture-driven and will exhaust by year-end FY20 as 4.5x leverage limits further M&A. Meanwhile management has under-reserved by ~$55M cumulatively, underspent capex by 20-30% for years, and lost its CEO, CFO, CIO and two of three division heads in two years while insiders dumped stock. Reversing management's EBITDA adjustments and applying peer multiples, Spruce Point sees 25-55% downside to $45-$75 per share.", "primaryDemands": [ "Short HRC shares given 25-55% downside to $45-$75 per share", "Discount management's 'core growth' metric as a fluid, self-serving KPI", "Reverse EBITDA and earnings adjustments for recurring acquisition and restructuring costs", "Scrutinize chronic capex under-spend and pending goodwill impairments (~$500M, ~11% of assets)" ], "scqaResolution": "Short HRC. Discount 'core growth,' reverse management's EBITDA and earnings adjustments for recurring acquisition and restructuring costs, and re-rate the stock toward peers on honest metrics.", "thesisOneLiner": "Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.", "precedentsCited": [ "Newell Brands (CFO Steven Strobel's prior roll-up, inventory channel-stuffing allegations)", "Mallinckrodt (replacement CFO Barbara Bodem's prior scandal-tainted pharma roll-up)", "Caesarstone, A.O. 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Since the Welch Allyn acquisition, Hill-Rom's EBITDA margins have expanded by 200 bps, and management voices confidence that it can continue to improve Company profitability. However, Spruce Point finds that, excluding the impact of management's divestitures of lower-margin businesses and acquisitions of higher-margin businesses, Company EBITDA margins have expanded by just 20 bps since FY16. 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However, during its recent Q2 FY19 earnings call, management announced that it will no longer be adjusting core revenue for acquisition-driven sales growth: starting with Hill-Rom’s recent acquisition of Voalte, sales from acquisitions will be included in core revenue. If the purpose of management’s “core growth” figure is to distill Hill-Rom’s underlying growth rate from the effect of recent divestitures – which would otherwise depress sales growth – shouldn’t management also deduct the impact of recent acquisitions from core growth? What good is “core revenue growth” – supposedly a measure of Hill-Rom’s run-rate sales growth – if management doesn’t back out the impact of inorganic sales? 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How can management justify this new approach to calculating core revenue growth when it adjusted core growth for acquisitions until just recently?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:12.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f0ec0dc-3c7a-4fd5-86dd-24e433475570", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As a reminder, core revenue excludes the impact of businesses that we divested or made divest in both the current and prior year. It also excludes revenue from Mortara.\" — Steven Strobel, CFO, Hill-Rom; \"Good morning. First question. I was just curious, philosophically this idea of core growth clearly, you -- as you mentioned you are excluding divestitures non-strategic assets and FX. But presumably, I'm just kind of curious the thought process as far as including Voalte. And obviously, it's helpful that you gave the color for the updated guidance excluding Voalte. But again, just curious on that core growth first question, is why did you exclude -- or why did you include rather Voalte in those numbers?\" — John Hsu, Raymond James; \"Thanks for the question. We give a lot of encouragement to keep things as simple as possible with core, non-core. We felt like for the Voalte contribution, which is pretty small for this year. I mean, we've talked about how it's modestly dilutive and from a top line standpoint, it'll deliver a -- some additional growth on the top line this year. But we're estimating by 50 basis points, not much more than that. We thought it was simpler to keep it in, given the small contribution, rather than introduce a new set of metrics that would be core, non-core, organic to core, organic, non-core however you would want to go for it. So we try to keep the message as simple as possible. And the -- like we said, the Voalte contribution is small enough that by giving you insight into the core revenue growth differences, we thought that was a good compromise.\" — Barbara Bodem, CFO, Hill-Rom; \"And John, it's Mary Kay. 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It's not going to accelerate the purchasing cycle over the long-term - this is probably more of a one-time blip.\" — Former Employee, Hill-Rom.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be77-22f81f1cfa4d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, 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Stryker, Hill-Rom's largest competitor in the hospital bed space, has, like Hill-Rom, reported strong growth in its capital goods segment of late (and in hospital beds in particular). Management points out that this growth has come in spite of the Company not having released new products in the vertical, suggesting that it may be a product of a strong cycle or other industry-wide factors. Even then, management did not convey strong confidence in the sustainability of cyclical strength to the extent that this growth was largely attributable to industry forces. Importantly, Stryker also reportedly intends to release a new hospital bed in the coming quarters, which, to the extent that new products drive growth, could eat into Centrella sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d85aa756-0036-4ac5-812e-2dc95cb019e1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.56 }, "kind": "quote", "text": "\"I would tell you, across the board, whether it's 2019 or looking ahead to 2020, we have a number of product launches similar to prior years that are slated. And that includes Medical as well as other divisions. So I think that really is what underscores our conviction in being able to grow sales at the high end of med tech. Don't want to get into specifics around the launches for obvious reasons, but I would tell you we have a really good cadence and pipelines across all 3 of the primary businesses.\" - Katherine Owen - VP of Strategy & IR, Stryker", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fa6afde-2fda-4eb7-990f-8aa47e3103ac", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.3, "y": 0.79 }, "kind": "quote", "text": "\"Our capital order book is very good. Look at something like beds and stretchers with double-digit growth and really without any significant new products. There's a couple of minor products, but nothing major. That's really our great execution and I would say fairly healthy markets.\" - Kevin Lobo - CEO, Stryker", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9bae0a7-08c8-48c7-af68-ddd5998e445c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.4, "x": 0.55, "y": 0.4 }, "kind": "quote", "text": "\"...you obviously mentioned in your beds and stretchers business nice performance in the quarter and you made the comment that was really without any new product introductions. So I guess the question is, what do you have coming there in 2019? And do you think that might be at the beginning point of a replacement cycle? As I understand, the last replacement cycle certainly MedSurg was in the 2004, 2005 timeframe.\" - Larry Keusch - Raymond James", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3497833-d6a4-4a21-9478-4c3755c197a4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.55, "y": 0.56 }, "kind": "quote", "text": "\"Look, the replacement cycle is continuous, so there isn't sort of one massive replacement cycle. You have hospitals buying other hospitals that are wanting to standardize on their equipment.\" - Kevin Lobo - CEO, Stryker", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4968c95-066e-4387-bce1-ba2600f92756", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "quote", "text": "\"Congrats on a really nice print here. Kevin, maybe a big-picture question on pipeline. Given the strength we're seeing, what would you highlight for us when we look at the next year? I know the camera launch and some of the products you spoke about. Is there anything on Sage? I think I heard you guys talked about Sage. There was some talk about a new bed. Just help us out put these new product cycles in the context of a really strong CapEx environment.\" - Vijay Kumar - Evercore ISI", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:08.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f87f37b6-9c4b-4229-a72b-6228c0ce4289", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Congrats on a really nice print here. Kevin, maybe a big-picture question on pipeline. Given the strength we're seeing, what would you highlight for us when we look at the next year? I know the camera launch and some of the products you spoke about. Is there anything on Sage? I think I heard you guys talked about Sage. There was some talk about a new bed. Just help us out put these new product cycles in the context of a really strong CapEx environment.\" — Vijay Kumar, Evercore ISI; \"...you obviously mentioned in your beds and stretchers business nice performance in the quarter and you made the comment that that was really without any new product introductions. So I guess the question is, what do you have coming there in 2019? And do you think that we might be at the beginning point of a replacement cycle? As I understand, I think the last replacement cycle certainly MedSurg was in the 2004, 2005 timeframe.\" — Larry Keusch, Raymond James; \"I would tell you, across the board, whether it's 2019 or looking ahead to 2020, we have a number of product launches similar to prior years that are slated. And that includes Medical as well as other divisions. So I think that really is what underscores our conviction in being able to grow sales at the high end of med tech. Don't want to get into specifics around the launches for obvious reasons, but I would tell you we have a really good cadence and pipelines across all 3 of the primary businesses.\" — Katherine Owen, VP of Strategy & IR, Stryker; \"Look, the replacement cycle is continuous, so there isn't sort of one massive replacement cycle. You have hospitals buying other hospitals that are wanting to standardize on their equipment.\" — Kevin Lobo, CEO, Stryker; \"Our capital order book is very good. 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So of the ones on that slide that was in the LRP deck, Centrella is probably the only one that materially falls into the cannibalization bucket", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:07.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "145b6808-f46b-4ef8-8745-22baad9148c1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.43 }, "kind": "quote", "text": "Just wanted to ask about the new product revenue numbers that you gave.... Within those numbers, do you have a sense of how much of that is sort of incremental revenue versus how much of that is just cannibalizing or replacing existing product sales?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:39:07.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31612136-5ef3-4493-a640-3e8c0a68a4d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Just wanted to ask about the new product revenue numbers that you gave.... 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