STRYKER CORP
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0000310764-26-000050
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0000310764-26-000061
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 446 previous paragraphs and 496 current paragraphs.
269 unchanged; 62 reworded; 147 added; 104 removed; 11 previous and 18 current paragraphs rearranged.
Tables are not compared: 35 previous and 36 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 (147)
Current report
Organic net sales increased 7.7%, primarily driven by
Current report
15.9%, net earnings of$753 and net earnings per diluted share
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of$1.96. Excluding the impact of certain items, adjusted
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26.2%, with adjusted net earnings(1) of$1,357 and adjusted net
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earnings per diluted share(1)of$3.52, anincrease of 10.3% from
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organic net sales increased 6.4%, primarily driven byincreased
Current report
unit volume. We reported operating income margin of 19.0%, net
Current report
earnings of$2,774 and net earnings per diluted share of$7.19.
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Excluding the impact of certain items, adjusted operating income
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margin(1) increased by 30 basis points to 25.0%, with adjusted
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net earnings(1) of$3,785 and adjusted net earnings per diluted
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share(1)of$9.81, anincrease of 7.1% from 2025.
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Consolidated net sales increased 7.7% in thethree months 2026
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on both a reported and constant currency basis. Net sales in
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constant currency increased by 7.6% from increased unit volume
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Neurotechnology businesses and certain Orthopaedics
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businesses.
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Consolidated net sales increased 6.6% in thenine months 2026
Current report
as reported and 5.9% in constant currency as foreign currency
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exchange rates positively impacted net sales by 0.7%. Excluding
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the(0.5)% impact of acquisitions and divestitures, net sales in
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constant currency increased by 6.2% from increased unit volume
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Neurotechnology businesses and most Orthopaedics businesses.
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MedSurg and Neurotechnology net sales increased 9.2% in the
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three months 2026 onboth a reported and constant currency
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net sales in constant currency increased by 8.9% from increased
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MedSurg and Neurotechnology net sales increased 8.0% in the
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nine months 2026 as reported and 7.4% in constant currency, as
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0.6%. Excluding the 0.8% impact of acquisitions and divestitures,
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net sales in constant currency increased by 6.3% from increased
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Neurotechnology businesses.
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Orthopaedics net sales increased 5.7% in thethree months 2026
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as reported and 5.9% in constant currency, as foreign currency
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exchange rates negatively impacted net sales by(0.2)%. Net
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sales in constant currency increased 5.9% from increased unit
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primarily within the Ortho Tech and Trauma and Extremities
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businesses.
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Orthopaedics net sales increased 4.9% in thenine months 2026
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as reported and 4.1% in constant currency, as foreign currency
Current report
exchange rates positively impacted net sales by 0.8%. Excluding
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Removed paragraphs (104)
Previous report
margin of 25.2%, net earnings of$1,276 and net earnings per
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diluted share of$3.30. Excluding the impact of certain items,
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points to 27.4%, with adjusted net earnings(1) of$1,424 and
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adjusted net earnings per diluted share(1)of$3.69, anincrease of
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17.9% from 2025.
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Excluding the impact of acquisitions and divestitures, sales
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margin of 20.6%, net earnings of$2,021 and net earnings per
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diluted share of$5.23. Excluding the impact of certain items,
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to 24.4%, with adjusted net earnings(1) of$2,428 and adjusted
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net earnings per diluted share(1)of$6.29, anincrease of 5.4%
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from 2025.
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nm - not meaningful
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Consolidated net sales increased 9.4% in thethree months 2026
Previous report
as reported and 9.0% in constant currency, as foreign currency
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exchange rates positively impacted net sales by 0.4%. Net sales
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in constant currency increased by 9.0% from increased unit
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shipments across most MedSurg and Neurotechnology
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businesses and all Orthopaedics businesses.
Previous report
Consolidated net sales increased 6.1% in thesix months 2026 as
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reported and 5.0% in constant currency as foreign currency
Previous report
exchange rates positively impacted net sales by 1.1%. Excluding
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the(0.8)% impact of acquisitions and divestitures, net sales in
Previous report
constant currency increased by 5.6% from increased unit volume
Previous report
Neurotechnology businesses and all Orthopaedics businesses.
Previous report
MedSurg and Neurotechnology net sales increased 9.7% in the
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three months 2026 as reported and 9.2% in constant currency, as
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0.5%. Net sales in constant currency increased by 9.1% from
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volume increase was due tohigher shipments across most
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Medsurg and Neurotechnology businesses.
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MedSurg and Neurotechnology net sales increased 7.4% in the
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six months 2026 as reported and 6.5% in constant currency, as
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0.9%. Excluding the 1.3% impact of acquisitions and divestitures,
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net sales in constant currency increased by 4.9% from increased
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Orthopaedics net sales increased 9.1% in thethree months 2026
Previous report
as reported and 8.7% in constant currency, as foreign currency
Previous report
exchange rates positively impacted net sales by 0.4%. Excluding
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constant currency increased 8.6% from increased unit volume.
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Orthopaedics businesses.
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Orthopaedics net sales increased 4.5% in thesix months 2026 as
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reported and 3.3% in constant currency, as foreign currency
Showing the first 40 of 104 passages. Open the source sections for the rest.
Reworded paragraphs (62)
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Overview of the Three and Six Months
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Overview of the Three and Nine Months
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In thethree months 2026 we achieved sales growth of 9.4% from
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In thethree months 2026 we achieved sales growth of 7.7% from
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grew 9.0% in constant currency. We reported operating income
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increased unit volume. We reported operating income margin of
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adjusted operating income margin(1) increased by 10 basis points
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operating income margin(1) increased by 60 basis points to
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In thesix months 2026 we achieved sales growth of 6.1% from
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In thenine months 2026 we achieved sales growth of 6.6% from
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Excluding the impact of acquisitions and divestitures, sales
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Excluding the impact of acquisitions and divestitures,
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Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of$523
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Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of$535
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and$501 and Other Orthopaedics of$194 and$148 for thethree months 2026 and 2025. For thesix months 2026 and 2025 Ortho
Current wording
and$492 and Other Orthopaedics of$219 and$159 for thethree months 2026 and 2025. For thenine months 2026 and 2025 Ortho
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Tech includes sales related to Orthopaedic Instruments of$1,012 and$985 and Other Orthopaedics of$351 and$281. Instruments
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Tech includes sales related to Orthopaedic Instruments of$1,547 and$1,477 and Other Orthopaedics of$570 and$440. Instruments
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includes sales related to Neuro Cranial of$681 and$616 and Enabling Technologies of$28 and$34 for thethree months 2026 and
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includes sales related to Neuro Cranial of$670 and$637 and Enabling Technologies of$28 and$45 for thethree months 2026 and
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For thesix months 2026 and 2025 Instruments includes sales related to Neuro Cranial of$1,287 and$1,179 and Enabling
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For thenine months 2026 and 2025 Instruments includes sales related to Neuro Cranial of$1,957 and$1,816 and Enabling
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Technologies of$54 and$63. We have reflected these changes in all historical periods presented.
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Technologies of$82 and$108. We have reflected these changes in all historical periods presented.
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the 0.1% impact of acquisitions and divestitures, net sales in
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basis. Excluding the 0.1% impact of acquisitions and divestitures,
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increased unit volumeand 0.1% from higher prices. The unit
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unit volumeand 0.2% from higher prices. The unit volume
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volume. The unit volume increase was due tohigher product
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increase was due tohigher shipments across all MedSurg and
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inventory stepped up to fair value.
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lower amortization of inventory stepped up to fair value.
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increased to 65.9% from 63.8% in 2025 driven by a reduction of
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increased to 65.6% from 63.7% in 2025 driven by a reduction of
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gross profit as a percent of net sales between thesix months
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gross profit as a percent of net sales between thenine months
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months 2026. Expenses as a percentage of net sales of 6.6% in
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nine months 2026. Expenses as a percentage of net sales of
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thethree months and 6.7% in thesix months 2026 remained
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6.6% in thethree months and 6.7% in thenine months 2026
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relatively flat with 6.8% in thethree andsix months 2025.
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remained relatively flat with 6.8% in thethree andnine months
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7.2% in thethree months 2026. As a percentage of net sales,
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13.1% in thethree months 2026. As a percentage of net sales,
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partially offset by higher structural optimization and other special
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to higher structural optimization and other special charges.
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Amortization of intangible assets was$175 and$187 in thethree
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Amortization of intangible assets was$175 and$189 in thethree
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and 2025. Operating income as a percentage of net sales in the
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2026 and 2025. Operating income as a percentage of net sales in
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2026 from 25.6% in 2025. Orthopaedics operating income as a
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2026 from 26.1% in 2025. Orthopaedics operating income as a
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Theincrease in Orthopaedics operating income as a percentage
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Thedecrease in Orthopaedics operating income as a percentage
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primarily driven bylower selling, general and administrative
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driven bylower selling, general and administrative expenses and
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development and engineering expenses and higher unit volumes,
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general and administrative expenses and higher unit volumes.
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in interest expense in thethree months andsix months 2026 from
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in interest expense in thethree andnine months 2026 from 2025
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2025 was due to lower outstanding debt and credit facilities
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was due to lower outstanding debt and credit facilities partially
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partially offset by higher average interest rates.
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offset by higher average interest rates.
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other income in thethree andsix months 2026 from 2025 was
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other income in thethree andnine months 2026 from 2025 was
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Our effective tax rates were 18.4% and 16.3% in thethree and
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Our effective tax rates were 24.5% and 18.7% in thethree and
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months 2025. The effective tax rate for thethree andsix months
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months 2025. The effective tax rate for thethree months 2026
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2026 increased from thethree andsix months 2025 due to the
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increased from thethree months 2025 due to the 2026 non-
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2025 tax benefit related to the sale of the Spinal Implants
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benefit related to the sale of the Spinal Implants business. The
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business. The effective tax rates for thethree andsix months
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effective tax rates for thethree andnine months 2026 and 2025
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2026 and 2025 reflect the continued lower effective income tax
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reflect the continued lower effective income tax rates as a result
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rates as a result of our European operations and certain discrete
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of our European operations and certain discrete tax items.
Showing the first 40 of 62 pairs. Open the source sections for the rest.
Rearranged current paragraphs (18)
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and 0.1% due tohigher prices. The unit volume increase was due
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tohigher product shipments across all MedSurg and
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volume. The unit volume increase was due tohigher shipments
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The unit volume increase was due tohigher shipments across
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and 2025. The key components of the change were:
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6.2% in thenine months 2026. Expenses as a percentage of net
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to Note 11 to our Consolidated Financial Statements for further
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Refer to the discussion above for the primary drivers of the
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MedSurg and Neurotechnology operating income as a
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selling, general and administrative expenses and higher
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MedSurg and Neurotechnology operating income as a
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2026 from 25.5% in 2025. Orthopaedics operating income as a
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Theincrease in MedSurg and Neurotechnology operating income
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supply chain costs and higher research, development and
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Thedecrease in Orthopaedics operating income as a percentage
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months 2026 increased from thenine months 2025 due to the
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Refer to the discussion above for the primary drivers of the
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Refer to Note 11 to our Consolidated Financial Statements for
Rearranged previous paragraphs (11)
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adjusted operating income margin(1) increased by 170 basis
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grew 5.8% in constant currency. We reported operating income
Previous report — wording carried elsewhere
foreign currency exchange rates positively impacted net sales by
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The unit volume increase was due tohigher shipments across all
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The unit volume increase was due tohigher shipments across all
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The key components of the change were:
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to the discussion above for the primary drivers of the change.
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manufacturing and supply chain costs and research,
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Theincrease in Orthopaedics operating income as a percentage
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partially offset by higher manufacturing and supply chain costs.
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months 2026 and 2025. Thesix months 2026 included cash paid