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  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "pageNumber": 30,
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  "notes": "The slide uses a red box to highlight the 5.24% peak in Q4 2021 and a red arrow to emphasize the upward trend.",
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      "kind": "callout",
      "text": "Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic.",
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      "text": "Allowance % of Gross Receivable: 5.24%",
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      "kind": "paragraph",
      "text": "Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic. We observe it took a large bad debt increase in the early stage of COVID-19, however bad debts have continued to rise and recently exceeded 5.0%.",
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      "kind": "quote",
      "text": "“Hospitals could lose between $53B and $122B this year due to pandemic,” — FiereceHealthcare, Feb 23, 2021",
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      "kind": "source-note",
      "text": "Source: Stryker, Zimmer Biomet and Medtronic SEC filings. 1) \"Hospitals could lose between $53B and $122B this year due to pandemic,\" FiereceHealthcare, Feb 23, 2021",
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      "kind": "table",
      "text": "Stryker's Bad Debt Allowance For Accounts Receivables table (2018-2021)",
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      "text": "Zimmer Biomet and Medtronic peer comparison tables",
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      "kind": "title",
      "text": "Rising Bad Debts Indicate Customers Are Struggling To Pay....",
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      "evidence": "Comparing Stryker's financial metrics against Zimmer and Medtronic to establish a negative trend.",
      "confidence": 0.9
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      "evidence": "The document reveals the iceberg of issues beneath Stryker's financial surface, including opaque reporting and accounting issues.",
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