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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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      "text": "We believe Stryker's 2018 acquisitions were abysmal. It spent $2,451 million on acquisitions... which contributed $236 million of revenue. However... the operating income contribution was negative -$3 million.",
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      "text": "We believe Stryker's 2018 acquisitions were abysmal. It spent $2,451 million on acquisitions (and recorded an additional $108 million for acquisition and integration related charges), which contributed $236 million of revenue. However, according to the proxy statement, the operating income contribution was negative -$3 million.",
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      "text": "operating income contribution: -$3 million",
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      "text": "Source: FY 2018 Stryker Press Release. Note: Segment acquisition revenues don't sum to total due to possible rounding",
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      "text": "Source: Stryker 2019 Proxy Statement. Note: A positive add-back implies the contribution was negative",
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      "text": "Source: Stryker's SEC filings and press releases. 1) Some of this acquired revenue would have come from NOVADAQ which closed Sept 1, 2017 and was projected to do $127m of revenue in 2017",
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      "text": "Stryker's 2018 Acquisitions",
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      "text": "2018 EBIT Contribution: -$3M",
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      "text": "Estimating $236M of 2018 Acquired Revenue Contribution",
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      "text": "Abysmal 2018 Acquisitions",
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