{
  "docId": "019dd923-622c-750b-8b99-38d956541145",
  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 116,
  "pageCount": 195,
  "prevPage": 115,
  "nextPage": 117,
  "slideType": "revenue_buildup",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The table uses a low/high scenario approach to estimate total revenue.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-38d956541145/116",
  "deckHref": "/decks/019dd923-622c-750b-8b99-38d956541145",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-38d956541145.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-38d956541145#slide-116",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.175
      },
      "kind": "callout",
      "text": "Spruce Point believes that Stryker doesn't cleanly provide investors with Mako sales figures. However, based on our research, we believe the market fails to appreciate both the size of the business, and the pressures it is under from disruptive pricing and sales from Zimmer Biomet, the #2 player in the industry. Mako revenues could exceed $1.0 billion, with prices dropping up to 30%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "319f3946-95ec-4163-a81e-138256bd441a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Annual Revenue: $1,227,800,000",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e54-1d8bbf8e6a85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Spruce Point analysis and estimates based on field research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c194820-eb76-4b41-8ac4-e01da5991512",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "table",
      "text": "Revenue buildup table showing components: Unit Sales, Robot Capital Cost, Annual Robot Sales, Annual Procedures, Consumables/Implants Cost, Consumables Revenue, Service Contract, Units Installed, Annual Service Revenue, Estimated Annual Revenue.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de1deaf0-e1ad-4808-b3bb-ddf617209f1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.68,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Estimates Mako Surgical Is A $615 - $1,200 Million Dollar Business For Stryker Under Extreme Pressure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b130132-6b5d-4b31-a350-ed1018bed3d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "revenue-buildup",
      "slug": null,
      "matchId": "083d15e2-f301-412c-89e1-11787445d1f3",
      "evidence": "The slide presents a bottom-up calculation of revenue components (units * price + procedures * cost + service * units).",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 195,
      "from": 61,
      "beatId": "85f871f2-b4a8-4a0d-ac09-177a661eed97",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
      "beatSlug": "resolution",
      "evidence": "The document concludes with a clear call to action, urging investors to reconsider their position on Stryker's stock.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}