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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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  "notes": "Uses a series of quotes to highlight management's evasiveness regarding market share.",
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      "text": "The struggles in Spine correspond with the segment reporting change, whereby Spine is put into a larger bucket, potentially masking its declining performance (next slide).",
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      "text": "Some challenges Stryker has been more transparent about, others less so. Spruce Point observes that Stryker continues to struggle in Spine, and the Company can't answer where its market share stands when asked directly. This even comes after Stryker spent ~$1.4 billion to acquire K2M Group in Nov 2018, which it touted would strengthen its spine offering, further its manufacturing capabilities, and expand globally.(1) Management is still blaming COVID-19 two years into the pandemic. The struggles in Spine correspond with the segment reporting change, whereby Spine is put into a larger bucket, potentially masking its declining performance (next slide). Our report will do a deep dive into K2M Group and why we believe it has been a failure. Stryker’s auditor even issued a “Qualified Opinion” on acquired inventory. There were multiple warning signs about K2M Group, including its CFO and Chief Accounting Officer’s involvement in the InPhonic accounting scandal.",
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      "text": "Our U.S. Trauma and Extremities business grew 6.7% on a comparable basis with strong growth in our plating products combined with double-digit growth in our upper extremities business. Spine declined 6.6% organically in the U.S., primarily resulting from COVID disruptions to their business. — Stryker CFO",
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      "text": "1) Stryker announces definitive agreement to acquire K2M, Aug 30, 2018",
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      "text": "Source: FY 2021 Conf Call, Jan 27, 2022",
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      "text": "Obscuring Spine Struggles",
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