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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": "Stryker's Competitor Impairs Goodwill For Its Spine Segment",
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      "text": "Earlier in our report, we pointed out that Stryker recently experienced declining organic growth in spine where management couldn't explain what was driving market share, and the Company realigned reporting segments, thereby reducing Spine's drag on its new segment. Stryker's miserable spine results are even after it acquired K2M Group in 2018 which was supposed to augment its spine offerings and allow it grow its global presence. Stryker has never impaired any of the $788m of goodwill recorded from this transaction. Compare this with Zimmer Biomet which acknowledged the challenges in the Spine business and reported large goodwill impairments in 2017 and 2018, respectively. We believe Stryker is avoiding goodwill impairment of its spine business.",
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      "text": "In our annual impairment tests, we determined our Spine reporting unit's carrying value was in excess of its estimated fair value in each of the last two years. This resulted in impairment charges of $401.2 million and $272.0 million in the years ended December 31, 2018 and 2017, respectively.",
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      "text": "Source: Zimmer Biomet 10-K",
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      "kind": "title",
      "text": "Revisiting Spine And Goodwill Impairment",
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