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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 a before-after comparison to show the shift in market opportunity claims.",
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      "kind": "callout",
      "text": "Vocera retracted its $6 billion TAM claim, one which it steadfastly promoted since its IPO, shortly after its CFO Justin Spencer resigned in January 2021 and Microsoft acquired Nuance Communications (Vocera’s backbone technology) in April 2021.(1,2) When asked about the TAM on the last conference call before Stryker's acquisition, the CEO made a defensive comment, asking to take the conversation offline.",
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      "text": "Vocera retracted its $6 billion TAM claim, one which it steadfastly promoted since its IPO, shortly after its CFO Justin Spencer resigned in January 2021 and Microsoft acquired Nuance Communications (Vocera’s backbone technology) in April 2021.",
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      "text": "Comparison of Feb 2021 $6B TAM claim vs Sept 2021 TAM claim omitted",
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      "kind": "quote",
      "text": "“It's hard to quantify it succinctly. So I think maybe a longer off-line conversation. I would tell you that the Engage opportunity is quite large. Those deals tend to be very large software deals, because they're typically going house-wide or hospital-wide. And once they make the decision to do these kind of clinical integration, they want to standardize it across the health system. And so those end up being very, very large software opportunities.” — CEO Lang Response, Q3 2021 Conf Call",
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      "kind": "source-note",
      "text": "Source: Vocera, Feb 2021; Microsoft acquires Nuance communications, April 12, 2021",
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      "text": "Source: Q3 2021 Conf Call",
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      "text": "Source: Vocera, Sept 2021",
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      "text": "Piper Analyst: Can I just one quick follow-up... CEO Lang Response: It's hard to quantify it succinctly. So I think maybe a longer off-line conversation.",
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      "kind": "title",
      "text": "Vocera Retracted TAM Claims Post CFO Departure, And Ahead of Stryker's Acquisition",
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