{
  "docId": "019dd923-622c-750b-8b99-38d956541145",
  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 24,
  "pageCount": 195,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a chronological sequence of quotes to highlight management's failure to disclose material risks.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-38d956541145/24",
  "deckHref": "/decks/019dd923-622c-750b-8b99-38d956541145",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-38d956541145.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-38d956541145#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Spruce Point believes shareholders should be outraged that Stryker never warned investors that a Material Risk Factor is that 50% of its business is tied to “elective” procedures.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9071e69-2e4d-4178-90f3-4f42ff3daa9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "As you saw from the first quarter impact, we are not immune from COVID-19, especially since roughly half of our business is exposed to elective surgery. — CEO Lobo, May 5, 2020",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b1-715b-8bd8-b7ab398e1b45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "1) WHO declares pandemic on March 11, 2020 and Stryker discloses material risk on May 5, 2020",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94c21397-f0a4-4bb8-9cbc-c414a947d82e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.92,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "table",
      "text": "Chronological sequence of quotes from Q4 2019 to May 2020 showing the shift in management narrative.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f1b2a2d-0a90-423b-aa2b-1b5d73d1c3ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Stryker Hid A Material Risk From Investors: Significant Exposure To Elective Procedures",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d930bfbe-822d-4914-93fb-0f7f1ffbc4ba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "110a8940-4ba7-4b9d-9303-992619da39c5",
      "evidence": "Contrasting early optimistic statements with later admissions of risk.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "eab225f6-347c-4477-8279-b36ac54bfaf9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents various evidence and data to support its claims, including financial tables and quotes from former employees.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 21,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "3ec53129-260d-4fcf-9b8d-a0b9554281f1",
      "evidence": "The document reveals the iceberg of issues beneath Stryker's financial surface, including opaque reporting and accounting issues.",
      "position": 1,
      "objective": "What are the underlying issues with Stryker's financial reporting?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}