Exhibit 99.1
STRYKER ANNOUNCES COMPLETION OF SPINECORE, INC. ACQUISITION
Kalamazoo, Michigan -- August 12, 2004 -- Stryker Corporation (NYSE:SYK) announced today
that it has completed its acquisition, by merger, of all of the outstanding stock of SpineCore, Inc., for
an upfront payment of $120 million in cash, financed by Stryker's existing credit facilities. SpineCore
is a developer of artificial lumbar and cervical discs located in Summit, New Jersey. Substantially all
of the upfront payment will be written off as in-process research and development costs, resulting in an
after-tax charge against Stryker's 2004 third quarter net earnings of approximately $120 million, or
$.29 per fully diluted share. Terms of the transaction also include milestone and royalty payments of up
to an additional $240 million upon the achievement of commercialization of SpineCore’s products in the
United States, which is not expected to occur before 2008.
Stryker Corporation is a leader in the worldwide orthopaedic market and is one of the world's largest
medical device companies. Stryker delivers results through a wide range of capabilities including joint
replacements, trauma, spine and micro implant systems, orthobiologics, powered surgical instruments,
surgical navigation systems and endoscopic products as well as patient handling and emergency medical
equipment. Stryker also provides outpatient physical therapy services in the United States.
The information contained in this press release may contain information that includes or is based on
forward-looking statements within the meaning of the federal securities laws that are subject to risks
and uncertainties. Factors that could cause Stryker's actual results to differ from its expectations
include, but are not limited to, unanticipated issues arising in connection with the clinical studies and
eventual FDA approval of SpineCore's products, higher than anticipated costs to commercialize
those products, competitive factors and the additional cautionary factors discussed in the Company's
filings with the Securities and Exchange Commission.
| Contact: | Dean H. Bergy |
| Vice President, Chief Financial Officer and Secretary | |
| 269-385-2600 |