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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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      "kind": "callout",
      "text": "Stryker's recent proxy statement revealed that operating income from acquisitions that occurred in 2021 was just $1 million on a total acquisition spend of $339 million. Further to this, Stryker absorbed $319 million of acquisition and integration-related costs in 2021, much of which was likely related to Wright Medical which closed in Nov 2020. Total acquired revenue in 2021 was $789 million, again most of which we assume is related to Wright Medical. Other acquisitions that could have contributed to this acquired revenue include OrthoSensor (Q4'20), TMJ Concepts (Q1/Q2'21), Gauss Surgical (Q3'21), and Thermedx (Q4'21). However, Stryker has never provided any indication of the revenue run rate from these acquisitions.",
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      "text": "Stryker's recent proxy statement revealed that operating income from acquisitions that occurred in 2021 was just $1 million on a total acquisition spend of $339 million.",
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      "text": "EBIT contribution: $1 million",
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      "text": "Source: FY 2021 Stryker Press Release",
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      "text": "Source: Stryker Proxy Statement. Note: A negative adjustment implies the contribution was positive",
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      "text": "Estimating $789M of 2021 Acquired Revenue Contribution",
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      "text": "2021 EBIT Contribution: $1 million",
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      "text": "Abysmal 2021 Acquisitions",
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