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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The slide uses a red callout box to emphasize the activist's thesis that Street estimates are overly optimistic and ignore financial 'noise'.",
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      "text": "Our estimates are significantly below the Street in 2022. We also eliminate all the \"noise\" of Stryker's adjustments, which we believe are covering-up financial strains and allowing results to rapidly diverge from GAAP financials.",
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      "text": "Free Cash Flow: $2,084",
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      "text": "Source: 2022E Bloomberg consensus and Spruce Point estimates",
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      "text": "Spruce Point Vs. Street Expectations In 2022",
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      "arcName": "Overcoming the Monster",
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