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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses red boxes to draw attention to the inventory line item discrepancy.",
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      "kind": "callout",
      "text": "In June 2017, NOVADAQ (TSX/Nasdaq: NVDQ/NDQ) entered into an agreement to be acquired by Stryker and closed the deal on Sept 1, 2017.(1) Throughout its financial reporting, NOVADAQ never reported more than $11.7m of inventory on its balance sheet.(2) Leading up to the acquisition, it last reported $4.8m of inventory as of June 20, 2017. Stryker completed the acquisition on September 1, 2017. Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value).",
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      "kind": "callout",
      "text": "Stryker preliminarily revalued its inventory to $39 million, with a final inventory valuation of $25 million (421% more than the final reported value).",
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      "text": "inventory valuation: 421%",
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      "kind": "source-note",
      "text": "1) Stryker completes acquisition of NOVADAQ Technologies Inc. 2) Reported $11.7m on March 31, 2016",
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      "text": "NOVADAQ Inventory Pre-Acquisition balance sheet data",
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      "text": "Stryker's Inventory Valuation: Big Inventory Step-Up (Preliminary and Final)",
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      "kind": "title",
      "text": "Tuck-in NOVADAQ: Recall A Material Step-Up of Inventory Valuation",
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