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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": "Uses red flag icon to signal management credibility issues.",
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      "text": "Vocera issued long-term revenue growth commitments of 25%. However, by the time Stryker acquired the Company, its top line growth compounded at just 11.4% over a decade.",
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      "text": "Quotes from 2012, 2013, and 2017 highlighting specific guidance failures.",
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      "text": "Long-term financial targets: 11.4%",
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      "kind": "paragraph",
      "text": "In context of claims alleging management issued bad faith guidance, Spruce Point believes it worthwhile to assess Vocera's ability to meet its long-term projections. Vocera issued long-term revenue growth commitments of 25%. However, by the time Stryker acquired the Company, its top line growth compounded at just 11.4% over a decade. Vocera initially promised long-term 70% gross margins, but adjusted them lower to 68%. These targets were never achieved, nor were its 20% adjusted EBITDA target.",
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      "text": "\"But looking forward, we want to reiterate our commitment to long-term growth of 25% on the top line.\" — Fmr. CEO Zollars, Vocera 2012 Conf Call; \"We, however, have not changed our view of the long-term gross margin target of 70%, since we believe all the same drivers remain in place.\" — Fmr. CEO Zollars, Vocera Q1 2013 Conf Call; \"And we've published that our target model at a $200 million run rate, we believe we can get to a 68% gross margin and a 20% adjusted EBITDA margin.\" — CEO Lang, Vocera JPM Conf, Jan 12, 2017",
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      "text": "Vocera Never Hit Any of Its Long-Term Targets",
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      "kind": "title",
      "text": "Looking Back, Vocera Never Achieved Any of Its Long-Term Financial Projections",
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