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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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      "kind": "callout",
      "text": "11% - 12% Revenue Growth With Material EBIT Margin Expansion (before even $100M+ of Stryker's Cost Synergy projections)",
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      "text": "Stryker paid a handsome 50% share price premium for Wright Medical... Ever since the deal has closed, Stryker has walked back revenue growth targets for Wright, and now talks about Wright as growing revenues 6%, or 50% lower than projected.",
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      "kind": "callout",
      "text": "Ever since the deal has closed, Stryker has walked back revenue growth targets for Wright, and now talks about Wright as growing revenues 6%, or 50% lower than projected.",
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      "text": "Strong forward revenue growth of ~10% (2019E – 2021E); 2019 expected revenues of $900M+; Expected Adj. EBITDA margin of ~20% (by Q4 2019)",
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      "text": "revenue growth: 50%",
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      "text": "Source: Wright Medical Proxy Statement; Source: Stryker Investor Presentation For Wright Medical",
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      "text": "Transaction-Implied Premiums and Transaction-Implied Multiples",
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      "kind": "table",
      "text": "Calendar Year Ending December 31 (dollars in millions) 2019E-2024E financials",
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      "kind": "title",
      "text": "Evidence That Wright's Revenue Growth Projections Have Been Halved....",
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