Stryker (SYK) 29 Oct 242024 Q3 Earnings call transcript

Welcome to the Third Quarter 2024 Stryker Earnings Call. My name is Luke, and I'll be your operator for today's call. [Operator Instructions] This conference is being recorded for replay purposes.

Before we begin, I'd like to remind you that the discussions during this conference call will include forward-looking statements. Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC. include financial will discussions the certain measures. non-GAAP Also, X-K comparable measures release now to to on an the found turn financial directly most Form report Mr. current press Reconciliations the be call the GAAP in to Stryker's today to filed with exhibit SEC. I'll as today's Officer. and Kevin Lobo, Chair Chief Executive

proceed, sir. You may

Welcome to call. earnings quarter Stryker's third

Joining of Finance President me Beach, Jason Vice are today Investor Glenn Relations. and Boehnlein, Stryker's CFO; and

the results trends quarter opening provide comments, by we I'll delivered Glenn saw of sales the then Q&A. In regarding during the robust some call, additional today's For growth we to XX.X%. will and Jason followed third updates. before product details with quarter, call organic the provide our opening quarterly

nearly reflects in broad our Our Spine. This demand XX% healthy team's and performance product strong Neurotechnology growth steadfast growth included Orthopaedics portfolio performance double-digit our within across diverse MedSurg execution. and commercial and and

from to neuro strong organic medical cranial results businesses. knees our and trauma growth endoscopy, hips double-digit reflect Our extremities,

our well long-term was All international growth organically. and and the strength in as international both showed we key digits balanced quarter, front, with several September, markets U.S. Our stayed to offerings. double regions in see active growth. on completing rising health In which the we and the between M&A quarter. strengthens care.ai, the connected wirelessly continue We deals acquired our for IT catalysts care international,

procedures. intracerebral NICO acquired hemorrhage and also Corporation, We tumor invasive which minimally for enables surgery

and of $X.XX, complementing adjusted capacity. stenosis through financial lower delivered growth portfolio. enhances and quarterly Vertos management our pain acquired to our provides the XX.X% Lastly, we to compared deal We EPS a spinal XXXX. quarter remain strong acquisitions treating invasive Medical, third which and growth committed of pipeline have We back for reflecting healthy minimally caused by solution chronic pain

EPS and narrowing of provided XXXX year to ranges XX% sales end we $XX.XX. previously growth organic Finally, $XX our X.X% our to anticipate of guidance to now expectations adjusted for high of the and full are

updated commercial reflects the momentum from continued and innovation, terrific across our execution globe. guidance product volumes Our the healthy procedure

remain We this the This turn from end track of goal Jason. while points XXX will expansion an margin offsetting margin to and XXXX. are our M&A. I includes on dilution the call committed basis XXX of expansion year of points basis by of to over now

Kevin. My comments Thanks, and focus demand an by volumes robotic-assisted current recent remained our capital underscored and providing of today healthy with acquisitions. Procedural will third the on update continued on in in adoption environment, line expectations surgery. quarter, the

demand strong record year. procedural the utilization capital high businesses. Demand quarter We our the customer products capital was QX worldwide Mako and with in the elevated both installations highlighted with the backlog by our continue U.S. in and expect end of across globe. across to Patient for in through was strength rates in interest the an

We expect from in momentum hips utilization these continue businesses. installations growth the our will sustained and in to drive

Our latest platform to in success the continue marketplace. launches experience

the a XXXX. Pangea system well Our is with full half in expected plating of by the U.S. launch second progressing

to ramp. defibrillator strong XX and a LIFEPAK monitor have begun Our book and order has sales

the are of platform digitalization we our robust to seeing adoption Additionally, to our contribute business. XXXX continues Endoscopy in growth

early software our by our and guidance Mako Lastly, we've CoPilot Spine with begun cases featuring Spine robot. both

track be prior year. of protocols. training on market some product end the Shoulder the launch refine these offerings Mako with spine launches, for to time we will As on as a release at limited is

acquisitions we over million billion will to to that, while contribute outcomes acquisitions dedication In complete. feedback the Year-to-date, to receive we acquisitions these call expect have improving I sales. With reinforce turn needs. investing products. $XXX from customers' We X across our our will positive $X.X XXXX, have approximately of seen an continue meeting to care and these our continuum commitment the perspective, inorganic our who From closed to to approximately XXXX surgeons Glenn.

Thanks, Jason. Today, related financial quarter drivers. I and the third will comments our results on my focus

been today's results Our provided in have press detailed release. financial

sales quarter the growth third organic was Our XX.X% in X.X% in quarter to XXXX. of compared the

day favorable more had impact We XXXX. selling quarter a pricing. X.X% than from had X This

a continue in trend pricing and We the both MedSurg and in Neurotech orthopedic both pricing U.S. markets our positive positive for to with each segments spine and the and see our international and initiatives, quarter. contributing

positive X.X% organic U.S., the sales. was sales a International had growth In driven currency across Foreign was international XX.X%. and markets. our sales unfavorable by growth on sales organic momentum XX.X% impact

and Our quarter adjusted XX.X% the and XXXX, strong margin of expansion. was up EPS continued growth $X.XX from by sales in driven

on impact minimal quarter. had the for translation exchange currency our adjusted EPS Foreign

From the sales medicine The acute Neuro in of strong products sales businesses. in organic growth solid emergency in sales platform products, U.S. was in earlier renovations business fueled order pipeline businesses, of Kingdom, products. led included beds around our quarter craniomaxillofacial I and some by the XX.X% included of organic SteriShield sales of and our the by organic across care, infrastructure issues which In continues shoulder strong Neurotechnology in provide had and X.X%, cups, robust this XX.X% strong Australia, led which and tourniquet Spine and and bone U.S. growth the organic and and organic currency organic Endoscopy Geographically, Cranial XX.X%, of strong international organic to double-digit and sales tools. Internationally, OR our in which U.S. New sales was growth XX.X%, perspective, and waste had product of of our Canada, the pressures XXXX products. evacuation, organic and high-speed recovering U.S. From MedSurg growth had strong growth. for its quarter, Medical sales organic internationally. smoke with organic Now growth X.X%, in sales was growth in sales U.S. structures, by XX.X% the XX.X%, growth currency and drills defibrillators. chain and offset XX.X%, XX.X% growth Zealand, performances sales and diverting drive growth of growth businesses for and safe management, highlights stent had and in of led of a Neurotechnology the had growth most reflects by year and finally, sales care. by a growth U.S. performance XX.X% of Technologies growth Instruments of emerging of of sales organic by led led demand transport in Growth had Sage performance. product will perspective, U.S. performances and power supply competitive our our all driven growth sports continued Surgical segment MedSurg success quarterly XX flow markets. Orthopedics had growth Endoscopy our medical included by all bipolar across of robust constant business. business. And growth market. Neurovascular by Japan and the double-digit ischemic LIFEPAK growth had is X.X%, strong in constant due products X.X% our core capital performance in forceps the of organic XX.X% United mill, excitement to growth hemorrhagic Medical

as and our in reflecting installed X.X% our Mako as continued new knee well business momentum procedures need robotic-assisted position grew installations. continued of in Mako the Our organically, strength market-leading base U.S.

Mako business the driven Hip stem Robotic success hip platform. XX.X% our grew of from by Hip continued and Insignia organically, Our our U.S. momentum

organically, extremities core businesses, U.S. with double-digit Our Extremities business upper trauma, across biologics businesses. XX.X% sales grew and growth our and Trauma

Our organically, U.S. by led our business. Spine performance Spine business grew Interventional in X.X%

in ]. bone a U.S. a cement Korea, emerging of Our South slight X.X%, decline had of organically, business [ Europe performances and our other deal mix by Canada, in Spine organically XX.X% and and markets. driven Internationally, ortho decline grew seasonal strong Japan, Mako including most Orthopaedics

focus in highlights operating second Now I quarter. will on the

than third of from margin XXXX. mix. was points This XXXX. unfavorable XX which R&D third of the was quarter from X.X% XX of of Our quarter Adjusted primarily variance adjusted was points gross basis sales, spending basis XX.X%, resulted lower

was SG&A of discipline, our was investments the which for combined driven spending on $XX million favorable offset invested sales, natural sales, by was quarter expense XX.X% XXX XXXX, lower third adjusted growth. In points leverage operating XXXX adjusted our due of with to than support was adjusted summary, and balances. other somewhat quarter favorable basis income XXX XX.X% the income which Net cash expense of than lower was million quarter, XXXX. for to $XX the interest points of to margin basis third and quarter by Our of

expect adjusted of We million. net range income in full our year and to the $XXX expense $XXX to be million

impact certain communicated the adjusted to XXXX of The reflecting effective items. and discrete expect range rate We mix tax the full our XX%. year high XX% third now end of XX.X%, quarter at an be of to effective geographic of had tax our adjusted previously of rate tax

billion bond $X.X in balance the debt Total approximately This quarter approximately pay the debt debt securities on of short-term marketable which upcoming maturities billion. used ended offerings XXXX, approximately sheet, investments. quarter. and of was billion the $X we cash, with in from will down portion our to fourth be a $XX.X third includes September Focusing

flow. Turning cash to

per receivable to of the $X.X a mainly for be pricing higher adjusted organic operations and we timing year-to-date improvements we I will range by other higher billion, XXXX, volumes, unfavorably diluted are up of strong to increase timing. favorable open of hold X.X% to impacted X%. our momentum, sales This from adjusted to $XX.XX. And XX%. capital be exchange earnings guidance. a inventory X.X% If $XXX near accounts products now expense Our by partially year, With strong an sales sales is by rates net impact in the from foreign expect XXXX payable, from and first earnings our and sales margin our and offset year-to-date demand $X.XX, Q&A. full growth both full and call we for in impacted includes $XX now cash driven be performance, range be year months procedural of operating expect will and current of year slightly which the million the EPS negatively on sustained of accounts now healthy share in will Based to QX in reflected X approximately anticipate levels,

[Operator from JPMorgan. with question comes Instructions] Marcus Robbie Our first

in Congrats and to stands a great third medical of to grew really Neurotech quarter. out. here. and closer now -- now ask on is wanted MedSurg this that Medical I sales XX% is quarter XX% Kevin,

stretchers and pack in beds that but as life really medical orders, item. well. the out called also line lot You a There's good had

sustainable? then going see So I have follow-up. much to a onetime How there? just is wanted on what's versus And

Robbie. Yes. love our We business. Thanks, medical

the our division over probably look you If X been pretty years, consistently. past it's highest growing

little from Now given post does capital but move nature of an us around it's for the not the it business, to bit unusual a growth. quarter-to-quarter, equipment XX%

LIFEPAK stretchers, say, the business just innovation wireless tremendous XX let's look on been over XX, Why? and and is Sage quarters, has X past, extremely the the back fire momentum just If well. behind have we to Because performing you ProCuity,

You acquired have Vocera really in quarter, we've course, this great all feeding but the for just and team, talent care.ai, mix. of of recently, great of an momentum, engine is that more leadership And this culture. showing nothing

every down XX don't can but I Medical anytime so Will for quarter, see for And double-digit have time probably we growth come. the not, soon. to division a medical slowing expect long you

the a at there Maybe hurricanes Great. we sales quarter year-to-date. other bit in it seeing really any or we're good that to any trend, the a least be quarter? from with is below should thinking fourth updated guidance still looks Is just about Fourth but disruptions number, be follow-up. impact just a on implied versus guide

on don't expect any there, hurricanes. here we counting be from -- or those quarter. really made we there No, to Sure, but little up procedures the we're in Yes. bit disruption a not was the

with no do So weather. whatsoever to effect

clearly, XX%, it's you've us to and aiming we guide. a do of the high think couple past up. guide the years. which are reasonable end seen finish moved to But the that We of I it in closer at hoping

have But quarter that's comps, So fourth year's XX.X%. where we Last big right? we're was aiming.

running momentum we're against of feeling certainly, big the don't The is on So negative business. terms we anything vibes numbers. have But good. we're the in that

end. to going big reasonable moved it up and for a numbers, the we against is amount, running and Just what shoot we're we've feel

So have quarter organic year. full and growth certainly possible XX% it's that a we'll

next Larry Our from question Fargo come Biegelsen with will Wells Securities.

congratulations on here. nice Robbie's a echo I'll really quarter

XXXX. So Kevin, bit I to wanted about ask a little

to the drivers expansion margin the are And [Indiscernible], X.X% this how And line the of is momentum points the thinking be on about seeing? time in basis sustainable top called line out should or below to the you we're guiding You're the interest year. given growth call? Glenn, of expense that what [Indiscernible]. XX% XXX we the recent

of can XXXX it's jump Larry, basis maybe and Jason. margin this the and year. Glenn points then XXX here handle expansion as I'll speak land in the to piece, we

in I about happy January. The We more of to with we'll year. op basis thing But think get about the would points very we're next talk in that, business. committed into that beyond the one ran. we next momentum As begin expansion year, say, we'll XXX in certainly obviously the certainly stand June margin

it just as ahead, sorry. And then to relates -- Yes. market go

no, no. My No, Please ahead. go apologies.

of Okay. into that fully Yes, comments next we're on I some will margin of basis XXX the of sort give around and points deliver that the as well. XXX wanted to year, year expansion this over carry just expecting margin and you color to basis expansion points

of carry great like we at momentum, forward and had look momentum QX. QX, First we you our into all, if for will definitely results feel that

at sites we These year, rationalization, working looking manufacturing Just to initiatives started lot chain and offset leverage. we cheaper. a at came optimization reminder, in-sourcing design included site coming how during up this even post even inflationary make looking hard freight pandemic. the to several direct our also of looked last year, of of And we drive Also ramping with crisis. across off the low-cost improved supply as things looking looking opportunities, opportunities, that increases vendors product on at R&D at at a sort negotiations the sourcing then honestly, can

shared operating to expenses, services our continues down to expand. Moving footprint

services. to We transactional continue into more push those work shared

lot and more work results businesses rationalization. expenses We space just rationalization, we systems, to off a of then, of means sort our also of way. system more putting we're and operate focusing hybrid And IT are that in that good also it's similar are of course, coming seeing sort this from on and of on office environment,

about there. just that am go all ongoing of are an will I to lastly, in is you of strong have of is there all starting leverage before. up our ongoing heard performance, QX fixed and then We we from. we'll lot target benefit costs natural would time. what we're the the and also last been that, the like price and reaching for a something The point seeing talk to that haven't sales We'll this that then make, We've and is our are natural create leverage that leverage I And biggest year there. And process focus really So internally and like. know because I Stryker not the of of quarter seen amount that is going and not growing. sales drive we in kind looks deliver.

or that. nobody how So feels you deliver know at Stryker on that doesn't how

year. a And from we'll deliver XXX that you it so there's and next this Kevin we'll of points year, basis the confidence, and deliver lot heard it

That's super helpful.

should drove strong my about really the follow-up. for growth how outside sustainability? Just in QX, was What U.S. The especially of that? And we hip think the

quarter with a Thanks, Larry. one the thing. just It's We're excited super not performance. Hip

around to kind They to the of the constrained of that. product driving this to spread supply it's a had launch, starting course, delay We more. Of that markets. international world. some and starting Insignia did on quarter are and now But little pop now receive bit were

off. In because reimbursement to double SURF then the really addition, we you look hip acquisition. bigger bit starting if even of We've got in looks Japan. additional have was of Mako And at a It digits. organically, growth the obviously, take

business is the hip Europe. of to in component great off start a ahead the is there an model. inorganic So to That acquisition deal

Hip posted as the in excited international, well. acquisition, of the about a business, I think also European in strong very number progress in not European but we're really markets. just we're other but U.S., the But we U.S. delighted overall, So in primarily also France, that with our

Hip tremendous our business momentum. So has

Our with line come Joanne the from of next will question Citi. Wuensch

hear me Can you okay?

can, we yes. Yes,

kind Very the quarter. ortho Excellent. this I is sustainable struggle that that that? moved this has when of that they not Tell may are me or nice What please some at that level is growth Can with volume that right and or investors in wrong? an things demand either pricing it's address positively positively. think impression about remain and not of you see pent-up

takes been how for -- know going to now. time some don't I believe quarters a that many going you market. Joanne. on good start to Thanks, be It's it's it has for to this

we've this more and I activity market ago. but the potentially expected procedures. memories, from a that to looking think, demographics the be We the level these up outcomes long just at year great aging elevated and called surgery schedules obviously, we market than and said an of based on

of course, said of of or normal. a of bit to a market of the We I being I new low based the higher no one mid-single-digit signals rate achieving pointing like this, But kind exactly on will think So for execution. and signs new single growth kind course, longer has X least feels at innovation that being of how our kind like a And all crystal no growth ago, are this a ball. a sales our predict X quarters market in a normal, and just And evolve. we're we're can't this growing.

So of comment excited see maybe to numbers. to to these We're these numbers. a bit surprised I'll I'm pricing. kind not ask about Glenn me, little about And

focus things to up Joanne, seen seeing have on contracts. with positive than on are And results. and the but okay, I deliver just those the one orthopedics seeing as We're on we into -- think And not getting these we're contracts territory is had seen we're of negative before. you've that, negotiations even less coming seeing quarter-over-quarter, related the always orthopedics, think Yes. and that a we us they're I very we big

soon. anytime that I And so see away going don't focus

for follow-up, early you my spine. Mako feedback comment can as Well, on

It's early. Joanne. Thanks, very Yes.

last cases say. started so far, or so. That's can the just in I We've just literally so the good. week So all

to as the the performing you color. a little early it of also bit give is we'll more ahead had is lot a kind that so able stages, copilots. we be But bit a little actually of it Co-Pilot, bit Certainly, expected. launched And more next So experience with in of is more We're part feedback. provide which same call, Mako ecosystem. excited to about early We've on far, Spine. that a

application these is large, me just If at industry right on for typically tend on always launches schedule. exciting time, time, robotic delayed, launch to and what's to you So right? robotics look right the a at easy not be on it's X came that

we're very their feedback, We early. have not it's going get but it's far, the impact so not we but good sales as also for right, should. staff. training the to on it our getting for big while a want And And because everything to do is make sure a going surgeon little just for

scale. As with But the our all a before X products successful being these to start really fund pays really launches, go make slow to and are pointing get business. beginning to signals previous we've at everything signs little to bit you nailed it learned sure for you

line next Zimmerman Our BTIG. with of from come question Ryan the will

curious and you're where maybe the of create your you some hardware where you extent if quarter. talk you this a the about on Kevin, really about I'm kind think as versus care.ai tech, to ecosystem historically a even stretchers, if as see your med be and kind XX of LIFEPAK Vocera to product. driving to of Stryker's could integrated chance thought headed of that revenue to bag, the on extent, how get will. from just focus. into with traditional acquisition a to versus And software standpoint, your bit business little I'm maybe what we some And Congrats other now you the wondering Vocera the just have thoughts expect products? to some recurring more we've that

fundamentally now we into Service. on know into we Listen, customer digital. how We We That's moving printing. it. into We're we as workflow have a We've solving think moved been And customers Thanks. a very Software evolving our moved Yes. into moved problems. focus about We as Robotics. and company. XD intimately.

virtual more around the But very spaces incredibly is this solves exciting, a lot number getting our customers. which do to that's margin a getting having are able a customers problems see in new. are with connected us that something growth high I staffing and good I So for over with It's involved been care.ai profiles. of of these hospital of Vocera. is integrate services not into And being nursing, years. And progression sort all the that and more think gradual

both like So looking acquisitions I organically to going to continue those upgrades -- software hospitals. not follow-on care.ai looking to into areas department to but you the have things areas have expand to on emergency We're done. would say I expanding at continual also bolt we're because cycles of these upgrade we're continue at other to Vocera and solution. with the

can that extend footprint So these a there's we technologies lot more actually into.

me, it's it expand for sometimes on technologies shift. extend focused and platform neuro like a solutions. businesses to to that also, continue continuing So we'll products see sometimes getting spaces results These that other and high We're XD solve future. customer But and do growth, printing. an are producing problems,; and methods still to get knees the opportunity also it us wireless and and of it's as our just digital you about new with it. incredibly in into and as to are our today, high-growth But very just we ways us not traditional exciting into think for look and from our hips

going on So a decade. for diversification do same MedSurg, this expect implant more been new towards in than have business. And would a the see for you more it's of opportunities traditional the do lot innovations they and

to So diversification expect this story I continue probably going would forward.

year-end. enough. comment expect to be you And Fair through the Jason, that you procedures made healthy

in slowdown. X-month why type would question, wouldn't on suggest And type a like I 'XX those any of kind know and again, And trivial, a reason is even it's X- result in that quarter question. some kind know any seems into of follow-up to but first wouldn't thoughts procedure made it's environment? historically early window. it to a early Joanne's more be similar this comments You've I of near-term there it I the mean, of

would I don't we as point would think suggest any No, kind well. as I'd I of of And reminder, say there's indication this slowdown. level Yes. a is that tell Kevin Ryan, you, made what have any

we as go of far back as you mid-single-digit our If markets. see Day, as kind growing said markets back these Investor to we right,

I how to reason think perform of and January, year slowdown. that's you're above as going to we that. don't any this kind to the to XXX some going I basis believe turn material we're see have out, to that XXX points there be play page and go will

feel year end So then we we about think off start how good we'll we the and XXXX.

Our of next comes from Bank question the America. with Steed of line Travis

comment base ask is I the for question product installed The that on backlog, And enough backlog There's Do base, order to market? Stryker? medical sense growth the make XXX,XXX some you LIFEPAK. this an of comments early accelerate there. into compared medical to think then the to on for out next Or plus, is and grow to installed of feedback. on typical an the is installed one of the the kind year? some sure for wanted wanted just that Any confusing

So, here. I clarify to that wanted

Travis, Jason. this is

play as grower. in to ton is being say about Kevin medical is right? it First think And certainly going it's not the talked I'll I'm to a pieces, we marketplace going to for And excitement quantify OPXX of into backlog, XX that. specifically, it here. will there double-digit LP certainly be one a off, the try but the of on healthy.

that In it's good that installed specifically. for you terms we us as yes, of worldwide base, a Stryker number about $XXX,XXX think the referenced,

Yes.

a base. the should So think the think life multiyear not you I installed given X-year year, that back for be of just which question. just tailwind X just lengthy -- be life the it's And a cycle, rotor year, X-, given the cycle It's this of to going X-, just base, each product. to that's medical. -- was installed it's That's tailwind clear, as a replacement X our

have follow-up. I And a Great.

And you're of of Is growing? $XXX That's flow M&A X about any on Is I'm M&A in X-part, curious next sizable that of you that all is this revenue? overall called a thinking million kind Kevin. that And you, and the the how year, how contribution. fast out year. deals Just early piece environment later organic? into organic revenue for Jason,

Yes.

growth So the X year, right? assume and that our first of all, roughly that -- talked should the organic inorganic. Obviously, to million that you half these give course we're of end sales of in next about, this roughly deals, guidance on half deals going over for being the that So or year. sales question January, the will were of inorganic organic on we up happened the $XXX

these. The other appear to wanted of those small each roughly for give of tuck-ins for exciting sense I individual the the They're businesses. year. for sort part, guide a But half will very all in organic a for our you one of most but actually

part. first the that's So

M&A environment.

M&A great. to be environment continues Oh,

capacity active very have still generate cash. continue we to going We and We're large strong stay $X.X have front. having a pipeline continue deals. We've do active number with billion deals. healthy on to the So of M&A spent of financial only been a to significant

#X front. the in be going our will to staying use just as it past, forward, the we that has on been active forward cash look So of the and M&A

Our question next from comes the Companies. Matthew of O'Brien Piper Sandler line with

commentary maybe Kevin, for if Just know flat reconcile the new I but said on, installations, Glenn, but you just is think this essentially then Mako this other for help was line don't quarter. record I the you,

you pressure said saw you quarter. I some that this international there think was and -- So

in Are you're I starting going the interest something of strong. of imply, for that case? you there Is to where saying So on Mako? was, the just you're demand Mako? I domestic very strong the that build seeing see very, is that would want Mako domestic the think number a multi-platform else capability lot but Or say bananas,

Yes.

in revenue cement. of end more half deals we from year ortho from Mako as a from are through agreements and the outright which And usually customers X and clarify, The capital installations comes the line, that is ultimately sales, components back what then bone other later. agreements finance in year our biggest to Just typically purchase cash the in revenue Mako rentals. see year of up progresses, choose rental the Insulation

installations, though And a have large so rental we booking we're of on only a number even monthly income basis.

factor is cement cementless what other that growth so I continues really feel is just primarily that's in that business. Then revenue-wise is the that in And bone we're our mentioned to decline, you seeing a and that thing line. of

the so And X that those make that pieces are up.

Okay.

Mako the quarter specifically terms I of guess domestic installation. number mean, the in did I in then, to the upside just So surprised the

upside, to It be didn't continued surprise to strong. it the

So installations, international. as we've well in in U.S. had continued strength the both as

volatile the because steady, looks would primarily. good number, the finance Sometimes call growth versus revenue in installations, deal a a mix of I of internationally in of but you both deals, lot it, cash have and steady sales lot Where U.S. it

But as market then And to your in I at accelerated ortho well got averages look of growth in actually Medical And be business continues terms know Trauma in Okay. a QX. front I above -- it. I is Extremity of ortho ton the the has growth. of and biggest business, buckets in think X here

in just grow in to benefited much faster know confidence continue or from level even share. market much the this confidence of to the up you QX joint your don't I but 'XX in issues that But large if here in ability just and market this so take 'XX. than growth, in not. competitor So you put to can the necessarily the

growth. strong had that to continuing Orthopedic fire. unit, extremities, already fantastic double be big know, of business I'll Pangea radius a digits Association, last you trauma conference trauma high a business that Plating look, of is team, go to in and used week, Biologics that And had was and is year, continue. they will Trauma Foot with VOLAR a from you, very launch kind for see a it strong confident the comp say And absolutely management double-digit tell tremendous started, Ankle biggest posted exhilarating very which core than chance it full got as Trauma if and would grower. that getting little the lower very last very a I very year. Trauma and team see core strong Trauma growth, with very still been posting Extremities and see we're I'll Foot be to units the meeting week Pangea because Last our this X to within very just I they very a at And significant a Future pretty Shoulder, Biologics. bit grower to trauma consistently. they're the And of momentum are grower, you has the the a ankle and I the launch to on engaged. number. start then with I of was fractures, force single-digit to distal our Extremities.

actually that, of spite we're in little pick rates. contribute bullish growth growth. the future that a to up angle And seeing So you're that will will big still very, to very these bit. start and

the overall foreseeable sort at grower So say is to would procedures least I just kind then hip hips. we percent for We for Insignia a for back in and in getting continue after continues done of of important of knees, and obviously double-digit to procedures extremely the quarter. launched product a is after business. hips And knees, well. the knees future. to percent Hinge for Cementless that of massively Trauma grow makeup grow Extremities business launch big quarter our going revisions done quarter was a

let's for market. our very all businesses. of across good we're these from portfolio, plays a said So quite take some culture will with level with to position predict going what the board the But that tremendous how talent, across with time our product share momentum grow we're in much orthopedic how the out. exactly. we've now, see quarter-to-quarter, above above market our hard we to But market,

question next come will of Our Evercore Vijay line from ISI. Kumar the with

here. on on Congrats nice my one maybe here. Kevin, Mako a first print

about I in in being U.S. past, the of think percentage think I certain mentioned EPS a performed the robotically you

numbers? XX%. hips it should we And double robotically done up I are up mid-singles are think that is Any we number percentage What qualitative now? utilization? was Where utilization? about of being on think digits? right How maybe XX%, Mako

we're direction the that in those quarter think It's to in precisely in tell positive bit I what fourth with dial continue continue and offense a after progress And that Jason. beyond. I'll is, numbers quarter will certainly for But in pace you you January. playing, a the quarter. would that more we number that

disclosure our their Vijay, don't to Yes. a we on that given We moved year once disclose competitors -- their are done moved a of that percentage that robotic platforms.

Understood. said here. the environment procedure know environment macro you've And maybe, Kevin, remains on X I healthy.

leading robust spoken we at on the you indicator. still procedure wait And now wait times you've it perspective? think of capital the being a think in backlog, does I remain plans, as from sequentially? right past, look When grow where are I it side sort scheduling about did the

times of data we're the It's we about just super again think the The roughly market this we not but wait healthy double on scientific, it's just sort wait we times is still are the is times. -- reason as that say given pre-pended. have, scheduled

There booked like surgery now out times wait X months months. schedules out year. booked X or were entire are about that average kind of out they're so. months So some were more an booked are -- Scheduled surgeons X

gives we're so that of -- visibility, kind at not us idea. normalized but us X go us at back. it to full good And visibility It's it's doesn't a year because it seeing which just X gives that least out of a level. give probably months staying

things see to start of intake You'd ahead on slowing the time. down

get change, it. a quarter, we're seeing something least to we feel let not we why about again, see at know, but chance to But we not that's if we'll every So you talk now. change any pretty whatsoever, good you

Miksic the of with from comes question Matt next Barclays. Our line

questions couple on Miko. A clarifying

on. some question so there and product was around color ways on last line one, and purchasing a So of that

purchases X is leasing kind a color And kind of just leasing follow-up. versus that one, the cash and OUS helpful. more quick in the quick be in mix that I mix then I might So on on think, had the other U.S. X just geography of

business And U.S. OUS. the and rentals versus Matt, leasing financing we in Mako, in more in OUS. see we than U.S. the see also terms our more to relative of leasing I would that agree

can kind color in of maybe any helpful. That's in And you change the Okay. give general and frankly, the question, is, us mix strength on given Ortho in business the that super then helpful new more or super versus any of centers going of that into share ASCs care installations centers percentage as if site color. would robot care to be the willing you're traditional a acute

Yes. Thanks.

at going say it Just question, But for of competitive single into going a in the quarter suffice give going ASCs our our is a of deals, ASC groups operating ASCs. doing of like We have to we rather number you as before metrics those reasons. on the we're offense. typically, of is Mako of it. previous Mako said up than percentage win to, tends increase ASC with least just kind every that to X And year, those the once kind love in we the

of share And the more at so year. that the of we'll that end

next line Our with Litchman from question of comes the Oppenheimer Co. & Stephen

on Spine. Just

accelerated segment do are look that platform are sort well? help or You in enabling M&A on Or your obviously there pipeline think there, the growth that driver growth presence as could increasing obviously, bolster Mako for as you by as areas of you led products you technologies here. ahead? see other your the

would tech growth, the Well, say as the well as for Copilot. is enabling spine really the term, Mako engine I both in short

quite forward time. interested been for defense enabling that, are also the ever of some playing a knees of Of really put the us technologies. more But the and for number hips robot on. us that's what Copilot And surgeons portfolio to major will that -- of as that a course, back and business, have we offense. are products on leap ex contributors. is was in like done and a working hopeful and are a every those than And bit know teams spine us, gives kind We've be we in gap spine launch, they'll for

immediate So this The are team, [Indiscernible]. in opportunity I course, area at least products. But other our working would of innovative biggest focus. for on the the say of that's is us,

think Got refinancing? and XXXX any Glenn, Larry's next of based expenses a have interest at on compared year, you it. below-the-line guys then, sort question do on I just direction And expense what you following on can from earlier, provide to looking up

more won't provide Stephen, of it's into in any We'll Jason. January. XXXX. But more to certainly get this point, that relative we guidance at

Our David line from next Goldman Sachs. question of Roman with comes the

this on deeply several to appreciate, bit wanted side. a years. little something Kevin, you've just for I focused is the on that dive And I international more been

percent OUS. those talked of number of don't perhaps markets significant themselves Can OUS As which OUS. competitors your an businesses you're we exiting those And of now, sense being then across give up expansion geographies? provide And ending us a into sales look do. the portfolio you still accelerate XX-ish the to in a have versus that that your to does penetration about lend opportunity

to are of but divisions involve Sage company, the really especially to certain are taking other med-surg opportunities. Stryker, States. United less penetrated infections, the of mass deployments. business cost where MedSurg our hips reverse to basically, we portfolio take very then and markets opportunities quite are of interested markets isn't but Vocera like a other like in is we types of one-off portfolio. sales well that opportunity And in But time. it's are And of MedSurg, the outside internationally. will the would that [ products Not really businesses, portion great earning of the businesses. like The something terrific, all there share. biggest internationally, our call likely vast the majority Yes. But and more the The the to little a some those strong technologies biggest of already just of strong majority Traumas advantage actually to that those have our are have extra itself ]. be prevent competitors But business are they in actually, taking aging something very our rest internationally. Neurovascular international these It's by the well fair are I lends have far, our of their are not as internationally. them

translation. do to have We

because think United now power sales XX%. adding ago, position then tailwind things to States. XX% time we've starting think tools, the have of But we international in forces company that crossed takes take just The products XX-year It multiyear that a year. sales something companies We're only education. drumbeat biggest if you is share reason X way why have high had spikes such and keep in penetrating it training takes our And and time. to for the of steady should X it just us reasons you have these So our is of -- it's from of years given take then And this a share U.S. the is U.S. the and markets. X, those something just market like revenue. about where we the far we we providing buying dramatically one percentage market not XX-,

our a to last so as to the nice have we're it's And many going to and for very double to push revenue digits continue to of couple to do we able organically years come. being that grow years,

So are that that already companies in for Stryker provides versus tremendous other upside markets. penetrated international well

to that's you of expect share think increasingly standard should #X Mako position? the in become where knee of we the similar shoulder the spine us what path spine, of so application side maybe consolidating being or the What ends to care. expanded lot application on a shoulder a be really on maybe significant market business, And the catalyzing up robotics your around specifically accomplish And helpful. and very makes the able this overall? as share side, see to That's more and robotics and about something hip on Spine as to driver #X is

Well, -- start I'll if Spine. I with

the of say than I robotic is the in Mako offerings. case wouldn't So Spine, solution, other materially different our

fat. very not it's a and Copilot first, but The product is It's offering, not a it's So we're differentiated. offering. good incredibly competitive

I'm So delighted ecosystem our with.

knees. plus about shoulder, is potential. wildly Q exciting. Mako isn't the Copilot very I'm take not as think camera as itself robot and it When by fast guidance system, and incredibly excited a A you as spine I plus in If hips differentiating about together

Now we don't it. need necessarily

a will hard Our surgical growing preplanning. do to will is have fabulous with easy software, already make we for preparation, very shoulder which and feed absolutely humming the Mako, and business will accomplish. Blueprint procedure more Blueprint well extremely bone and so We it is implants. great much

as much bullish the extremely its knee and shoulder, I'm in So am would say, on I I business. potential as

spine. great be should shoulder So

I us as potential competitive, think good, not the as it but will it isn't make sure. be transformational will and very

Research. Our Nephron of Pasquale the next with question Chris comes from line

to Vertos in ask that the some therapeutic interest you acquisition. a is time. Pain about for is wanted I area had

You're there now. a now bigger in They're Vertos. way with

do procedure? about you your in talk to for other as that tuck-in? of mild a see plans And solutions you add on do a you build that that or You platform that pain, interventional as can one-off view more

excited. We're It's not really one-off. a definitely

IBS we had more IBS balloons up then so We own curve of for it well. the business. We It's that have that all OptoBlades, performing launched and then surgery. business. did picked We did that the We've [ the we've We first BD acquisition deal done. fabulous we the patients This Spine real solving acquisition. quite internal obviously been have CareFusion. serious an amazing oncology business, subsides the not innovation is balloons. high for as need Jack is both our the It's We some ligament the bought the deep a CareFusion within box, problems the well but the pain our curve business time. ] from beats and have in as pain as during

excited. up. So we're very We want fill to back

And knows that team amazing an I say sales how have force leadership to We there going stop. wouldn't win. we're in to

We'll another yet. communicate haven't have we the probably excited think quarter, which about. we communicated that very in planned I we're that's first simple innovation do

to done. be in I Stryker a wouldn't business for we're say And will the future. so high grower continue that And

comes of Jason with Our next ROTH from Wittes the MKM. line question

I've So least clearly, you towards almost move the one driven knees. of if data, the is it's At cementless or the by knee so. But or above well biggest seen numbers at entirely in Mako. XX% look -- trends are the

is in is cuts making that's put a of competition, other the out knee, even any the appropriate what's sort at this looking dominance commercial rollout just of cementless driving here? or that kind of capable to there there So

years take. the just start sort let's Well, been cementless. market of XX we wanted We've with to in

meatless that And provides Mako. fantastic we data launched have long-term prior results. that our shows we to cementless So offering incredible

success good long-term data industry that's have rate. XX% We data, X-year

huge surgeon this for a is is of have is So implant thinking cementless, big. advantage us. proven a to When a knowing they moving

replacement standard But of much of a with surgeons [Indiscernible] You're to right a providing instruments. with cementless and offering. that our lot percentage And of offering. cementless doing much itself percentage cut our the need. knee later cut do the endless or competition their lends we in higher fitney And have cementless is precision than quite our press doing standard the really of is

It to make away. Surgeons it their the Some launching to a that carefully X want took going follow sure no first very X are for takes right just to time. aseptic of year. -- now. to months, aren't going them cementless patients They're going loosening. They're switch there's

of the hasn't of well. prior Some cementless versions gone

So some of them are from that. [Indiscernible]

took the this timing. it's head the And now to solution. terrific for is us. going think it time I early So a which a massive take in competition, just that we proves on. just have We us have time, for just long-term like did start It data,

We a in and was So good and not new we're our position. robotics of now because system, on our and did knee right launch position That it. cementless love bet. our bet we

of just game Yes, the implant in things of Do better you but position I than technology. flow that's way not need the you because agreed. and sort those first a just Or obviously now hips, different they're you its And that plan. knees. you're I think obviously, in obviously first if obviously terms everybody approach, right same different hips I mean were they're mover of through followed think work focus kind how of -- about mean, see or to else? but how the of about should going sort hips have we new, kind

the satisfaction. is much lot hips knee a need [Indiscernible] knees because higher more in in and Yes. there's a Look, dissatisfied has patients

not it's pelvic get can try tilt for the hips need The sometimes with it we as in and power they So to so obvious. surgeons Mako front that's information. why see of of

the mention I the course, hip doing We is also STEM, try cup. great. to of have, X forgot which Insignia

a replaced our car most first, surgeons hip business product we hip journey, actually as been innovation fantastic XD XD-printed absolutely products call replacement anterior have But enable XD-printed And to and it mostly That's Mako, I'd cup cup, with we well printing fixation. So our to which printing around procedure. of provides you fluoroscopy we've need have with XD don't actually done as hip CMF an example. as market cup, love. our have including the which across business, direct actually cementless

that for So with out the more get hips. and getting the led shots procedure, that. comfort more And the see and number the And you surgeons starting initially, it not of then out a deal. a we're operating radiation of number doing because which makes we're the out and group is security surgical them surgeons interior of as surgeon gives big they'll Mako to just actually happy, very the happy. market And shots realize starting of reduce but to of can direct makes that do only all operating, reduce it it not it staff the only

is advantages that to we're continue to that one the So that compelling push. has, start to system of our going

a they're and not on the Mako. well outside Mako So extremely uptake world of that weighted lot doing application and hips. Other the good example than India, the knees. And more has should, the have benefit seeing more there's as much rest and time, done. hip from is States, Japan they a hip hips balance of the increase United the over to It's course, procedures nearly knees, of businesses between where

It and that educate longer try you going trying we're upside. to because our lot a little to until a these benefits these you're benefits. it, as there's not yes, actually on obvious more customers get So that's takes what it's

comes from with Needham Mike question next Our & Matson Company.

company another have shoulder you're of such kind a Mako. huge already installed one base that a you just have as that I are of I on and spine position systems different out guess a there. with coming

some will greenfield your potentially to advantage of do spine do Or to you those safe assume base of placements? of an procedures shoulder? sort those it is to most be about and/or upgrade existing provide in or doing that installed either catch that those could more you So

already. is is experience the answer is trusted bit what that think most But a I buying brand that of of that brand both. and a Mako from benefit is they have probably Mako. the we known is success

robot advantage, proven other robot. spine And robot. of application so robot, think, a whether experience having on another have with their surgeon. with They they the trust brand a I massive stand-alone either case, with a have they application the They the existing to add In robots Mako. trust have purchase is the for they

that advantage, gives us absolutely. massive think I a

And know it. seeing kind the then you're good I for not just talk of can pricing you your but maybe worse year. seeing year, sustainability. the pricing and just Got guidance about expectation next looks this giving there, -- you're or you're the the what where better areas of just

think, year's I Mike, Yes, the unfolded.

X.X%. now QX, had about we X.X%, QX positive QX, think positive positive X.X% you If and

and in scale results So And contractually, systems we're outlet kind mind, of better we large seeing from of from an too, pricing. place. programs but of on with span are put programs pricing smaller individual health ASCs working working hospitals sort keep or drive even understanding the care the why even in that good the we that driving

we've so international our has muscle do and just I in both in business. our U.S. that across now that become systemic exercised think the And business, this

deal get will in something is we And attention every do. it so that that

don't and change. we that hit we're get But this kind to I we're on of pricing. forward, competitive, going and when Moving to I'm that where year provide things sure we'll to now, very bullish more get right January. expect guidance could

Equities. with Daniel Our line of UBS next question Antalffy comes from the

with a like procedures offering driver leading I the broad is you mean And is what to a offerings guys on of provide if position I gain the there? curious by I at here. wondering like Mako of mean, of focus business, you And here. thought good your conversation ASC? product procedures, that. I competitive Clearly, Is I just I'm lot high now appreciate on it But to I to And and continue ASC? then curious robot? joint the swath the by momentum seems the the are specifically, orthopedic continue joint position, Congrats really the and to is Stryker here. to led quarter the ability in product transition where a could your follow-up we a it it led level, the I'm ASC the large follow-up, orthopedics. large and share on Orthopedics was things

here, would terms that win of in to I probably Jason. terms frankly. you of ability in just a combination very messaging say going for base, right? record the and a installations. in we've say of been here installed to start number all of market I is we're the how win we've several It's of our our If listed, it's consistent now, Mako out quarters to just things market, had with the the you of and going how look would quarters play But now

then I continues we'll positive. add But growth these into hips in you from go utilization our you translates a certainly when obviously, a If think up. color that that more that's bit think standpoint, commented about about January. in to that business, how And a in

is just factors. certainly, But about price, several again, factors. Glenn we as certainly what that talked variety piece So of a a see of positive well.

year terms in question in hips percentage January. that Your out Kevin ASC environment, down well. I'll up helping the this I environment, see the joints continues a but to the this provide once as of the large these well, can, ASC, view ASC footprint to We on commented in go continue we in on typically in business. as of earlier built where again, Mako the

time. that to over growth attributing a are So of factors it's certainly our variety

that's Stryker. really time, Yes. one at sustained add when last you over performance the see I'd value is of The things thing we

if at jumps catch our sales for time. people sustain need we our something up someone performance look numerous -- -- meetings, and national portfolio, the but you you ahead you over you. to have If sometimes awards of go To yes, requires and

the sales high organization, how engaged It's engaged very sales forces entire and alive cases, by be how to some And they sustained been territories know split and high-performing they're teams we way our the Stryker, performance. culture we ever hire has how sales been have the and enough leading the is and split a for forces well our spans force, long force, divisions. so execute. not sometimes and portfolio I sales our way and that's not add and also mean always are, and It's corporation, And right incredibly strength a to we very sell. time. today. the an a to highly sales-driven long, a itself going is in are with all the are product, but the it market still they And that that

question from the with Securities. next Newitter comes Our Richard line Truist of

on Congrats really performance. quarter third strong a

overcome? dilution that And earnings And you first did from any is either? the million going you standpoint quantification dilution can 'XX? guys of of absorbed to need all around in 'XX in or of you quantify So be of impact be from there a put kind to going deals you roughly any the to $XXX in Is 'XX. question. Can dilution my that amount

it's guidance only it's the we as is and on, dilution, commented Kevin anticipated that for in that contemplated well. have Yes. full will we thing that, this, dilution and And this next covered really Richard, cover year. provided I that will year the we've said we the -- think be

in, the key you us think Is Is stroke, around? you the ischemic if what a my actually -- remind fix? that you question, And into, take that acquisitions that it's could franchise? business then And question, sales How going Kevin, in product momentum organization take go another can reaccelerate just to you that turn fixed? do what modeling? a second to I'll if a for could Okay. second just X divisions, real

portfolio. segment assuming been on and Look, has [Indiscernible] thanks. Yes, demanding challenges our challenging. had more the We supply some spend

being So that is rectified.

XX, So perhaps on cases, large sell and and a competitors have we've we sell only end we're a of force suite doing feeling year. do broad some better our We because next a at catheter year force just -- side, number into about changes that as go competitors. [Indiscernible] in some launched has the that But aspiration that products. this the and sales of Vector is aspiration really good we are to cap looking the well. sales there's

selling dedicated we are a shoe on bit so some a have sales had of mix. And only little that experimentation reps

So business. new to still with we're try become different able we of space. segment would say love number to But to we're at at of that And the short entrants. a improve looking different I the very neurovascular It's options a looking competitive be just has that that. options to lot

portfolio. have do good we So a

supply the getting problem. as isn't the a down. did biggest issue the portfolio part have chain We of So

from Our Jefferies. Taylor Matt with the next of question comes line

which about then better the also, been time be you if ask have could scenario ortho for better to upside to about think And over do you will What wanted the sustainability growth it I of 'XX? Is trends, source you think of outperformance? that? you in surprise? or the 'XX. an have MedSurg pricing Where

where everything we've we January, XXXX. we guidance think you on think XXXX be I told pricing in pricing, to come out for On honest. And on can we'll Matt. Yes, provide full will

the Yes. just think as same into answer growth, different say business, we would growth. of sustainability Matt, that it about in get more we also, the of there as of probably we'll certainly I about areas January kind relates think as to areas of the

W. Co. comes next Robert with Jeff question the Our of Johnson from line & Baird

be I'll here at the quick end. try to

they way flexing the Stryker have hospitals inflationary and environment, you muscle model how for an So if every -- orthopedic about just quarter bone kind cuts price. slip start price just far that the you back industry? comments said in everything its need those bet maybe I to Glenn, versus serves, innovation acted need positive like pricing first at really of 'XX confirm, this year your And you memory can in and realized you've you as cut want and earlier bigger XXXX, I pricing, first all know the of things goes much manufacturers, of it if said is of to they across to when XXXX on But of stop or like your started asking they my I kind qualified it that. is as in out think orthopedic least I can of your

Yes.

orthopedic which obviously market. seeing especially performance saw markets performance, positive think, of first orthopedic's markets international in U.S. we're I the markets those was lot more growth. you're where a pressures, FX the would but quarter pricing in not we're inflationary international mind, that pricing the in for correct. match extreme of our is This positive all, in Keep that. first we driven to we and market, good adjust U.S. on necessarily I in in pricing orthopedic say and then seeing

right. just last That's Kevin, then And helpful. one. All

we ago, about One years to in would kind up cycle digits many of earlier, would endo One be from a back growth. between. the instruments. like cycle, other through comps of maybe used and against coming then new the going way it medical, think think XX and I mid-single months a strong tough one in XX, be Just double-digit double-digit, segments was

now is units, just in can down or have Your think diversity year-to-date. much those at diversification all Are up don't that? part X the of we in and you and so endo that given about Just medical to there any these X, segments double keep of and that and so valley balance think all in cycles conceptually kind like big product the across segments about they're between -- of digits X% least those to something years really growth we instruments. just

is I to business. Listen, to get capital into strategy said. been the what that to the from the think businesses businesses that's segments you noise described of stronger well was what purely But away underneath has bigger, diversify extremely make high-growth just exactly these

business the slowing parts little can but double-digit You some other bit, division. growth overall in have living overall, a the And for may parts of the accelerating. be

look And that years. we've frankly, So experienced, you last if what said. very well at the that's X is

businesses, and divisional seeing going sort going X, troughs used levels, X, more ago, go growth see sustainable, at those consistent you should if you years the not You're to X expect much said. peaks back well X, and those have you that so you're to forward of in

Kaitlin Genuity. line from Cronin comes the Our next Canaccord with of question

guess turning I to just back M&A.

really you you've how focused if there through that think of margin back, been fluid can more efficiencies. do growth you think the is margins about but able to you're potential I've floor? recent see I Or the acquisitions, how acquisitions. inclusive a guess the drive Is is line expectations I expansion acquisitions? noted also stepping of on top just it

things look obviously, We're Kaitlin, I are for Stryker. Yes, that for to we markets. think fast-growing M&A, as for our modeling at looking accretive looking we're

some extend And sometimes the over line, EPS it's a But especially that and time to can accretion op going a I line. the margin modeling these of of is of that over period shorter of a with to accretive the we're and period timing of time. longer to be accretive time. mean, acquisitions and over period all and drive the accretive ultimately,

tuck-ins, fairly are close maybe little take adjacencies, immediate For bit for product those those a longer.

dilution, acquirer, going high-growth we to the dilution and that absorb then come become over the something look But time. a to as just being accretive said a to we're scares going to early we and know as at we're not going deals, that's us that off,

from question Jennings the line TD from final Josh Cowen. Our of comes

strong is for Josh. This quarter congrats really Eric on Ortho, On results Great. on there. a and

it curious quarter? this what a they're I from have your extent going to has may of of ortho just that restructuring been impact their competitors seen shared a was One and business. you've through if any that benefit

we're on on typically, to we say comments. would And offense I competitor Jason. comment it's that the rely continue Eric, don't playing.

So do we'll as certainly forward. to that we continue move

Lobo There are I Kevin to over for no will now closing further questions. remarks. the call turn

Thank for you all joining our call.

full quarter about that you. sharing and fourth and to have business results you the forward year We January. are Thank excited we going forward the with look in momentum

This Earnings third quarter Call. XXXX concludes Stryker the

disconnect. now may You