Company Quick10K Filing
Stryker
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 380 $77,600
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-26 Quarter: 2019-06-30
10-Q 2019-04-24 Quarter: 2019-03-31
10-K 2019-02-07 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-25 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-08 Annual: 2017-12-31
10-Q 2017-10-27 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-09 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-22 Quarter: 2016-06-30
10-Q 2016-04-22 Quarter: 2016-03-31
10-K 2016-02-11 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-04-30 Quarter: 2015-03-31
10-K 2015-02-12 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-13 Annual: 2013-12-31
10-Q 2013-10-23 Quarter: 2013-09-30
10-Q 2013-07-23 Quarter: 2013-06-30
10-Q 2013-04-30 Quarter: 2013-03-31
10-K 2013-02-27 Annual: 2012-12-31
10-Q 2012-10-22 Quarter: 2012-09-30
10-Q 2012-07-24 Quarter: 2012-06-30
10-Q 2012-04-24 Quarter: 2012-03-31
10-K 2012-02-13 Annual: 2011-12-31
10-Q 2011-10-28 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-05-04 Quarter: 2011-03-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-04-29 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-03 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-29 Officers
8-K 2019-11-25 Enter Agreement, Exhibits
8-K 2019-11-04 Enter Agreement, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-07-31 Amend Bylaw, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-03-25 Officers, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-11-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-09 M&A, Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-29 Enter Agreement, Regulation FD, Exhibits
8-K 2018-07-31 Amend Bylaw, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-10 Officers, Exhibits
8-K 2018-06-13 Regulation FD
8-K 2018-05-04 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-03 Officers, Exhibits
8-K 2018-03-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-26 Enter Agreement, Exhibits
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-09 Earnings, Exhibits
8-K 2018-01-08 Other Events, Exhibits
SYK 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue Recognition
Note 3 - Accumulated Other Comprehensive (Loss) Income (Aoci)
Note 4 - Derivative Instruments
Note 5 - Fair Value Measurements
Note 6 - Contingencies and Commitments
Note 7 - Acquisitions
Note 8 - Debt and Credit Facilities
Note 9 - Income Taxes
Note 10 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex31i-930201910q.htm
EX-31.2 ex31ii-930201910q.htm
EX-32.1 ex32i-930201910q.htm
EX-32.2 ex32ii-930201910q.htm

Stryker Earnings 2019-09-30

SYK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MMM 101,033 38,969 28,827 32,131 15,289 4,919 8,091 113,961 48% 14.1 13%
SYK 77,600 26,354 14,411 14,478 9,274 3,550 2,986 83,820 64% 28.1 13%
BDX 68,109 52,233 30,736 17,107 8,112 935 4,536 85,531 47% 18.9 2%
BSX 59,063 24,309 10,078 7,188 1,396 2,605 63,831 71% 24.5 6%
BAX 45,469 17,544 9,708 11,080 4,667 1,582 2,490 42,544 42% 17.1 9%
RMD 17,425 4,108 2,035 2,607 1,537 405 848 18,540 59% 21.9 10%
TFX 15,750 6,314 3,650 2,521 1,426 271 600 17,595 57% 29.3 4%
XRAY 13,003 8,575 3,392 3,944 2,041 105 478 14,194 52% 29.7 1%
DXCM 12,908 2,066 1,378 1,222 767 -170 -87 12,198 63% -140.0 -8%
ABMD 11,806 1,125 122 797 661 258 327 11,705 83% 35.8 23%

Document
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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, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-09165
strykerlogoa67.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
 
 
 
 
 
38-1239739
(State of incorporation)
 
 
 
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
2825 Airview Boulevard
 Kalamazoo,
Michigan
 
49002
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $.10 Par Value
 
SYK
 
New York Stock Exchange
1.125% Notes due 2023
 
SYK23
 
New York Stock Exchange
2.125% Notes due 2027
 
SYK27
 
New York Stock Exchange
2.625% Notes due 2030
 
SYK30
 
New York Stock Exchange
Floating Rate Notes due 2020
 
SYK20A
 
New 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
 
 
Non-accelerated filer
 
Small reporting company
 
 
 
 
 
Emerging growth 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 374,366,776 shares of Common Stock, $0.10 par value, on September 30, 2019.
 


STRYKER CORPORATION
 
2019 Third Quarter Form 10-Q

PART I – FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
 
Three Months
 
Nine Months

2019
 
2018
 
2019
 
2018
Net sales
$
3,587

 
$
3,242

 
$
10,753

 
$
9,805

Cost of sales
1,257

 
1,087

 
3,760

 
3,323

Gross profit
$
2,330

 
$
2,155

 
$
6,993

 
$
6,482

Research, development and engineering expenses
246

 
221

 
717

 
641

Selling, general and administrative expenses
1,291

 
1,242

 
3,976

 
3,668

Recall charges
49

 
4

 
179

 
10

Amortization of intangible assets
116

 
112

 
352

 
324

Total operating expenses
$
1,702

 
$
1,579

 
$
5,224

 
$
4,643

Operating income
$
628

 
$
576

 
$
1,769

 
$
1,839

Other income (expense), net
(47
)
 
(42
)
 
(143
)
 
(140
)
Earnings before income taxes
$
581

 
$
534

 
$
1,626

 
$
1,699

Income taxes
115

 
(56
)
 
268

 
214

Net earnings
$
466

 
$
590

 
$
1,358

 
$
1,485

 
 
 
 
 
 
 
 
Net earnings per share of common stock:
 
 
 
 
 
 
 
Basic
$
1.24

 
$
1.58

 
$
3.63

 
$
3.97

Diluted
$
1.23

 
$
1.55

 
$
3.58

 
$
3.90

 
 
 
 
 
 
 
 
Weighted-average shares outstanding (in millions):
 
 
 
 
 
 
 
Basic
374.2

 
374.1

 
373.8

 
374.0

Effect of dilutive employee stock options
6.1

 
6.1

 
6.0

 
6.4

Diluted
380.3

 
380.2

 
379.8

 
380.4

 
 
 
 
 
 
 
 
Cash dividends declared per share of common stock
$
0.52

 
$
0.47

 
$
1.56

 
$
1.41

Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months
 
Nine Months
 
2019
 
2018
 
2019
 
2018
Net earnings
$
466

 
$
590

 
$
1,358

 
$
1,485

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Marketable securities

 

 
1

 
(1
)
Pension plans
13

 
(3
)
 
2

 
(1
)
Unrealized gains (losses) on designated hedges
(15
)
 
6

 
(28
)
 
23

Financial statement translation
79

 
(50
)
 
103

 
(72
)
Total other comprehensive income (loss), net of tax
$
77

 
$
(47
)
 
$
78

 
$
(51
)
Comprehensive income
$
543

 
$
543

 
$
1,436

 
$
1,434


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
1

STRYKER CORPORATION
 
2019 Third Quarter Form 10-Q

CONSOLIDATED BALANCE SHEETS
 
September 30
 
December 31
 
2019
 
2018
 
(Unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
1,948

 
$
3,616

Marketable securities
88

 
83

Accounts receivable, less allowance of $75 ($64 in 2018)
2,438

 
2,332

Inventories:
 
 
 
Materials and supplies
679

 
606

Work in process
185

 
149

Finished goods
2,405

 
2,200

Total inventories
$
3,269

 
$
2,955

Prepaid expenses and other current assets
823

 
747

Total current assets
$
8,566

 
$
9,733

Property, plant and equipment:
 
 
 
Land, buildings and improvements
1,263

 
1,041

Machinery and equipment
3,340

 
3,236

Total property, plant and equipment
$
4,603

 
$
4,277

Less accumulated depreciation
2,143

 
1,986

Property, plant and equipment, net
$
2,460

 
$
2,291

Goodwill
8,704

 
8,563

Other intangibles, net
4,056

 
4,163

Noncurrent deferred income tax assets
1,586

 
1,678

Other noncurrent assets
1,287

 
801

Total assets
$
26,659

 
$
27,229

 
 
 
 
Liabilities and shareholders' equity

 
 
Current liabilities
 
 
 
Accounts payable
$
659

 
$
646

Accrued compensation
767

 
917

Income taxes payable
87

 
158

Dividend payable
192

 
192

Accrued expenses and other liabilities
1,690

 
1,521

Current maturities of debt
526

 
1,373

Total current liabilities
$
3,921

 
$
4,807

Long-term debt, excluding current maturities
7,889

 
8,486

Income taxes
1,095

 
1,228

Other noncurrent liabilities
1,439

 
978

Total liabilities
$
14,344

 
$
15,499

Shareholders' equity
 
 
 
Common stock, $0.10 par value
37

 
37

Additional paid-in capital
1,593

 
1,559

Retained earnings
11,238

 
10,765

Accumulated other comprehensive loss
(553
)
 
(631
)
Total shareholders' equity
$
12,315

 
$
11,730

Total liabilities and shareholders' equity
$
26,659

 
$
27,229


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
2

STRYKER CORPORATION
 
2019 Third Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
 
Three Months
 
Nine Months
 
2019
 
2018
 
2019
 
2018
Common stock shares outstanding (in millions)
 
 
 
 
 
 
 
Beginning
374.1

 
374.0

 
374.4

 
374.4

Issuance of common stock under stock option and benefit plans
0.3

 
0.2

 
1.9

 
1.7

Repurchase of common stock

 

 
(1.9
)
 
(1.9
)
Ending
374.4

 
374.2

 
374.4

 
374.2

 
 
 
 
 
 
 
 
Common stock
 
 
 
 
 
 
 
Beginning
$
37

 
$
37

 
$
37

 
$
37

Issuance of common stock under stock option and benefit plans

 

 

 

Repurchase of common stock

 

 

 

Ending
$
37

 
$
37

 
$
37

 
$
37

Additional paid-in capital
 
 
 
 
 
 
 
Beginning
$
1,569

 
$
1,503

 
$
1,559

 
$
1,496

Issuance of common stock under stock option and benefit plans
(8
)
 
2

 
(53
)
 
(41
)
Repurchase of common stock

 

 
(8
)
 
(7
)
Share-based compensation
32

 
30

 
95

 
87

Ending
$
1,593

 
$
1,535

 
$
1,593

 
$
1,535

Retained earnings
 
 
 
 
 
 
 
Beginning
$
10,967

 
$
8,477

 
$
10,765

 
$
8,986

Cumulative effect of accounting changes

 

 

 
(759
)
Net earnings
466

 
590

 
1,358

 
1,485

Repurchase of common stock

 

 
(299
)
 
(293
)
Cash dividends declared
(195
)
 
(175
)
 
(586
)
 
(527
)
Ending
$
11,238

 
$
8,892

 
$
11,238

 
$
8,892

Accumulated other comprehensive (loss) income
 
 
 
 
 
 
 
Beginning
$
(630
)
 
$
(557
)
 
$
(631
)
 
$
(553
)
Other comprehensive income (loss)
77

 
(47
)
 
78

 
(51
)
Ending
$
(553
)
 
$
(604
)
 
$
(553
)
 
$
(604
)
Total Stryker shareholders' equity
$
12,315

 
$
9,860

 
$
12,315

 
$
9,860

Non-controlling interest
 
 
 
 
 
 
 
Beginning
$

 
$

 
$

 
$
14

Interest purchased

 

 

 
(15
)
Net earnings attributable to noncontrolling interest

 

 

 

Foreign currency exchange translation adjustment

 

 

 
1

Ending
$

 
$

 
$

 
$

Total shareholders' equity
$
12,315

 
$
9,860

 
$
12,315

 
$
9,860


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
3

STRYKER CORPORATION
 
2019 Third Quarter Form 10-Q

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Nine Months
 
2019
 
2018
Operating activities
 
 
 
Net earnings
$
1,358

 
$
1,485

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation
231

 
223

Amortization of intangible assets
352

 
324

Share-based compensation
95

 
87

Recall charges
179

 
10

Sale of inventory stepped-up to fair value at acquisition
55

 
6

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(124
)
 
119

Inventories
(414
)
 
(445
)
Accounts payable
37

 
57

Accrued expenses and other liabilities
64

 
(40
)
Recall-related payments
(172
)
 
(89
)
Income taxes
(94
)
 
(231
)
Other, net
(111
)
 
58

Net cash provided by operating activities
$
1,456

 
$
1,564

Investing activities
 
 
 
Acquisitions, net of cash acquired
(281
)
 
(770
)
Purchases of marketable securities
(57
)
 
(214
)
Proceeds from sales of marketable securities
52

 
173

Purchases of property, plant and equipment
(450
)
 
(418
)
Net cash used in investing activities
$
(736
)
 
$
(1,229
)
Financing activities
 
 
 
Proceeds (payments) on short-term borrowings, net
(7
)
 
(8
)
Proceeds from issuance of long-term debt

 
595

Payments on long-term debt
(1,341
)
 
(600
)
Dividends paid
(585
)
 
(528
)
Repurchases of common stock
(307
)
 
(300
)
Cash paid for taxes from withheld shares
(130
)
 
(104
)
Payments to purchase noncontrolling interest

 
(14
)
Other financing, net
10

 
8

Net cash (used in) provided by financing activities
$
(2,360
)
 
$
(951
)
Effect of exchange rate changes on cash and cash equivalents
(28
)
 
(8
)
Change in cash and cash equivalents
$
(1,668
)
 
$
(624
)
Cash and cash equivalents at beginning of period
3,616

 
2,542

Cash and cash equivalents at end of period
$
1,948

 
$
1,918


See accompanying notes to Consolidated Financial Statements.

Dollar amounts are in millions except per share amounts or as otherwise specified.
4

STRYKER CORPORATION
 
2019 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 (the "Company," "we," us" or "our") on September 30, 2019 and the results of operations for the three and nine months 2019. 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 2018.
Certain prior year amounts have been reclassified to conform with current year presentation in our Consolidated Statements of Cash Flows.
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 August 2018 the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract to align with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. We are in the process of evaluating the impact on our Consolidated Financial Statements and the timing of adoption of this update.
Accounting Pronouncements Recently Adopted
On January 1, 2019 we adopted ASU 2016-02, Leases, and related amendments (ASC 842), which require lease assets and liabilities to be recorded on the balance sheet for leases with terms greater than twelve months. Refer to Note 6 for further information.
On January 1, 2019 we adopted ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies hedge accounting guidance, as well as improves presentation and disclosure to align the economic effects of risk management strategies in the financial statements. 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 2018.
We disaggregate our net sales by product line and geography 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 Months
 
Nine Months
 
2019
2018
 
2019
2018
Orthopaedics:
 
 
 
 
 
Knees
$
426

$
395

 
$
1,305

$
1,236

Hips
332

316

 
1,011

983

Trauma and Extremities
407

376

 
1,197

1,152

Other
97

84

 
272

244

 
$
1,262

$
1,171

 
$
3,785

$
3,615

MedSurg:
 
 
 
 
 
Instruments
$
476

$
442

 
$
1,474

$
1,292

Endoscopy
474

443

 
1,424

1,335

Medical
554

492

 
1,627

1,508

Sustainability
72

66

 
212

190

 
$
1,576

$
1,443

 
$
4,737

$
4,325

Neurotechnology and Spine:
 
 
 
 
 
Neurotechnology
$
488

$
435

 
$
1,436

$
1,282

Spine
261

193

 
795

583

 
$
749

$
628

 
$
2,231

$
1,865

Total
$
3,587

$
3,242

 
$
10,753

$
9,805

Net Sales by Geography
 
 
 
 
 
 
Three Months 2019
 
Three Months 2018
 
United States
International
 
United States
International
Orthopaedics:
 
 
 
 
 
Knees
$
318

$
108

 
$
291

$
104

Hips
211

121

 
198

118

Trauma and Extremities
262

145

 
242

134

Other
81

16

 
67

17

 
$
872

$
390

 
$
798

$
373

MedSurg:
 
 
 
 
 
Instruments
$
373

$
103

 
$
352

$
90

Endoscopy
377

97

 
346

97

Medical
442

112

 
393

99

Sustainability
71

1

 
66


 
$
1,263

$
313

 
$
1,157

$
286

Neurotechnology and Spine:
 
 
 
 
 
Neurotechnology
$
314

$
174

 
$
284

$
150

Spine
195

66

 
142

52

 
$
509

$
240

 
$
426

$
202

Total
$
2,644

$
943

 
$
2,381

$
861


Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION
 
2019 Third Quarter Form 10-Q

Net Sales by Geography
 
 
 
 
 
 
Nine Months 2019
 
Nine Months 2018
 
United States
International
 
United States
International
Orthopaedics:
 
 
 
 
 
Knees
$
962

$
343

 
$
896

$
340

Hips
643

368

 
610

373

Trauma and Extremities
768

429

 
729

423

Other
223