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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": "Two of Vocera's big growth ambitions were to expand internationally and to expand its presence beyond healthcare markets. Fast forward to today, we see that international revenue did not outgrow domestic and average revenue per international and non-healthcare customer declined significantly.",
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      "kind": "callout",
      "text": "This does not suggest that Vocera achieved another one of its objectives “to penetrate its existing installed base” otherwise revenue per customer and facility should have been driven higher over time.",
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      "text": "revenue per customer: 56%",
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      "kind": "quote",
      "text": "In 2016, CEO Lang said that International would be 20% - 25% of its business over the next few years. — CEO Lang",
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      "text": "Source: Vocera IPO Prospectus and final 2021 10-K and 1) Q4 2015 Earnings Call where Lang claimed Int'l growth would be 20-25%",
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      "text": "Comparison of IPO goals vs actual performance for International and Non-Healthcare segments.",
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      "text": "Vocera's Failed Goals (Cont'd)",
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