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Stryker Corp (SYK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Stryker Corp

CIK: 310764 Ticker: SYK

Exhibit 99.1
STRYKER REPORTS 2021 OPERATING RESULTS AND 2022 OUTLOOK
Kalamazoo, Michigan - January 27, 2022 - Stryker (NYSE:SYK) reported operating results for the fourth quarter and full year of 2021:
Fourth Quarter Results
Reported net sales increased 10.3% from 2020 and 13.8% from 2019 to $4.7 billion
Organic net sales increased 9.0% from 2020 and 6.2% from 2019
Reported operating income margin of 17.4%
Adjusted operating income margin(1) contracted 190 bps to 27.3%
Reported EPS increased 16.1% to $1.73
Adjusted EPS(1) decreased 3.6% to $2.71

In addition to sales growth analysis versus 2020, we are including sales growth versus 2019 as 2019 provides a more normal baseline for comparison given the variability caused by the COVID-19 pandemic throughout 2020. As previously disclosed, effective December 31, 2021, we have updated our reportable business segments to (i) MedSurg and Neurotechnology and (ii) Orthopaedics and Spine to align to our new internal reporting structure.
Fourth Quarter Net Sales Growth Overview
From 2020From 2019
ReportedForeign Currency ExchangeConstant CurrencyAcquisitions / DivestituresOrganicReportedForeign Currency ExchangeConstant CurrencyAcquisitions / DivestituresOrganic
MedSurg and Neurotechnology8.7 %(0.7)%9.4 %0.2 %9.2 %12.3 %0.5 %11.8 %0.2 %11.6 %
Orthopaedics and Spine12.5 (0.8)13.3 4.6 8.7 15.8 0.6 15.2 16.0 (0.8)
Total10.3 %(0.8)%11.1 %2.1 %9.0 %13.8 %0.5 %13.3 %7.1 %6.2 %
Full Year Results
Reported net sales increased 19.2% from 2020 and 14.9% from 2019 to $17.1 billion
Organic net sales increased 12.6% from 2020 and 7.2% from 2019
Reported operating income margin of 15.1%
Adjusted operating income margin(1) expanded 120 bps to 25.6%
Reported EPS increased 24.0% to $5.21
Adjusted EPS(1) increased 22.3% to $9.09

Full Year Net Sales Growth Overview
From 2020From 2019
ReportedForeign Currency ExchangeConstant CurrencyAcquisitions / DivestituresOrganicReportedForeign Currency ExchangeConstant CurrencyAcquisitions / DivestituresOrganic
MedSurg and Neurotechnology14.3 %1.0 %13.3 %0.2 %13.1 %12.6 %1.0 %11.6 %0.2 %11.4 %
Orthopaedics and Spine26.0 1.2 24.8 12.8 12.0 18.1 1.3 16.8 15.1 1.7 
Total19.2 %1.1 %18.1 %5.5 %12.6 %14.9 %1.1 %13.8 %6.6 %7.2 %
"We delivered a strong year of financial results, despite the ongoing challenges of the pandemic," said Kevin Lobo, Chair & Chief Executive Officer. "Organic sales growth of over 7% versus 2019, coupled with double-digit adjusted EPS growth and excellent cash flow performance were all noteworthy achievements, as was the excellent integration of Wright Medical. We continue to be well-positioned for future growth."
Sales Analysis Compared to 2020 and 2019
Consolidated net sales of $4.7 billion and $17.1 billion increased 10.3% in the quarter, 11.1% in constant currency, and increased 19.2% in the full year, 18.1% in constant currency, from 2020. Organic net sales increased 9.0% and 12.6% in the quarter and full year including 9.8% and 13.4% from increased unit volume partially offset by 0.8% and 0.8% from lower prices. From 2019, consolidated net sales increased 13.8% in the quarter, 13.3% in constant currency, and increased 14.9% in the full year, 13.8% in constant currency. Organic net sales increased 6.2% and 7.2% in the quarter and full year including 7.9% and 8.7% from increased unit volume partially offset by 1.7% and 1.5% from lower prices.
MedSurg and Neurotechnology net sales of $2.6 billion and $9.5 billion increased 8.7% in the quarter, 9.4% in constant currency, and increased 14.3% in the full year, 13.3% in constant currency, from 2020. Organic net sales increased 9.2% and 13.1% in the quarter and full year including 10.0% and 13.6% from increased unit volume partially offset by 0.8% and 0.5% from lower prices. From 2019, MedSurg and Neurotechnology net sales increased 12.3% in the quarter, 11.8% in constant currency, and increased 12.6% in the full year, 11.6% in constant currency. Organic net sales increased 11.6% and 11.4% in the quarter and full year including 12.8% and 11.9% from increased unit volume partially offset by 1.2% and 0.5% from lower prices.
1

The following information was filed by Stryker Corp (SYK) on Thursday, January 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Stryker Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Accumulated Other Comprehensive (Loss) Income (Aoci)
Accumulated Other Comprehensive (Loss) Income (Aoci) (Schedule Of Amounts Recognized In Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive (Loss) Income (Aoci) (Tables)
Acquisitions
Acquisitions (Allocation Of The Preliminary Purchase Price To The Acquired Net Assets Of Acquisitions) (Details)
Acquisitions (Narrative) (Details)
Acquisitions (Tables)
Asset Impairments
Asset Impairments (Details)
Capital Stock
Capital Stock (Narrative) (Details)
Capital Stock (Option Grant Assumptions) (Details)
Capital Stock (Summary Of Rsu And Psu Activity) (Details)
Capital Stock (Summary Of Stock Option Activity) (Details)
Capital Stock (Tables)
Commitments And Contingencies - Lease Cost (Details)
Contingencies And Commitments
Contingencies And Commitments (Future Purchase Obligations And Minimum Lease Payments) (Details)
Contingencies And Commitments (Narrative) (Details)
Contingencies And Commitments (Tables)
Debt And Credit Facilities
Debt And Credit Facilities (Maturities Of Long-Term Debt Disclosures) (Details)
Debt And Credit Facilities (Narrative) (Details)
Debt And Credit Facilities (Tables)
Derivative Instruments
Derivative Instruments (Forward Currency Exchange Contracts) (Details)
Derivative Instruments (Movements Out Of Oci) (Details)
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Tables)
Fair Value Measurements
Fair Value Measurements (Available-For-Sale Securities) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements (Valuation Of Financial Instruments By Pricing Categories) (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Changes In Net Carrying Amount Of Goodwill By Segment) (Details)
Goodwill And Other Intangible Assets (Estimated Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Summary Of The Company's Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Difference In Income Tax Effects Comprising Company's Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Earnings Before Income Taxes) (Details)
Income Taxes (Schedule Of Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Reconciliation Of U.S. Statutory Income Tax Rate To Company's Effective Income Tax Rate From Continuing Operations) (Details)
Income Taxes (Schedule Of Unresolved Income Tax Positions) (Details)
Income Taxes (Tables)
Retirement Plans
Retirement Plans (Change In Plan Assets) (Details)
Retirement Plans (Expected Benefit Payments) (Details)
Retirement Plans (Narrative) (Details)
Retirement Plans (Schedule Of Change In Benefit Obligations (Details)
Retirement Plans (Schedule Of Defined Contribution Plan Disclosures) (Details)
Retirement Plans (Schedule Of Funded Status And Components Of The Amounts Recognized In The Consolidated Balance Sheets And In Accumulated Other Comprehensive Gain (Loss), Before The Effect Of Income Taxes) (Details)
Retirement Plans (Schedule Of Target And Actual Allocation Of Plan Assets) (Details)
Retirement Plans (Schedule Of Valuation Of The Company's Pension Plan Assets By Pricing Categories) (Details)
Retirement Plans (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregated Sales Analysis (Details)
Revenue Recognition - Narrative (Details)
Schedule Ii Valuation And Qualifying Accounts (Details)
Segment And Geographic Data
Segment And Geographic Data (Geographic Information On Net Sales And Long-Lived Assets) (Details)
Segment And Geographic Data (Sales And Other Financial Information By Business Segment) (Details)
Segment And Geographic Data (Segment Information) (Details)
Segment And Geographic Data (Tables)
Significant Accounting Policies
Significant Accounting Policies (Narrative) (Details)
Significant Accounting Policies (Policies)
Summary Of Quarterly Data (Unaudited)
Summary Of Quarterly Data (Unaudited) (Details)
Summary Of Quarterly Data (Unaudited) (Tables)
Ticker: SYK
CIK: 310764
Form Type: 10-K Annual Report
Accession Number: 0000310764-22-000028
Submitted to the SEC: Fri Feb 11 2022 1:02:17 PM EST
Accepted by the SEC: Fri Feb 11 2022
Period: Friday, December 31, 2021
Industry: Surgical And Medical Instruments And Apparatus

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