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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": "The slide uses two tables to demonstrate a lack of transparency and accounting inconsistencies in Stryker's acquisition reporting.",
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      "text": "Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't.",
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      "text": "Acquisition cost discrepancy: $55.3",
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      "text": "Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't. Furthermore, there are quarters it records acquisitions through the cash flow statement, with no associated disclosures. Now we're finding large issues between when deals are announced and closed (eg. SafeAir and TMJ Concepts). In 2021, the cash costs disclosed in the footnotes no longer match the figures in the cash flow from investing section.",
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      "text": "Stryker 10-Q Note 7 said, \"The aggregate purchase price of our acquisitions, net of cash acquired was $31 and $23 in the three months 2021 and 2020\" which does not match cash flow statement 3m figure of $27m — Stryker 10-Q",
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      "text": "1) Stryker 10-Q Note 7 said, \"The aggregate purchase price of our acquisitions, net of cash acquired was $31 and $23 in the three months 2021 and 2020\" which does not match cash flow statement 3m figure of $27m\n2) Stryker 10-Q Note 7 said, \"The aggregate purchase price of our acquisitions, net of cash acquired was $267 and $26 in the nine months 2021 and 2020\" which doesn't match cash flow statement 9m figure of $267m",
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      "text": "Discrepancies in 2019 Acquisitions",
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      "text": "Acquisition Mysteries",
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