{
  "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": 84,
  "pageCount": 195,
  "prevPage": 83,
  "nextPage": 85,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses a red box to highlight the negative EBIT contribution and the specific revenue contribution figure.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "data_table",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-38d956541145/84",
  "deckHref": "/decks/019dd923-622c-750b-8b99-38d956541145",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-38d956541145.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-38d956541145#slide-84",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We believe Stryker's 2019 acquisitions were abysmal. It spent $802 million on acquisitions... which contributed $354 million of revenue. However... the operating income contribution was negative -$7 million.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4feb9b1c-730d-4ee7-b61c-18d4cf4055ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Stryker's 2019 acquisitions were abysmal. It spent $802 million on acquisitions (and recorded an additional $208 million for acquisition and integration related charges), which contributed $354 million of revenue. However, according to the proxy statement, the operating income contribution was negative -$7 million.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b1-715b-8bdc-f5697049e58b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "operating income contribution: -$7 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b1-715b-8bdc-f80fcaeee91c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.44,
        "x": 0.06,
        "y": 0.27
      },
      "kind": "table",
      "text": "Estimating $354M of 2019 Acquired Revenue Contribution",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c29495f-c64a-471a-9ebf-d5cc2569a349",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.52,
        "y": 0.27
      },
      "kind": "table",
      "text": "2019 EBIT Contribution: -$7M",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "618648a8-dca8-4622-9f1c-25449d050a79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.06,
        "y": 0.65
      },
      "kind": "table",
      "text": "Stryker's 2019 Acquisitions",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea471048-de1d-4dd1-b434-143fd76bf762",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.39,
        "x": 0.305,
        "y": 0.06
      },
      "kind": "title",
      "text": "Abysmal 2019 Acquisitions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "952c3c47-d370-428e-983f-b2de710dd356",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "876fdb0a-544d-452d-90f1-1fa79f7f16b4",
      "evidence": "The slide explicitly highlights discrepancies between acquisition costs and reported operating income to argue for poor performance/misleading disclosures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 195,
      "from": 61,
      "beatId": "85f871f2-b4a8-4a0d-ac09-177a661eed97",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
      "beatSlug": "resolution",
      "evidence": "The document concludes with a clear call to action, urging investors to reconsider their position on Stryker's stock.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}