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  "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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  "notes": "Uses a before-and-after comparison to show the degradation of financial guidance.",
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      "kind": "callout",
      "text": "Looking carefully, we observe that Stryker made subtle revisions to its “Long-term sustainable growth targets” of at least 9% EPS growth and 30 – 50 bps of annual EBIT expansion over the next 5 years. They now stress that the EPS growth is “adjusted” and are qualifying the EBIT growth is “ex large deal dilution” while retracting “improvement over the next 5 years.”",
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      "kind": "callout",
      "text": "Looking carefully, we observe that Stryker made subtle revisions to its “Long-term sustainable growth targets” of at least 9% EPS growth and 30 – 50 bps of annual EBIT expansion over the next 5 years.",
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      "text": "Post-COVID model slide",
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      "text": "Analyst Day 2016 slide",
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      "text": "No longer committing to improvements over 5 years and qualifying for 'ex large deal dilution'. Now qualifying the EPS growth as 'adjusted'.",
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      "text": "Source: Stryker IR, Morgan Stanley Conf, Slide 7; Analyst Day, Nov 2016, Slide 51; Stryker Analyst Day, Nov 2021, Slide 27",
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      "kind": "title",
      "text": "Modifying Long-Term Financial Targets",
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      "objective": "What are the consequences of not addressing Stryker's issues?",
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