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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The slide uses a red flag icon to draw attention to the lack of EBIT contribution from acquisitions.",
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      "text": "Stryker only discloses the Operating Income (EBIT) contribution from transactions completed in the year in its Proxy Statement. We can now clearly see that it has spent $8.6 billion in total acquisition and integration costs from 2018 - 2021. EBIT contribution, which is influenced by the timing of when acquisitions are completed, has been virtually negligible.",
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      "kind": "disclaimer",
      "text": "1) Revenues include companies acquired in the current and prior year. For example, 2018 revenues would also include revenues from NOVADAQ (closed Sept 2017)\n2) Spruce Point's analysis calls into question these figures later in the report due to reporting discrepancies.",
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      "text": "EBIT contribution: $8.6 billion",
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      "text": "Summary of Recent Abysmal Acquisitions",
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