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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": "CFO and IR Q3 and Yr End Call 2021 Conf Calls and Cowen Conf March 11th 2022",
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      "text": "In Spruce Point's experience, public company managers generally delay bad news as long as possible.",
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      "text": "Unconditional Purchase Commitments: $2,117",
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      "text": "In Spruce Point's experience, public company managers generally delay bad news as long as possible. Stryker has been slow to inform investors about the impact of supply chain and inflation on its business.",
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      "text": "Oct 28, 2021: \"And so as a result, we have seen some increased costs as well in terms of inflation on those items. But to date, our supply chain and procurement teams have really just been able to manage that.\" — Stryker CFO/IR. Jan 27, 2022: \"we expect gross margin performance to be negatively impacted by 50 to 100 basis points with a more pronounced impact in the first half of the year.\" — Stryker CFO/IR. March 11, 2022: \"it's going to lean more towards 100 basis points in the first half of the year and then it will moderate down as some of these supply chain issues improve in the back half of the year.\" — Stryker CFO/IR.",
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      "text": "Source: Stryker financials and 2022E Bloomberg consensus sales and COGS. Pro forma for Vocera's $10.1m of purchase commitments and $7.1m of inventory. Note: Inventory historically adjusted to remove loaner instruments of $302m. Note: Stryker reports purchase commitments as \"purchase commitments for materials, supplies, services and property, plant and equipment as part of the normal course of business.\" Our analysis uses the unconditional purchase commitments which are the higher of the two reported figures",
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      "text": "Stryker's Historical Purchase Commitments table",
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      "text": "Spruce Point Believes Stryker Is Delaying Bad News To Investors About Inflation/Supply Chain",
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