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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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      "text": "Spruce Point is concerned that Stryker has never cleanly broken out Mako’s revenues, but historically the three revenue buckets were within the Reconstructive (renamed: Orthopaedics segment in 2014).",
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      "text": "Spruce Point is concerned that Stryker has never cleanly broken out Mako’s revenues, but historically the three revenue buckets were within the Reconstructive (renamed: Orthopaedics segment in 2014). In mid/late 2019, prior to Stryker’s suspension of providing quarterly performance metrics, it also started talking about revenue allocations in a different manner. Notably, it appears Stryker either moved bone cement out of the “other ortho” revenue line, or put other products (power tools, protective devices) into the “other ortho” segment which included bone cement, robot sales and upgrades, and SPS. Bone cement use has been declining according to recent commentary, so one way to bolster the “other ortho” line where robotic sales are also reported, would be to add new products into the segment.",
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      "text": "“And on MAKO, I appreciate that you're not going to be breaking out sales. Can you tell us how you'll be accounting for MAKO sales moving forward?” — Analyst Bernstein, Q4 2013 Conf Call. “The capital and any related service will be in our other line along with sports medicine, bone cement and the other products in that.” — IR Owen, Q4 2013 Conf Call. “But keep in mind, (other ortho) includes bone cement, it includes revenue associated with the robots installed and it includes revenue associated with the upgrades, and as well as some revenue associated with SPS.” — CEO Lobo, Q1 2017 Call.",
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      "text": "Stryker Has Never Cleanly Broken Out Mako Revenues, Now Shifting Reporting",
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