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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
syk-20220930_g1.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan38-1239739
(State of incorporation)(I.R.S. Employer Identification No.)
2825 Airview Boulevard Kalamazoo,Michigan49002
(Address of principal executive offices)(Zip Code)
(269)385-2600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 Par ValueSYKNew York Stock Exchange
1.125% Notes due 2023SYK23New York Stock Exchange
0.250% Notes due 2024SYK24ANew York Stock Exchange
2.125% Notes due 2027SYK27New York Stock Exchange
0.750% Notes due 2029SYK29New York Stock Exchange
2.625% Notes due 2030SYK30New York Stock Exchange
1.000% Notes due 2031SYK31New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated filer
Small reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
There were 378,429,929 shares of Common Stock, $0.10 par value, on September 30, 2022.

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three MonthsNine Months
2022202120222021
Net sales$4,479 $4,160 $13,247 $12,407 
Cost of sales1,697 1,518 4,905 4,484 
Gross profit$2,782 $2,642 $8,342 $7,923 
Research, development and engineering expenses364 306 1,128 904 
Selling, general and administrative expenses1,455 1,602 4,704 4,682 
Recall charges(4)16 14 98 
Amortization of intangible assets159 144 469 474 
Total operating expenses$1,974 $2,068 $6,315 $6,158 
Operating income$808 $574 $2,027 $1,765 
Other income (expense), net8 (79)(105)(241)
Earnings before income taxes$816 $495 $1,922 $1,524 
Income taxes 57 127 192 
Net earnings$816 $438 $1,795 $1,332 
Net earnings per share of common stock:
Basic$2.16 $1.17 $4.75 $3.54 
Diluted$2.14 $1.14 $4.70 $3.48 
Weighted-average shares outstanding (in millions):
Basic378.4 377.1 378.1 376.8 
Effect of dilutive employee stock compensation3.4 5.6 4.1 5.5 
Diluted381.8 382.7 382.2 382.3 
Cash dividends declared per share of common stock$0.695 $0.63 $2.085 $1.89 
Anti-dilutive shares excluded from the calculation of dilutive employee stock options were 5.0 for the three months 2022 and 4.2 for the nine months 2022 and de minimis in all other periods.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three MonthsNine Months
2022202120222021
Net earnings$816 $438 $1,795 $1,332 
Other comprehensive income (loss), net of tax:
Marketable securities 3 (1)3 
Pension plans10 5 17 8 
Unrealized gains (losses) on designated hedges8 7 33 43 
Financial statement translation179 112 393 287 
Total other comprehensive income (loss), net of tax$197 $127 $442 $341 
Comprehensive income$1,013 $565 $2,237 $1,673 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
September 30December 31
20222021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$1,420 $2,944 
Marketable securities77 75 
Accounts receivable, less allowance of $150 ($167 in 2021)
3,103 3,022 
Inventories:
Materials and supplies852 691 
Work in process309 264 
Finished goods2,722 2,359 
Total inventories$3,883 $3,314 
Prepaid expenses and other current assets835 662 
Total current assets$9,318 $10,017 
Property, plant and equipment:
Land, buildings and improvements1,665 1,656 
Machinery and equipment3,869 3,842 
Total property, plant and equipment$5,534 $5,498 
Less accumulated depreciation2,736 2,665 
Property, plant and equipment, net$2,798 $2,833 
Goodwill14,993 12,918 
Other intangibles, net5,053 4,840 
Noncurrent deferred income tax assets1,390 1,760 
Other noncurrent assets2,431 2,263 
Total assets$35,983 $34,631 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$1,213 $1,129 
Accrued compensation927 1,092 
Income taxes243 192 
Dividends payable263 263 
Accrued product liabilities391 401 
Accrued expenses and other liabilities1,526 1,465 
Current maturities of debt8 7 
Total current liabilities$4,571 $4,549 
Long-term debt, excluding current maturities12,751 12,472 
Income taxes621 913 
Other noncurrent liabilities1,577 1,820 
Total liabilities$19,520 $19,754 
Shareholders' equity
Common stock, $0.10 par value
38 38 
Additional paid-in capital2,028 1,890 
Retained earnings14,486 13,480 
Accumulated other comprehensive loss(89)(531)
Total shareholders' equity$16,463 $14,877 
Total liabilities and shareholders' equity$35,983 $34,631 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
2

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three MonthsNine Months
2022202120222021
Common stock shares outstanding (in millions)
Beginning378.3 377.1 377.5 376.1 
Issuance of common stock under stock compensation and benefit plans0.1 0.1 0.9 1.1 
Ending378.4 377.2 378.4 377.2 
Common stock
Beginning$38 $38 $38 $38 
Issuance of common stock under stock compensation and benefit plans    
Ending$38 $38 $38 $38 
Additional paid-in capital
Beginning$1,989 $1,844 $1,890 $1,741 
Issuance of common stock under stock compensation and benefit plans6 (3)(2)(7)
Share-based compensation33 34 140 141 
Ending$2,028 $1,875 $2,028 $1,875 
Retained earnings
Beginning$13,933 $12,881 $13,480 $12,462 
Net earnings816 438 1,795 1,332 
Cash dividends declared(263)(238)(789)(713)
Ending$14,486 $13,081 $14,486 $13,081 
Accumulated other comprehensive income (loss)
Beginning$(286)$(943)$(531)$(1,157)
Other comprehensive income (loss)197 127 442 341 
Ending$(89)$(816)$(89)$(816)
Total shareholders' equity$16,463 $14,178 $16,463 $14,178 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
3

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months
20222021
Operating activities
Net earnings$1,795 $1,332 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation276 278 
Amortization of intangible assets469 474 
Asset impairments18 119 
Share-based compensation140 141 
Recall charges14 98 
Sale of inventory stepped-up to fair value at acquisition12 231 
Changes in operating assets and liabilities:
Accounts receivable(186)(145)
Inventories(754)(231)
Accounts payable111 134 
Accrued expenses and other liabilities5 184 
Recall-related payments(26)(180)
Income taxes(262)(193)
Other, net9 21 
Net cash provided by operating activities$1,621 $2,263 
Investing activities
Acquisitions, net of cash acquired(2,563)(226)
Purchases of marketable securities(43)(38)
Proceeds from sales of marketable securities40 43 
Purchases of property, plant and equipment(400)(319)
Proceeds from settlement of net investment hedges197  
Other investing, net7 (5)
Net cash used in investing activities$(2,762)$(545)
Financing activities
Proceeds (payments) on short-term borrowings, net(376)7 
Proceeds from issuance of long-term debt1,500 5 
Payments on long-term debt(502)(1,151)
Payments of dividends(788)(713)
Cash paid for taxes from withheld shares(89)(88)
Other financing, net(48)(137)
Net cash provided by (used in) financing activities$(303)$(2,077)
Effect of exchange rate changes on cash and cash equivalents(80)(21)
Change in cash and cash equivalents$(1,524)$(380)
Cash and cash equivalents at beginning of period2,944 2,943 
Cash and cash equivalents at end of period$1,420 $2,563 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
4

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - BASIS OF PRESENTATION
General Information
Management believes the accompanying unaudited Consolidated Financial Statements contain all adjustments, including normal recurring items, considered necessary to fairly present the financial position of Stryker Corporation and its consolidated subsidiaries ("Stryker," the "Company," "we," "us" or "our") on September 30, 2022 and the results of operations for the three and nine months 2022. The results of operations included in these Consolidated Financial Statements may not necessarily be indicative of our annual results. These statements should be read in conjunction with our Annual Report on Form 10-K for 2021.
New Accounting Pronouncements Not Yet Adopted
We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on our Consolidated Financial Statements.
In September 2022 the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations, which requires entities that utilize supplier finance programs in connection with the purchase of goods and services to disclose information about the key terms of the programs, a rollforward of the obligations under the programs and where those obligations are presented in the balance sheet. The new disclosure requirements are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating these new expanded disclosure requirements.
New Accounting Pronouncements Recently Adopted
On January 1, 2022 we adopted ASU 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers. The adoption of this update did not have a material impact on our Consolidated Financial Statements.
NOTE 2 - REVENUE RECOGNITION
Our policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for 2021.
We disaggregate our net sales by product line and geographic location for each of our segments as we believe it best depicts how the nature, amount, timing and certainty of our net sales and cash flows are affected by economic factors.
Net Sales by Product Line
Three MonthsNine Months
2022202120222021
MedSurg and Neurotechnology:
Instruments$535 $525 $1,626 $1,511 
Endoscopy590 525 1,728 1,512 
Medical765 636 2,095 1,898 
Neurovascular294 295 901 885 
Neuro Cranial332 299 992 890 
Other72 69 218 203 
$2,588 $2,349 $7,560 $6,899 
Orthopaedics and Spine:
Knees$481 $439 $1,445 $1,325 
Hips347 328 1,038 990 
Trauma and Extremities672 639 2,033 1,953 
Spine280 282 849 867 
Other111 123 322 373 
$1,891 $1,811 $5,687 $5,508 
Total$4,479 $4,160 $13,247 $12,407 
Net Sales by Geography
Three Months 2022Three Months 2021
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$425 $110 $415 $110 
Endoscopy480 110 418 107 
Medical625 140 496 140 
Neurovascular110 184 113 182 
Neuro Cranial274 58 244 55 
Other71 1 68 1 
$1,985 $603 $1,754 $595 
Orthopaedics and Spine:
Knees$365 $116 $321 $118 
Hips225 122 199 129 
Trauma and Extremities494 178 447 192 
Spine206 74 201 81 
Other85 26 97 26 
$1,375 $516 $1,265 $546 
Total$3,360 $1,119 $3,019 $1,141 
Net Sales by Geography
Nine Months 2022Nine Months 2021
United StatesInternationalUnited StatesInternational
MedSurg and Neurotechnology:
Instruments$1,290 $336 $1,171 $340 
Endoscopy1,371 357 1,179 333 
Medical1,686 409 1,457 441 
Neurovascular333 568 339 546 
Neuro Cranial819 173 724 166 
Other214 4 200 3 
$5,713 $1,847 $5,070 $1,829 
Orthopaedics and Spine:
Knees$1,078 $367 $964 $361 
Hips657 381 606 384 
Trauma and Extremities1,470 563 1,362 591 
Spine615 234 611 256 
Other243 79 290 83 
$4,063 $1,624 $3,833 $1,675 
Total$9,776 $3,471 $8,903 $3,504 
Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION
2022 Third Quarter Form 10-Q
Contract Assets and Liabilities
On September 30, 2022 and December 31, 2021 contract assets recorded in our Consolidated Balance Sheets were not significant.
Our contract liabilities arise as a result of consideration received from customers at inception of contracts for certain businesses or where the timing of billing for services precedes satisfaction of our performance obligations. We generally satisfy performance obligations within one year from the contract inception date. Our contract liabilities were $661 and $529 on September 30, 2022 and December 31, 2021.
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2022Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(1)$(148)$65 $(202)$(286)
OCI  11 19 304 334 
Income taxes (3)(1)(119)(123)
Reclassifications to:
Cost of sales  (7) (7)
Other (income) expense, net 3 (2)(8)(7)
Income taxes (1)(1)2  
Net OCI$ $10 $8 $179 $197 
Ending$(1)$(138)$73 $(23)$(89)
Three Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(256)$26 $(710)$(943)
OCI 4 2 6 71 83 
Income taxes  (2)47 45 
Reclassifications to:
Cost of sales  4  4 
Other (income) expense, net 4 (2)(8)(6)
Income taxes(1)(1)1 2 1 
Net OCI$3 $5 $7 $112 $127 
Ending$ $(251)$33 $(598)$(816)
Nine Months 2022Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$ $(155)$40 $(416)$(531)
OCI (1)15 55 658 727 
Income taxes (3)(7)(242)(252)
Reclassifications to:
Cost of sales  (10) (10)
Other (income) expense, net