STRYKER CORP
For the period ended Mar 31, 2026. Filed May 11, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000310764-25-000129
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0000310764-26-000031
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 496 previous paragraphs and 414 current paragraphs.
194 unchanged; 72 reworded; 144 added; 205 removed; 25 previous and 4 current paragraphs rearranged.
Tables are not compared: 36 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (144)
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Stryker Corporation ("we" or the "Company") is a global leader in
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patients annually. Our goal is to achieve sales growth at the high-
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end of the medical technology (MedTech) industry and maintain
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our long-term capital allocation strategy that prioritizes: (1)
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Acquisitions, (2) Dividends and (3) Share repurchases.
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the orthopaedic instruments portfolio from our Instruments
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business with our Mako and enabling technologies portfolio from
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our Other Orthopaedics business. By bringing Mako, power tools,
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cutting accessories, enabling technologies and the teams behind
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these products together under one business, we are simplifying
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the customer experience and striving to increase our speed to
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market through focused innovation.
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Following this reorganization we will continue to have two
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Orthopaedics, each of which comprise a reportable segment. All
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historical financial segment information has been recast to
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conform to this new presentation.
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equipment, patient and caregiver safety technologies, and a
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augmentation (Instruments), endoscopic and communications
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systems (Endoscopy), patient handling, emergency medical
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equipment, intensive care disposable products, clinical
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communication and artificial intelligence-assisted virtual care
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platform technology (Medical), and minimally invasive products
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venous thromboembolism (Vascular). Orthopaedics products
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include implants and surgical equipment such as navigation
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systems and robotics used in total joint replacements, such as
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hip, knee and shoulder, ankle and trauma and extremities
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surgeries. We bring patients and physicians advanced implant
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designs and specialized instrumentation that make orthopaedic
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surgery and recovery simpler, faster and more effective. We
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support surgeons with technologies, products and services they
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need to support each patient’s clinical challenge.
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the United States Supreme Court issued a ruling in Learning
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Resources, Inc. v. Trump striking down certain tariffs previously
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imposed under the International Emergency Economic Powers
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Act. While this ruling may lead to potential refunds for tariffs paid
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during 2025, and the United States government subsequently
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announced a process for seeking such refunds, the availability,
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timing, and amount of such refunds remain uncertain and subject
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to further legal and administrative developments. Following this
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decision the United States administration announced the
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Removed paragraphs (205)
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Stryker is a global leader in medical technologies and, together
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and healthcare outcomes. Alongside our customers around the
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We segregate our operations into two reportable business
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surgical equipment and navigation systems (Instruments),
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endoscopic and communications systems (Endoscopy), patient
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handling, emergency medical equipment and intensive care
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disposable products (Medical), minimally invasive products for
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venous thromboembolism (Vascular), a comprehensive line of
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(Neuro Cranial). Orthopaedics products consist primarily of
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implants used in hip and knee joint replacements and trauma and
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extremity surgeries.
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states. In response, governments have threatened or imposed
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reciprocal tariffs or taken other measures, and the United States
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is in the process of negotiating with certain governments. We
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expected to result in an increase in certain product costs or have
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adverse impacts on, among other things, demand for our
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products and supply chains. The overall macroeconomic and
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from 2024. Excluding the impact of acquisitions and divestitures,
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income margin of 18.7%, net earnings of$859 and net earnings
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adjusted operating income margin(1) increased by 90 basis points
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to 25.6%, with adjusted net earnings(1) of$1,233 and adjusted
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net earnings per diluted share(1)of$3.19, anincrease of 11.1%
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from 2024.
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margin of 17.2%, net earnings of$2,397 and net earnings per
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points to 24.7%, with adjusted net earnings(1) of$3,541 and
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adjusted net earnings per diluted share(1)of$9.16, anincrease of
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12.0% from 2024.
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total consideration of$4,810, in upfront payments, net of cash
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acquired. Refer to Note 7 to our Consolidated Financial
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In February 2025 we entered into a new revolving credit
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agreement that replaces our previous agreement dated October
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The primary changes were to increase the aggregate
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principal amount of the facility by$750 to $3,000 and extend the
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maturity date to February 25, 2030. On September 30, 2025
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there wereno borrowings outstanding under our revolving credit
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facility or our commercial paper program which allows for
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maturities up to 397 days from the date of issuance. The
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maximum amount of our commercial paper that can be
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outstanding at any time is$3,000.
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In February 2025 we issued$500 of 4.550% senior unsecured
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Reworded paragraphs (72)
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with our customers, we are driven to make healthcare better. We
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driven to make healthcare better. We offer innovative products
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offer innovative products and services in MedSurg,
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and services in MedSurg, Neurotechnology, and Orthopaedics
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Neurotechnology, and Orthopaedics that help improve patient
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that help improve patient and healthcare outcomes. Alongside
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world, we impact more than 150 million patients annually.
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our customers around the world, we impact more than 150 million
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segments: (i) MedSurg and Neurotechnology and (ii)
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business segments - (i) MedSurg and Neurotechnology and (ii)
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Orthopaedics. MedSurg and Neurotechnology products include
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MedSurg and Neurotechnology products include surgical
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products for traditional brain and open skull based surgical
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comprehensive line of products for traditional brain and open
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procedures; orthobiologic and biosurgery products, including
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skull-based surgical procedures orthobiologic and biosurgery
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synthetic bone grafts and vertebral augmentation products
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products, including synthetic bone grafts and vertebral
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the treatment of acute ischemic and hemorrhagic stroke and
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for the treatment of acute ischemic and hemorrhagic stroke and
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Beginning in 2025, the United States government has announced
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In 2025 the United States government announced new tariffs on
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new tariffs on goods imported into the United States from dozens
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goods imported into the United States from dozens of countries,
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of countries, including China and the European Union member
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including China and the European Union member states. In 2026
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continue to monitor and evaluate the situation. Tariffs are
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We continue to monitor and evaluate the situation. The overall
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geopolitical environment, including tariffs or changes in trade
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macroeconomic and geopolitical environment, including tariffs or
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policies, slower economic growth or recession, market volatility
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changes in trade policies, slower economic growth or recession,
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and inflation, and uncertainty regarding all of the foregoing, pose
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market volatility and inflation, and uncertainty regarding all of the
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risks that could impact our business and results of operations.
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foregoing, pose risks that could impact our business and results
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For more information about these risks, see Item 1A. "Risk
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of operations. For more information about these risks, see Item
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Factors" in our Annual Report on Form 10-K for 2024.
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1A. "Risk Factors" in our Annual Report on Form 10-K for 2025.
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Overview of the Three and Nine Months
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Overview of the Three Months
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In thethree months 2025 we achieved sales growth of 10.3%
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In thethree months 2026 we achieved sales growth of 2.6% from
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grew 10.0% in constant currency. We reported operating income
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grew 1.0% in constant currency. We reported operating income
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diluted share of$6.20. Excluding the impact of certain items,
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diluted share of$1.93. Excluding the impact of certain items,
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adjusted operating income margin(1) increased by 100 basis
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adjusted operating income margin(1) contracted by 180 basis
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In the first quarter 2025 we completed the acquisition of Inari for
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In the first quarter 2026 we identified a cybersecurity incident
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technologies portfolio (Enabling Technologies) was reclassified to Other Orthopaedics, the interventional spine portfolio was reclassified
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the spine enabling technologies portfolio (Enabling Technologies) from Other Orthopaedics was combined with the remaining
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Enabling Technologies of$32 for thethree months 2024 and$94 for thenine months 2024. We have reflected these changes in all
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Enabling Technologies of$26 and$29 for thethree months 2026 and 2025. We have reflected these changes in all historical periods
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as foreign currency exchange rates positively impacted net sales
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as reported and 1.0% in constant currency, as foreign currency
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and 0.5% due tohigher prices. The unit volume increase was due
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and 0.3% due tohigher prices. The unit volume increase was due
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tohigher product shipments across all MedSurg and
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tohigher product shipments across most MedSurg and
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as foreign currency exchange rates positively impacted net sales
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foreign currency exchange rates positively impacted net sales by
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from increased unit volumeand 0.8% from higher prices. The unit
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unit volumeand 0.6% from higher prices. The unit volume
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volumeand 0.4% due tohigher prices. The unit volume increase
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volume. The unit volume increase was due tohigher shipments
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Research, development and engineering expenses increased
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Research, development and engineering expenses increased $8
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nine months 2025. Expenses as a percentage of net sales in the
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or 2.0% in thethree months 2026. Expenses as a percentage of
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8.0% in thethree months 2025. As a percentage of net sales,
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0.8% in thethree months 2026. As a percentage of net sales,
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expenses decreased to 33.8% from 34.5% in 2024, primarily due
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expenses decreased to 37.9% from 39.2% in 2025, primarily due
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a charge of$139 for share-based awards for Inari employees that
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included a charge of$139 for share-based awards for Inari
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vested upon our acquisition.
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employees that vested upon our acquisition.
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medical technologies and, together with our customers, we are
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percentage of net sales decreased to 30.1% in thethree months
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three months 2025 included cash paid to acquire Inari and
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purchases of property, plant and equipment partially offset by
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sales grew 9.5% in constant currency. We reported operating
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per diluted share of$2.22. Excluding the impact of certain items,
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In thenine months 2025 we achieved sales growth of 11.1% from
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increase was due tohigher shipments across most Orthopaedics
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increase was due tohigher shipments across most Orthopaedics
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and 2024. The key components of the change were:
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2025 and 2024. Operating income as a percentage of net sales in
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MedSurg and Neurotechnology operating income as a
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2025 from 28.2% in 2024. Orthopaedics operating income as a
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Theincreased in MedSurg and Neurotechnology operating
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Theincrease in Orthopaedics operating income as a percentage
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(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:
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(b) Structural optimization and other special charges represent the costs associated with:
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(c) Goodwill and other impairments represent the costs associated with:
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(d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device
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reporting regulations and other requirements of the new medical device regulations in the European Union.
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(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
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(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to
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resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
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(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:
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Refer to Note 7 to our Consolidated Financial Statements for
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Cash provided by financing activities was$1,206 in thenine
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the issuance of various senior unsecured notes. This was
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Refer to Note 11 to our Consolidated Financial Statements for
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Refer to Note 1 to our Consolidated Financial Statements for