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  "documentTitle": "Stryker Corp. (SYK)",
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      "kind": "callout",
      "text": "Actual Cash Spent Suggest $98M of Milestone Payments",
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      "text": "Where is the contingent payment value?",
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      "text": "Based on just $1m of accounts receivable and inventory, and $110m paid upfront, OrthoSpace appears richly valued with negligible sales. Evidence suggests that Stryker made milestone payments to OrthoSpace well in advance of “regulatory” milestones being achieved. By year end 2019, it disclosed the allocation of the purchase price and allocated $0 to contingent consideration. FDA approval wasn’t received until July 12, 2021.(1)",
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      "text": "Chronological excerpts from Q1 2019 10-Q, Q2 2019 10-Q, and 2019 Annual Report.",
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      "text": "In March 2019 we completed the acquisition of OrthoSpace, Ltd. for total cash consideration of $110 with future milestone payments of up to an additional $110. — Q1 2019 10-Q",
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      "text": "Tuck-In: Shady OrthoSpace Acquisition",
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