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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses a 'red flag' visual metaphor and a direct quote from an earnings call to expose management's lack of transparency.",
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      "kind": "callout",
      "text": "Spruce Point believes Stryker is wildly overpaying for Vocera at a $3.1 billion dollar valuation. Even by Stryker's own admission, the core market today is only $1 billion. Citing its own internal research, Stryker claims the total global TAM is $3 - $5 billion, which is lower than the $6 billion TAM claim that Vocera recently retracted. As is often the case, when pressed for details, we observe Stryker's management won't give specifics about how it plans to achieve its TAM.",
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      "text": "Spruce Point believes Stryker is wildly overpaying for Vocera at a $3.1 billion dollar valuation.",
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      "text": "Significant segment expansion opportunities... Stryker deal presentation",
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      "kind": "quote",
      "text": "“Yeah, Josh. I’ll take the first question, as you think about the process, right now we won’t comment on that, just given where we are in the process.” — CFO, Stryker Corp.",
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      "text": "Source: Vocera Deal Call, Jan 6, 2022",
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      "text": "Analyst Jennings: And then the follow-up question is really just Kevin as your team is building out digital capabilities... CFO Answers Instead of CEO: Yeah, Josh. I'll take the first question, as you think about the process, right now we won't comment on that, just given where we are in the process.",
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      "kind": "title",
      "text": "Stryker Slashes Vocera’s TAM Claim And Offers Little Insight To How It Will Be Achieved",
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