SYK - Earnings call transcript Q4 2017

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Operator

Welcome to the Fourth Quarter 2017 Stryker Earnings Call. My name is Sandra and I will be your operator for today's call. At this time, all participants are in a listen-only mode.

Following the conference, we will conduct a question-and-answer session.

During that time, participants will have the opportunity to ask one question and one follow-up question. call recorded conference replay This Instructions] is for being purposes. [Operator

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

may sir. You proceed,

Kevin Lobo

fourth call. Welcome to earnings Stryker's quarter

Stryker's are Strategy Investor today Relations. Glenn me Joining and Boehnlein, of VP Katherine and Owen, CFO;

call, in which will the section. were standout implemented Transatlantic update his I'll There the was opening posting today's before by Glenn Q&A. growth the quarterly followed the additional regarding strength we single-digit quarter, comments provide XXXX numerous gains international Mako. open of another we results, gains organic call Neurotechnology X.X%, U.S. then our Glenn X.X%. across balanced on for we of For details X.X%. while groups, face strong performances to QX market Operating with year-over-year an an including provide was Europe Katherine, all posted tough the across Within in our diversified and and consecutive was And third Spine, with comparisons revenue QX also underscoring model. in regions Orthopaedics, since year, again Growth growth sales MedSurg year three geographically OUS Stryker, up organic and for was high cover of impressive will consistent above Model. the

growth one with results full the organic continued less as to supply Both and coupled full the and our sales And raised ensured guidance and following to of innovation our tremendous operations excellent product the hurricanes X.X% three issues, we by sales execution acquisitions. selling and to year R&D as topped global product For reflect X% value return Sage day, X%. major supply through QX quality marketing year exceeding meeting our team, our the hurricanes effort added products well and Sage market. targets of delivered despite

Adjusted QX transformation are continue targeted XXXX. XX% to We that are the cost the will topping for strong XX.X% tangible XXX share a for $X.XX range of of to per for which expansion. full year claim yielding with to make start initiatives $X.XX sustain up established at our results progress our earnings margin to nearly operating growth we XXX ongoing and

and expect XXXX, of organic year, we of our look once we sales ahead end As tech. momentum high believe to the to full to X% growth you again target which continue at top-line the be X.X% med will for

$X.XX the headwinds call margin I past operating targeting one and per benefit to execution and the mark. recent are our full reform for but acquisitions us our that, we earnings share now turn Our year strong year XXXX, divisions, robust will in expansion legislation with cycles and of adjusted $X.XX. top-line strong over to Katherine. With across outlook marketing that will product tax and create acquisition continued The U.S. the from dilution sales are reflects

Katherine Owen

for first totaling Japan Mako robot on by robot Knee prerelease noted approval installations sale end. continued with will Thanks had Kevin. XX with the QX this XX our year My earlier QX application comments in in the month we And with globally today momentum U.S. Mako, Total expected in focus in our

ahead to capital of does close. of field from also QX the existing our are pacing our considerable in robots force take customers of existing the Knee which upgrades plan. are pleased the Upgrades sales in to time that big application We with Total focus

roughly expect the U.S. robot XXX XXXX. have We continued XXX XXXX implant completing Total the time. during XX,XXX Knee nearly in using including launch Knee Since were surgeons more of surgeons quarter. upgrade majority the of the we Total in new fourth robots Total installation which application as our of of procedures trained Mako first the Triathlon as XX% over well are competitive with Knee for who for

approximately XX% below or accounts competitive see we We in continue installed no where average have robots share. of well to market our

sales accounts Mako knee of We are Mako as at clearly without in Knee seeing accounts times the spectrum U.S. Total application. X the rate with Total our grew accounts primary Mako Knee through pull the

which Knee. topped versus all all in We applications XX,XXX to all XXXX XX% by exited and evident XXX about roughly the XX% upcoming for applications, three year. Mako the throughout increasing continued Total procedures sequentially procedures up base. AAOF hospitals strong meetings with year We by subsequent over rates robots the very Mako we which prior growing. surgeon at also year-over-year in in customer XX,XXX the quarter will represents fueled the anticipate our Mako in Mako climb meeting utilization be fourth with U.S. feedback remain the and year encouraged of XX% customers’ March For

many with top focused camping competitive of conversions achievable enabling leaders technology. number total sold robots academic outcomes by of improved industry the hospitals the are on into the Mako is This key needs. clinical opinion we XXXX where driven During tier a surgeons

at of will of of to AAOS to XXXX XXXX, in ahead AAHKS. including are the With new Knee positioned we outcomes further with at Total digit clinical the in OUS now existing the that, to double evidence and drive we to Looking improved both robots call Mako the I installations, year-over-year growth in momentum over well later Mako the expansion U.S., upgrades turn and Glenn. believe continue robot completion

Glenn Boehnlein

provide and Katherine. will fourth Thanks drivers. results on comments Today I performance financial our quarter related

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

in in X.X% which prior the currency X%. was of of growth above the year included slightly selling in X% Pricing X.X% growth exchange sales foreign had the in full This X.X% quarter difference favorable high target end organic organic was range growth year, the sales. unfavorable no impact on resulted X.X% from while is of a our quarter Our to days.

For with X.X% strong regions. organic to growth the demonstrate across international quarter, sales solid momentum X.X% portfolio. was which of U.S. grew organically, performances reflecting across continued sales our our International balanced

strong quarter, Our good prior control. XX.X% adjusted growth quarterly and reflecting expense the increased EPS from of $X.XX year operating sales

impact nominal Foreign impact the had our program EPS. fourth hedging quarter currency positive including on of a

products, organically products, of this delivered demand Sterishield portfolio reflect continued product camera the successfully the with growth the including XD-printed X.X%, in platform. support cot its by and Endoscopy delivered ProCare partially our bed and despite growth Focusing at includes and and in core Mako performance knees U.S. growth as of European grew our U.S. sales on organic a our our extremities products. product momentum well These Foot Orthopaedics with quarter, organic at Tools robust which growth as in of by medicine its by as XX.X%, highly accretive organic X.X% of constant businesses. platform the from in X.X%. from growth X.X% as led the $XX across Physio U.S. by and trauma Ankle Instruments, organic strength X.X% businesses increase loss our delivered sports gains business. power X.X% in and sales. growth organic with and of strong XXXX and highlights had Orthopaedics international currency This constant currency of U.S. growth which XX.X% MedSurg driven portfolio service X.X% for growth segment a Medical led in Medical’s constant growth gains million of currency X.X% quarter posted businesses our U.S. offset Sage this and strong in of our strong Asia. the Power was well for growth XX.X% underlying underscoring included growth the our organic U.S. all

During families. the of quarter, Sage to all market Medical’s product returned its business with

market XX%. growth products. growth This strong constant well organic a of Neurotechnology our coil for our Internationally organic currency demand regaining customers as XX.X% had response in of organic products of our as U.S. growth Europe Target in performances of and constant and as growth we reflects continued growth our solid of are Neurotech Neurotech the strong focus neurovascular by currency products and move and Spine our X.X% our and in from continued which demand for positive instruments. on remain XXXX. neuropowered reflects We had MedSurg X.X%, growth seeing through including posted loss sales and XX.X% share highlighted Australia. products CMF AIS quarter

XX.X%. softened throughout core XXXX. Our demand and interbody had driven for the and currency U.S. continues and Tritanium to growth continued is challenged Internationally organic growth positive bolstered This Spine in business Neurotechnology IVS XD-printed and was Europe our be our The and posted of in spinal market for in products. by strong Spine demand continued growth performance Asia. Neurotech constant XX.X% products of by

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

as year recovery in as issues margin and associated was negatively productivity Rico pricing the including Gross impact with prior Our absorption well mix quarter. adjusted gross continued by XX.X% facility, of and unfavorable acquisitions. the margin was Puerto impacted manufacturing line of of the with our

to sales X.X% continued in year totaling innovation and we the our R&D with quarter, full the invest of totaling spending During internal X.X%.

recent year resulting quarter. XX was mix business losses unfavorable product This XX.X% NOVADAQ including acquisition impact to the Our from basis SG&A Sage reflects related to of our from leverage sales sales and our acquisition of recent actions. unfavorable prior the points

sales in expenses basis the offset we adjusted from the unfavorable summary, our year by continued from to of on which were operating adjusted were XX In Additionally, ongoing which down focus other of our quarter. primarily prior XX XX.X% total sales points and favorable operating year initiative initiatives, program In in efforts. prior investments through make improvements to expense TKA, and quarter. margin Mako basis was certain leverage sales containment XX% cost CTG partially our ERP continued was the have operating points quarter, growth

XX related our operating margin and year. operating excluding full year year Sage Our of Adjusting XX margin delivered operating over to Rico improvement. points Puerto issues full down from basis from basis the and points prior NOVADAQ, was dilution margin for

I prior and primarily due Lastly highlights reduced due other from year expenses will expense. on interest income quarter provide income. decreased Other and increased investment net some expense

asset by tax it multiple acts, from On by unfavorable to signing XXXX a foreign XX.X% our act ongoing adjusted related federal XX, cut an changes of corporations. quarter U.S. previously tax partially rate, these sales the tax current tax controlled and current foreign the our on was and related noticeably job law our provided to U.S. for rate recent tax an reported a to of U.S. income profits impact Our rate assets Most reflecting tax December deferred benefits the the offset we income certain change to Related fourth the regulations. included assets the adjustment and the our tax which in deferred global from based reflects earnings income reduction tax net of structure XXXX. returns President, deferred tax on corporate XX, the $XX December as higher in the effective impact of tax federal acquisitions. million of and changes

future Additionally, to payments profits. of of reflected related in adjustments have a liability earnings Both and foreign previously of approximately reconciliation these recorded our non-GAAP on deferred earnings. was been $XXX million tax

Total balance the sheet of of which U.S. strong cash held was to year marketable approximately $X.X a XX% balance $X.X sheet, securities to of billion. the billion the we and debt end outside was the Moving at balance maintain the sheet continue of on on with

however days. QX XXXX one days the from selling flow, day, XXXX X.X% has the assessment of be favorable day of And be hold The economic cash There shares. market impacted $X.X our repurchased in cash are in sales more please to note growth less has as on levels, XXXX. XXXX and QX billion one conditions was expect QX now sales QX will we of I the we Based currency near operations in and for from approximately XXXX. of while exchange the X% our momentum of rates our approximately to you guidance. and we anticipate XXXX update models have year will X% foreign XXX range XXXX, both as number approximately Turning provide and number selling organic by full same million selling current that in current your to same quarterly during

with consistent We experienced price X% of also the fairly unfavorable expect continued X.X% reductions in environment pricing to XXXX.

CTG expect XX program In addition, containment of we and margin measures XX in other to basis cost our to XXXX. points operating add

levels as will ERP investment be at the programs and We also anticipate XXXX. that on continue CTG spending same to

the to As modest for the tax rate overseas much a federal The a modifications XXXX that will include we internal revenue move base a territorial lower new U.S. more it anticipate act increase. a relates effective tax code to earnings. rate, our tax have be to and corporations corporate system that

provisions certain of negative a relates tax However, have to benefit from offsetting our taxation U.S. streams foreign income effective expected to rate more to the than reduction. impact are subsidiaries the rate on related

expect in of XXXX. to dilution of in modest levels year XX.X% The earnings considered hedging we will in foreign for million to net along support remain this future first be $XXX in quarter. growth buybacks and our efficiencies. two continue in to full our operations the invest with expenditures tax diluted we be capital currency we including of This range expected worldwide share exchange at to our million to rate current XXXX $XXX such approximately when and to infrastructure and we implementation million As full and and expenditures of adjusted expect ERP year to anticipate XX.X%. as $XXX the Capital favorability per offset are At $XXX million in XXXX year time, XXXX. operational essentially compares our effective rates program level IT share

full first expect we to to XXXX range quarter. of for $X.XX diluted $X.XX earnings for be year, Finally, the $X.XX adjusted the per net the to in $X.XX approximately including share in

in dilution for with includes full the I foreign $X.XX. will Intelius expected well exchange is dilution tax QX from now Our as announced previously act to which call close impact be open estimated acquisition guidance year to and as new the the up And aforementioned including Q&A.

Operator

Thank [Operator Stanley. from first with Your the David Morgan Instructions] you. comes question line of Lewis

is now Your line open.

David Lewis

afternoon. Good

to a Mako and in its quarter how as factors and Kevin see few had gain performance, ever questions, Stryker Just quarter that momentum momentum and you the component, in so to widest XXXX as knee that been, I perhaps investors But primary the want start factors the why fourth you’ve in about, about the those factors a disruption. discussed, talk momentum don’t peers, relative do cementless I if about a as competitive think how driving fourth with you we in as mix XXXX? of and a follow-ups. should component the think the

Kevin Lobo

thanks David. Sure

the cementless, was that I continues we Knees XXXX biggest year of cementless upgrades, getting Mako to would our We disruption clearly even in quarter, a are was it’s obviously the contributor the of the is to able change promoting performance are delighted of for we to in the with the but contributor in fourth able ahead factor. well were the mood growth do to cementless number but Those big XX% degree Mako this that’s with talk are certain knees occurring, capital approval. the official outperformance, prior terrific clearly Mako with procedural our the in growth. Katherine course the exited biggest number certain momentum, significant done say that biggest a some now to as are the two of grow. factors, only separation Mako heard our about of knee we’re general was as both is you Mako, to pretty Total upgraded with performance. and there start We the

years few but quarter. only after of this future recall to launch bullish expected a about Knee excited and of share very Total prospects the the a full ago, points gain you market basis clearly would one it’s and do we XXXs that said terrific quarter, we the for and is of We’re we the

David Lewis

into quarter, sort for FX, third if but and us you for see of bridge just you Intelius, one I you question and And a margin about a this I very clear. us fourth mentioned to specifically of basis I then Okay you, help the the with bit NOVADAQ Glenn, two one-time adjust and events. XXX NOVADAQ, improvement earnings part gave can quarter, quarter the components our that, fourth points related the I kind little Sage in just, XXXX typically for about if of then FX, Sage think

the on or to about much. from points was had fourth is if that spending wondering quarter just unique that into XXXX. Thank basis XXX anything You perspective margin carries so you quarter, fourth there into the

Glenn Boehnlein

Yes sure David.

terms of XXXX, you bridge tailwinds to are first XXXX certainly all from headwinds about think, think you sort in I right as of earnings there away. probably of number of are some and go a that

and where we have we do those positives include any include at think look given performance product I Mako those years would FX, some cycles. it are recovering we in would one Sage, on include would XXXX,

market challenges some way. laws the tax other have also the Spine especially changes go the around and that We in

I that of even there the lesson other we thing the to at to probably year, is are impact things we consider the in that, visibility us and don’t think certainly need will during that the for have XXXX we that beginning year sure. learned

in of have have assess to the to we’ll sales ability as supports of that gains. commitments out. we the med degree think more I level end growth of at we’re at our highest as at XXXX low that the the, sort any targeting laid we in leverage that XX.X%. we’ve the we the earnings the on also we an than about to And continue targets, think guidance are unfolds, of that sales deliver of high EPS bracket end that year. high-end X%, the at excess beginning conviction range tech And targeted point growth of is at the where delivering this year we’ve all first Certainly, I and and ever for high So, but have commitments targeted the at

Operator

comes with line Thank JPMorgan. Michael your And Weinstein you. the from of next question

now is line Your open.

Michael Weinstein

Thanks for the questions. taking

on with start just margins. the me Let

the commentary relative contraction understood XX understood exclude Sage the dilution, XX if and question And point NOVADAQ basis want the your report then what but I one. margin to and impact the so fourth you impact sure, is to two, a improvement I you XXXX? out basis point been that first Puerto question of up, would up Thanks. XX operating to are points XX street, on the for quarter year-over-year? have margin That’s as if So basis the kind your commentary saying you I make Rico back

Glenn Boehnlein

to that I manufacturing we feel sales as that for understanding the would that your within as committed I hit I the if If very that. XX I the feel from XX or if the Puerto to loss up margin it margin, XXXX, Sage I correct. and for is about related XX points points exactly of the expenses will the I guidance facility very basis basis XX and least we are that within range relates that XX at and then lastly Sure, then one-time remove to remove also we of the midpoint basis that deliver adjust NOVADAQ guidance, providing came maybe Rico strong to like have And delivered to think improvement. dilution points the

Michael Weinstein

to that’s basis and including, Intelius of and dilution? XX headwinds the XX points a Okay margin NOVADAQ

Glenn Boehnlein

Correct.

Michael Weinstein

Okay helpful that’s last and one then question for you. really

quarter are seeing in? bit you and talk be naturally going really quarter. jump guys in obviously impact fourth so to Are and I morning and that the assuming that multiple later first the morning, because, on quarter also the just first the this the weaker, fourth this was just look which was a UK the that seen we’ve then from about you quarter Thanks. competitor strong from you are call fantastic a just fourth quarter So, strong little you seeing and had they basis players they

Katherine Owen

comparable When looks I’m reported about recon strong the we couple the A share obviously from very three quarter. we’re pleased, and very we whose look times a we again we U.S. the and market. based around really to market at comments, gains talking the about know but really we’re Mike. fourth our at that business, comparable, quarter ago grew over of if was rate what quarter overall growth of it clearly and the if X% recon a Thanks was year on look

so So, fourth in focus, in one the quarter, our And really we greater we beginnings we and day the share less quarter. excess have what see shift. didn’t selling is seasonality that’s in selling gains did the any that see the I would have of departure day, second real market we note one share QX extra

change UK it the does some for year. put The started to headwind, change So full has no that in procedures our but restrictions due to would seasonality. I on on view flu, that materially the electric put incremental

can that’s gains, much have is anything different is from the procedural swings weakest, we bigger expect either prior if share seasonally if more for is seasonally strongest, impact QX X.X market, negative we positive Now the X, the hurricanes the of a than And market we much not to us again but has slowdown. points on grow or or basis XXs of to times obviously really be UK from QX focus a years. because

said seeing expectations we’re fourth for what that be quarter. the for or different nothing quarter I So that’s either the first our

Operator

Thank your Bob the with from comes America. Hopkins you. Bank next question of of line And

line is open. now Your

Bob Hopkins

then afternoon. you third X,XXX said I an highlight Mako But thanks also what you quarter procedure with if this, and and number know there all with end the was Mako, we missed to for okay. did I of Mako number. sense call give the maybe roughly in Hi for AOS? I Congrats us gave expect QX what at if a to what of the you annual know the start and I you apologize want procedures kind that and success X,XXX I should QX can data on relative at good

Katherine Owen

and in in XX,XXX give compared think I front We terms all. will clinical Mako leaders keep we was opinion to start me of seeing the procedures what be feedback, of that the of their to the XX,XXX that focus more but and clinical to you the they the some year, the of can physicians and back-half breakdown and of in total be procedures you year you’re academy quarterly the key start going on mind a I as closer trials don’t for again the get will early we Mako doing. at volume. Bob, data see the I’ll of at I are XXXX to in were that our follow-up that with breakdown that bigger moment have offline, prior I get big some I be offline, data, the the knees at third have quarterly more to there will for this touch Clearly for postures we data, to did and with respect would guess we’re so of on quarter clinical going in but papers that some call. the available, imagine to on the

longer some of obviously it throughout take XXXX. longer, see are materialize but to randomized data So again going AOS to at will that clinical you expect start and

Bob Hopkins

just the appreciated?. headwinds in quantify much that Thank you of about quick we would And given you and just issues right XXXX, Glenn we give wondering in XXXX kind you one-time great, now other the both and are be of I in I us kind know you one-time where talked nature one then can Physio Sage Okay XXXX? you things; that could the one, an EPS if two in then that for just headwinds are that Intelius, Glenn. of on also quantify and if had but sort EPS you. update could was

Glenn Boehnlein

back major market them. over script, were for all So as it of to we mentioned course go families product able with QX Sage Physio the relates my to to in I and as

loss So see loss sales we that also win, was some we will was $XX say less sales were that to ramping. I big of the a in QX anticipating. the than and continue million

ramping still XXXX. in sign a amount to of that do working a too. I good So anticipate was fair and

of Physio, growth was business. fact their terms very Physio finished to strong the in overall in QX In medical accretive

big Intelius NOVADAQ. were I lastly any of obviously be what pleased quantify at so a we where those headwinds also I then $X.XX, And then expected year. acquisitions I would we of with wouldn’t we And nominal, were that market, think quantify have, on and we So finished did some others. didn’t really EPS, list out we we about up the on Physio there NOVADAQ Spine essentially talked be did the said impact very sort

Katherine Owen

And Bob, the Knee on about in fourth is we Total had quarter Mako X,XXX. procedures

Operator

question And you. our next comes the with from Guggenheim. Chris Thank line Pasquale

line now open. is Your

Chris Pasquale

and the congrats Thanks on quarter.

all Medical to Just Can and you of to finish talked much on the would Physio and circle the quantify that strength? the from out strong how benefited performance about have being year some strong competitor contributed there. might it back you that very I to that issues, guess

Katherine Owen

Yes. totaling overall. help did clearly that challenges the number, of to competitive some but business It’s difficult our

that that the drive type of at we some We have part also launched acquisition. year of the the for expected so integrated new to had contributing a Stryker well feel been the outside really momentum. sales the we’d synergy And really of really products it’s them U.S. time that’s to organization now, and the over about good for ability

but to doubt is no certainly benefit, a only there factor the the strong contributing it’s performance. So not

Chris Pasquale

about business how the Spine in then. are And you thinking Okay. XXXX.

portfolio the back you additions that of your point that differentiate get from help about market You talked about there, some better thinking or at could some competitors? challenges does

Katherine Owen

spinal be to when good to the difficulties. going of market And we’re market business, conditions these the for seeing at So remains and expectations whole it’s business hardware clear challenged growth, the were think is the difficult. you Spine our cautious have conservative XXXX, our IVF just I look seeing market some because but around traditional remain that overall

we’re invest market, there organization there. got to the and Spine committed to continue to great a we’ve going we’re So,

it’s investments. market in company Fortunately certainty enough right a we improvement, the any and we’re necessary now of big rebound market challenges here But there; have terms can too these that. challenging of some around manage still through to predicting just

we challenged. year going So, the see evidence contrary to this until assume we’re to remains

Operator

line Rick from Stifel. you. next the Wise Thank And comes question of our with

open. is line now Your

Rick Wise

do everybody. afternoon years? into start incremental good be think we Mako of couple we how think should of potential How questions. Japan dialing Mako approval, off us Maybe you’ve I opportunity the an with obviously Thanks couple a opportunity. the next about mean the do about TKA got

Katherine Owen

that So, upgrades a should the year. field I for and organization growth installations strictly double Knee our robot mentioned for until there the done more of be expecting the XXXX completing focus is not lot that that’s did and now as the the U.S. are in we in Japan, expect is that of that this this I first Total We there. will allow sell should application but focus digit new the later right the the majority that think gone into into year to and we systems are the organization

would So after really our lot runway get is of continue only as We’ve look accounts we expect support, more grow into it to We to we as at competitive opportunity value about here. XX% of a momentum got and as clinical more I data, into base penetrated us. that front in customer underscores the the of to because gain academic clinical clinician big obviously centers these getting continue XXXX. we a win,

probably revenue Mako the XXXX. an Japan not that’s to So, significant the we’re keep term to something that’s and well view one important working execute longer I think that game on you as plan respect contribution application been for to and the opportunity, continue going with with should a

Rick Wise

opportunity what you in on capital about do thinking got about just Kevin you you XXXX? you still there Thank do, to M&A is deployment what are you are deal NOVADAQ are still how sense adjusting front, still did M&A, you you. thinking And work the

Kevin Lobo

our Thanks allocations strategy. change really to Rick. capital is There no

business and cash. preferred So is on be also beauty continue going with a our an of decentralized then an can instrument. our you on have to endoscopy The and have Intelius with use NOVADAQ you can model acquisitions going of

at divisions we for multiple scaring that development their own are constantly So teams the deals. business market have

very good We to pipeline be and that and continues that our have will deal favorite be a strong used.

I new. at. say so, And we going would deals most the be be And to And deals we’re of turn to look continue open business for very continuing not that down value creating. on to that are we that’s

had that going X So, to continue this years expect offer X, we for place forward. now we in

Operator

Deutsche with from And question line you. Thank your next Kristen comes of the Bank. Stewart

open. now is line Your

Kristen Stewart

One just Glenn timing hips terms think the cash the question. the should then next one [indiscernible] of for and about thinking of and tax, the also evening, liabilities, for couple of over good one Glenn, then Hi for Kevin. thanks outflows how those just years? taking in about

Glenn Boehnlein

the million exactly, liability the that’s over forthcoming and booked. the which profits, payable which especially says years. accumulated Kristen X guidance is is is the on we $XXX tax the now guidance still earnings Yes Right big that on liability

latter half over the really this So, won’t that of we we to decline but year. X the or definitive spread probably see evenly have of years, won’t into guidance very the liability the expect

Kristen Stewart

then the and on about Okay for liability maybe… rejuvenating hip what

Glenn Boehnlein

generally X disclosures. know think it’s in down. what You phase in liability, this that cash XX-K our and see And year settled and the about flow winding as I think we you see would that our you’ll I

Kristen Stewart

Okay, should the flow be so that cash on winding out?

Glenn Boehnlein

will it remaining the that’s we’re that’s Yes, merely liability what anticipating.

Kristen Stewart

has just the flow of been on to inclined Kevin, through about be Okay. extent business of organic conservative or guidance the you some bottom-line? back lot at the reinvest years. the for the we upside proves side to bit couple And how be that little into to should of Would then last think the the growth

Kevin Lobo

XXXX was in I and EPS both and Kristen, raise seen our sales we’ve just still that EPS. of revised challenges. lot did our We have despite in facing prior years,

XXXX You should look at differently. no

than targeting the that bottom-line. it expect come in to stronger degree currently the would you to should So leverage at translate we’re does incremental that top-line

the year. the flow again based we Now at look net we bottom-line shown be but that leverage make we’ve to our make that to on investments clearly met this would expectation opportunities, will and some

Operator

Thank question SunTrust. with Bruce of line your Nudell you. from comes And the next

line now open. Your is

Bruce Nudell

number as maybe a Thank the could ex-U.S. per of the U.S. the Mako year-to-date comment any quantify case little TKA, bit with TKAs taking question. and system, about ASP of Katherine, you split on [indiscernible] upside well there Mako the just a the basis? whether you for as is

Katherine Owen

total about out there, just so is would some XX,XXX over tad XX,XXX, all knee but on X,XXX I incremental year I in knee with procedures so That’s Mako, total call a terms all quarter. was Mako of think in as There for exact fourth it and being meaningful. the last Okay, to the just procedures. procedures cost be modest associated in under

Bruce Nudell

And then… Okay.

Kevin Lobo

want asking you be to are how Bruce asking are clear you just, are Bruce many I equipped? robots about

Bruce Nudell

sleeve the, was protects sort and of asking, I that no the arm was No, start? the instruments that

Kevin Lobo

we modest those products. disposables margin are with sell are that it, do at not pretty there and come cost Obviously high

Bruce Nudell

they and then could Okay yet, great, of NOVADAQ follow-up franchises? a us not Kevin because feel for anniversary to growth Intelius rates are just you and of give the kind intrusive the

Katherine Owen

fully if we So a in integrated heavy quarter the that We we first, of we did fourth that. those, lot lifting have expect if take you at XXXX. both of NOVADAQ look of

got So we integrated, force sales teams NOVADAQ. positioned well aligned, aligned got the for are are fully fully incentive. we’ve We’ve the now

in internal that’s priorities. have of So really important any competition we competing making or don’t terms sure

year accretive the So this it overall to they drive growth. and expect after start be of sales and to business we go synergies revenue are positioned at to well our

accretive have in NOVADAQ, endo we the that would that’s the we drive get overall gaps combined haven’t be be that story that first. we revenue in product the integration for certainly need established commentary well synergies some We we hands Intelius color But to closing. growth. absolutely growth as we’ll as do And post put it a that We accretive we close we into similar ENT for of it certainly our with our to targets in out had further force similar an and sales be to integrate but expect some sales give portfolio. after NOVADAQ expectation presence; force and we start get to and to our as and able overall should

Kevin Lobo

integration so the and public XXXX as lined expect fastest getting force all since and a really of the as acquisition they been Katherine when throughout I’ve with both we’ll to and be forward through provide in in so the quarter-after-quarter course the up the Stryker, XXXX. able early XX% fuel at then companies certainly obviously reporting update, said, separately additional in would growth through continue look were integrations of had we’d see you to that we initial and them And pleased traded Endoscopy we’ve am good results I growing of also And revenue sales NOVADAQ. Stryker. before their very year could our I were north XXXX probably pull one Right to of

Operator

Denhoy next question Jefferies. our of with from Raj the And you. comes line Thank

line Your open. is now

Raj Denhoy

good questions that are point in time? you where I at top getting afternoon. can ask on two a this trajectories, bit price penetration could and wonder that. if noted Hi XX% think on quarter, do premium I One, the of cementless what out over about you the knee sort you cementless so you

Katherine Owen

that results going type very we’re that seeing we tough paradigm So year as penetration clearly in they and surgeons Kevin though would we to surgeon allow initially. make shift exited a launch and how ramping really the were we seeing know it’s it’s to sure to of XX% been to mentioned, the high keep a the was uptake methodical us with mind at now. obviously base, slow But did well XX% our for resonating This it’s drive at go. nicely, it’s wanted

knee more the doing press great have ability. of clearly with to wait greater the was do to the big going that a because different hip just We’re plus, cuts, to initially, a there precision concern Mako the the the a fit its approval cementless is getting than see and the

you So XXXX. greater throughout to would we it’s a plus, I expected continue to absolutely penetration in tell ramp up

get XX% topped this that premium offering. product out. do think we don’t we a for have So, publicly roughly We

Raj Denhoy

sort Okay, just Mako Mako, and follow-up, this using percentage procedures of you of penetration cementless are in at the what Mako, this the point? of then mentioned

Katherine Owen

promoting. to fourth got only It’s that the there the was approval, off-label certainly who just that it were and pretty We in getting absolutely nothing doing indication quarter. the and minority is surgeons small, but it some prior so us are was the were we

the vast surgery implanted cementless the approach. of done have traditional needs the been that been majority open has So,

Kevin Lobo

born we Mako expect enable just press Katherine’s do to a portion we the going Because our powerful. assisted combination fit cementless point, robotic synergistic think do procedures robotics help believe And emphasize dramatically. the precise and to really really very XD-printing together of is and two cut having the pretty perhaps we that to of increase is

Operator

with the question line our comes And from next Matthew O'Brien Piper of Jaffray. you. Thank

line Your now is open.

Matthew O'Brien

guess afternoon. that angle or you pretty will traditional that will is share knees the share versus market. the just about you Kevin the and doing side Katherine keeping you've good the help mentioned But in Good on Thanks like specifically, But, keep think got that share into something seems you to you and what necessarily how the for you're heading runway. questions. about here XXXX keep taking Mako I XXXX the do thinking gains share. allow beyond, in it else

Just far go? this the share as continuing away how gains you from do we think divergence about as market

Katherine Owen

runway I total think and the goes XXXX. knee the application beyond for Mako really far

XXXX, you'll data to call we think in focus those would so we've help will about in a knees as spine. Ireland that of our customer and the about us hear with that able printing, So started dedicated runway do adoption think multi-year to years been very our in of this lot just waves only clinical very product similar from we and facility -- drive penetrated we I excited a gather what XD there's we as a We're recent story. we've into offering future that really of know base. go We've XX%

so XD our absolutely going for remain to And for is group Stryker a broadly. reconstructive of and big printing part more the story

Matthew O'Brien

acceleration a Can math bit extremities this of then, Okay. to and market the to XX Kevin can is as And then And hips, that be go you knees. at every over you than share I several it's the the there? as my XX% and but can quarters. that third That be talk that business you now seen in a quarter, about be this in trauma ask by in best bigger you've getting your getting single looking performance it's the the where big extremities years, trauma XX%, little last about next market?

Kevin Lobo

performance Thanks this year the a product and been story. and for as not been extremities This really you has has once We're know our with the about delighted four trauma of a filled out question. offering. or quarter five story we business one our

real a been that significantly we're engine growth upper market grow the we're has where above in ankle course starting and foot to in growing of Our substantial-segment extremities.

very system, years. converting really to but story we be in small start That we well. shoulder; base room reverse last But, fracture engine still small stemless. a a part for core have or the primary had offering don't growing share a now in the has really It's to business stem we full significant grow of grow. of shoulder a been we growth our very That's a couple have a of still within an We the have good short offering So very XXXX. still a a to have year certainly have shoulder; shoulder. market are us it we from has full accounts

four, but headway were years and So we five ago, few accounts. areas, we can full making entire foot convert now and other and we were have the offering a in ankle

Can working and delighted I'm grow we're continue we R&D business to that management, dedicated So But, has our to focus do sales we sure. development divergence the market. at dedicated such expect unit to reps, expect outpace continue a on to clearly been not continue. dedicated from with dedicated marketing, business dedication market? the it

Operator

question with our line Glenn from the next of And Novarro Markets. you. Capital comes RBC Thank

line now open. is Your

Glenn Novarro

but Puerto quick XXXX, strong in put know but up guide And going easier good be revenue Kevin, with some there's by of the it's comp an guiding an question created you one X.X%. on to guidance I you're easier hurricanes. for businesses growth. there's your to very X% Hi, have to afternoon. comps, Sage; I XXXX comp tough Rico know X% the and a

conservative? for year, I the had XXXX of at there and then, that that's better want knees on point you be just international to that you a And So, question you hips. feeling call to this are worrying is anything or it's out

Kevin Lobo

year, the early of in a number So is look in we big do have comps it areas.

product starting really then, And accelerate. to I the of look are have later that cycles, at like think number cycles of product which really sort cycle. have its XXXX, when something not you it you our in is stages a of we

out. big call anything really there isn't would I So that

we some balanced starts really guide for the of balance in position worries feel pretty had every across momentum our don't about geographies. continue or It's feel is guide the going most good I we growing the look for a certainly of is billion the in no appropriate with things specific reason that good the concern. have across out we point kind update think wider a X% over and been at we've on we've and causes balance guide. the But happen very But year we of have to revenue probably divisions year. there's that you that $XX to And on are if our north we'd guide. narrowing And bit this at a know. sales. a I little in But, past years the our since been Stryker. I've guidance

we a of in And certainly lower on the than the the more confident causes past. us end lot feel so range to that have

Glenn Novarro

Thanks. performance in of then, Europe good the I let pressure up inventory about a talked performance pricing of pricing for with levels. one you lagged reducing around China; it Glenn called just of does so and the that know saw We is Did Sure. knees out when you quarter? And in follow and hips. U.S. international that. course knee cut fourth XX% which mandated, same cut if resolve? India price - a Boehnlein see in A dramatic everybody guys definitely so, the And issues. is -- of government felt me your Okay. competitors China but pressure It India,

pretty a we Fortunately for share small Stryker, India. market in have

probably bit a hurt tendering invoice did two us it it encouraged you there moving quite are others. where we to an going China different a regional not same India. on. is that impact about dramatic China of is it are didn't hurt degree And as in as very and It's policy the are business. our us, the story hurt to while So it

a and very new in our China prospects put have in China. strengthening We team QX. good leader in about in He's the feeling place that we

Operator

with Wells next Thank line Larry you. from your the question Biegelsen And Fargo. of comes

Your line open. now is

Larry Biegelsen

the Surprisingly, growing fourth one for the Thanks I business One quarter. which on on yet guys. in Neurotech, your Good afternoon no Robotics. on questions questions. Neurotech, fastest taking think was

little about we've that to given bit So had much And seen you talk Kevin in How outlook contributing the is a positive the the that. just drove follow ischemic recently I data and stroke one there up. can guidelines. all maybe what updated

Kevin Lobo

to were hours thrilled extremely growth. been is up we performed six and our know well business in one extended neurovascular years. the has treatment I past four the Yes. guidelines that really from of now clearly hours. ischemic the have XX of stroke And excited, engines We're

certainly market. hours studies Some of the are should extension XX expand XX that hours the help summer

so other the come is in You're the continue story big But we seeing competitive clinical that a it's out expansion around space. ahead. certainly in market also aspiration intensifying years and activity will believe studies

and that's We power two drills Neurotech really instruments performer. that fantastic our for business also -- been good other growth very a smaller as in our steady growth are neuro-powered us, had but signature CMS well. business had And businesses, just we launched our exceptionally double-digit the performing

a stool legs And that you as been are us. So market. really very we market next going all three is is five performing that years early And story. is But think of about to participant stages expansion every well the have Neurotech biggest of upside for stroke. the benefiting the the ischemic be as at just very, clear

Larry Biegelsen

helpful. Kevin And That's you. then, question strategic for one

Stryker in Robotics given for your for It for i.e., Thanks make the what's to offerings. Given tissue. questions. soft the would Mako taking strategic of seem success sense you're having your outside some orthopedics interest with other

Kevin Lobo

us in a Yes, hard in tissue. huge we Look thanks. front really opportunity have of

There really would tell moving retaining towards even you and you medium hard now. be knees on to joints other in hips bicruciate knees the within term imagine I right and that imagine existing long-term even could that tissue. within joints. medium-term going can maybe you types other are is focus other of procedures at focused for short-term, So the our applications and least even We're

company the is for focus a in there runway be perhaps, the hard One could really main short-and now. going right it day term. to tissues focus our that soft tissue in significant major but is So be medium within our isn't something

Operator

Joanne of comes your Wuensch line with the Capital Markets. BMO And from question you. next Thank

is Your now open. line

Joanne Wuensch

step thank effect? is or it nice quarter Can we're What and effect really halo at afternoon. in your taking just Good moving recon whole knees. nicely. for Mako, spreading? particularly we the that a the and And is very you broad of business about back looking when it moment you for how knees question for forward Is talk halo

Katherine Owen

so Hi, being is where the It's competitive it market system knees. use And sales and where now or able get they And they're revenue. Joanne. into share market Makos Mako, once the then, knee right sales surgeons going portfolio. the start force all have would rep our entire we to sell use I is to average. that's our in, accounts obviously to or to it's share as -- closed new then, the do or the first a either gets incremental say either start well primarily system. Triathlon adopting no thing below And

than the around is business the now. I say would else of anything that majority more knee right so, halo effect And referenced we the

Kevin Lobo

But excited our I of am Trident about launch X the cup. hip

combined and as surgeons limited with that be So we its that printed moving with XD are very years launch. really know now launch into compelling. And hip of couple cup last in we're are would full hip will Most happy Mako you their cup outcomes. hip

So realize necessarily them robotic assistance not be really powerful. can it they that And they believing very will try help it. then, until the they

the from and that that produce Mako challenge cup total the does with to to knee that getting really balancing knee we're trying that So the we it from day partial the from going acquired done extra evidence that. shown launch outcomes and provides knee. hopeful application energy with one help for also surgeon of the process feedback is, trying that the little does create Obviously, dissatisfaction, in around produce hips given But level which everything really a them we've evidence that's that we're and intention But total in and the really will the bit better I'm as our the new knee killer of Mako. to Mako we've a the the them. of said of was the quantify for time be of

Joanne Wuensch

shoveled And our of sort how least follow a question, orthopedics, is you. back Are and volume came is of ends a fourth lay more to starting the Thank picture more procedures word, in onto moved wrong at in see you. XXXX quarter mean third a the as the have bookends That's quarter out -- to helpful. tough for we the up Thank shoveled quarter. big onto timeframe? year? but is that, I recon that should -- quarters we seem

Katherine Owen

you hurricanes those that assume should is for seasonally funky divergence think Yes. QX three particularly don't any trends. from big areas. shares big major and we strong; XXXX historical had with have a QX quarter others. disruption I was clearly And us in in market

So quarter. as just not Everybody But got when we I you comparisons. much challenge. any difference we've lighter, some mentioned we specific there for quarterly challenges. being volumes some you keeping first think got than tough one don't place. less big day too comps. of And we're eye anything those mentioned rates where again, always events some one an selling at where I look wouldn't the that of There's obviously it be out I has think read was should growth assuming has as the unique every year-over-year U.K. type in was other expecting took quarters knows QX into quarter

Operator

your line And Ro from the with you. Thank question Goldman next Isaac of comes Sachs.

Your now open. line is

Isaac Ro

Question time of given you've XX line guys Is that on simply Thanks. that currently. and past top sort a the higher are that noise to end XX more point it that the some look growth portfolio function to guys time? Good the leverage today range in to haven't lived the release needs over there you if think What margins, you I past changes made? or have points to spent we happen afternoon longer will of talked programs we of the about guys. annually basis hit on can

Glenn Boehnlein

a Hi. question. good Yes. That's

are that about that. upcoming in don't and spend that enter think covered maximizing new I indirect XX programs will shared we can an phase look those I to what our within contribute We'll drive. the accelerate are the in I finance savings. year HR of basis and programs at amount a opportunity As think faster more that like savings programs do points to I XX that to think there's to equation. we for services drive program

also significant range of XX sort So through up I increase will of more provide upper at really the in the margin drop to the it think terms range and of that basis to top points. line delivering will end about closer

Isaac Ro

Okay, landscape great. guys Intelius. And plan interesting of interested unless follow differentiate as take therapy and you. you that on new you to then, ownership maybe in a and It's competitive you I'm obviously there Thank up how the asset? guys

Katherine Owen

number effective our there We a it in We've I presence believe the This to is a really had a enough for we that done numerous out and within is, our establish market. been been It's opportunity strategy within instruments of it really us. in as group. years division. think results. the a wasn't ENT space that. big drives group. to times instruments for But We've ENT a it do standalone big very focus catalyst carve

invest process fill the comprehensive using to we'll it move dedicated a bag. very we that believe have portfolio to going it Stryker's overall force, So to through we really we products We're are in to sales own buying in is invest sales drive integrate established of able talent, going and ENT as this to synergies. out that This an strategy with force. sales be very our we're core

able a focus to being establish So to it's force. going dedicated sales be

portfolio ENT and very have product the effectively compete comprehensive terrific we'll our space. in now leadership to group within have instruments really a We

Operator

comes question line Genuity. with next Canaccord our Kyle the And you. Thank Rose from of

open. now is line Your

Kyle Rose

taking you Great. a to congrats much for strong finish on very the and XXXX. Thank questions

as with asked, a cycles far to XXXX as the just where I And camera MedSurg would additional really there? then, very both wanted we and instruments you just as can hospital provide just the product a the helpful. environment So lots been perspective well maybe of be but are on there? an updates CapEx on across That any step side and take kind investment endoscopy back the as perspective from your

Katherine Owen

upbeat Sure. We environment. too really very are around CapEx the

their capital most You which another medical within intensive strong quarter business our is bedding core saw for our structure business.

physio, a large We which also great saw a for component. quarter is capital

market think reflecting But is seems segments. stable. our that the very clearly, we're taking overall I least So results those what where are that within market share

launch had you was second look of they at If highly obviously endoscopy a year launch the the that successful group. have that so just XXXX anniversary for

and as there's I opportunity. of as a think we lot we it's about be think earlier integrated force to about XXXX, if the as really you going have NOVADAQ now mentioned driving -- sales synergies

with extend and -- really our now launch So sales products Instruments is We're that. get for A. presence. right XXXX big the pleased accounts the combined through new system into

You see growth double-digit with launch. results, the and in year quarter or could first it of the in the that's instruments clearly

of -- got they've division So for good runway within some one ahead that for certainly standouts XXXX. it'll the be and of them

Glenn Boehnlein

look get business, of questions rarely we which our a lot if you at about. MedSurg And

of very the at growth year this last the performance, the the quarter, high becoming full growth the in and the really mean absolute is three growth company the consistent the years. year, look I after. in segment growth Just a

are MedSurg group it was product from it the acquisitions vary growth meaningful. overall bringing that through before based with company. really for turning but the We versus have is the division consistent to timing now the cycles, the the into that engine of does pretty into outperformance on group. Now, but market we a division full And we're that

Kyle Rose

you taking much question. very the Thank for

Operator

And comes line from the Thank question Cowen. Jennings your you. next Josh with of

now line open. Your is

Josh Jennings

to margin for Good back on circle evening. a XXXX. lot. Thanks was just hoping guidance I

to be program same level a XX a there be about thinking that issue you think and CTG into the about Should potentially margin the that spend should absorption laid and midpoint margin Intelius we of into XX. of towards out potentially is thinking range I of comparison dilutive NOVADAQ of end within XX outperformance in top that that well? as to XX range we the XXXX or

Glenn Boehnlein

are we No, beginning Yes. at in the the providing know year. and the of year guidance where you I think

think the upper range the middle of that target than end more to probably range. safe I it's that of

sales coming said like of our range. Rico look As bringing will to Sage back to more be XXX%. the we that up end confidence and upper Those as Puerto us back potentially to facility up, things we I could performance and things ramping that give

Josh Jennings

to that you're Is comparison trying range offset XX I headwinds actually acquisitions same of a headwinds? facing considering just headwinds with spend. a level the maybe from about those to clear you're is that be higher guess the the or there XXXX facing XX

Kevin Lobo

to same No, is the really pretty XXXX the from a offset headwind. Yes. direct comparison

points to improvement. really XX are margin bracketing So about the we XX basis

Josh Jennings

into And Mako just inpatient Are the questions. that. is of procedures for question recon the Thanks in getting that, only get any systems from up can't for Medicare, follow Our but here facilities. potential of one Okay. ambulatory penetration of positioned are you the into also replacements moving other are list? centers, and off terms any the knee still understanding with reimbursed place. then ASCs in for terms taking how those you surgical Thanks comments eventuality

Katherine Owen

Sure.

correct around in and center. are surgery the reimbursement You not being ambulatory available

think the We We that in but setting. going procedures, do a into is still of shift have going be had to but make the you're it's to to hospital see majority gradual. replacement vast setting, sales

to have patients conditions challenges to industry in a the have ideal the to patient place. got the really don't still with suit working of that target well through And these that I sure that think You other them lot associated and setting. how protocols they've right make is

answer, as we will the sold vast short have year and in are I yes, but think the some, well. that be trend So the setting hospital this majority

Operator

of comes William question next your with line And Kaila Blair. from the you. Thank Krum

open. Your is line

Kaila Krum

Hey question. Thanks for taking our guys.

what in sounds on into entail I Mako Larry's question sort that we would of walk and knees Robotics. response orthopedics, through So can your would spine. It that you a just follow-up extend still imagine mean us in on applications theory? categories other development total have within a of to to like opportunity other just you those lot process

Katherine Owen

visibility a point really lot of for the into Yes. At this Mako early pipeline. too it's to us give whole

lot we total have of the some we've our underway. work And for knee. We customers have want team's programs our to We where XX% about obviously do R&D that's focus given be. a penetrated to of

that Kevin heard we but in want term and size and total spine, joints to opportunities But truly knee. and clearly do for opportunity the focus other other little You've about right longer the optimizing joints. include given we is sure really it of make think talk early in eventually opportunity could the now it's a the

Kaila Krum

a And guys on can you you're Catherine. Thanks what place bit into spine, efforts little talk about then, sort just foundational of putting today.

found this investment even near growth just market term given of Just in there. to less recover terms a become I the mean business profile seen of headwinds have the have to area? priority we've you growth some help that of in

Kevin Lobo

we a from half Tritanium in launched the screw seeing quarter had No. this products to of products. really on Actually, fourth and tick new those innovation. the cervical, if second we nice in business our market. to we year, than very seen the bring we up we've responds We a contrary, faster the when the right pedicle ourselves innovation that the We've launched a is grow grow we're system well that called Serrato we second that the market

huge to even a It's are spine, unmet largest long-term. We leverage needs. XD of amount see and we're connected very anything in as to in the technology There not hips with actually investment but important. knees. if committed So you business. it spine we're that able the R&D the printing, continuing it's also increasing orthopedic We're across invest believe It's very to just market.

hospitals of So of of of their many Neurotech there's group of sharing and a there. lot part line. the technologies service part It's

we market is we We're in to way So innovation; investing innovation growth, to grow really to The but conditions tough is great, continue are drive the committed market. spine. a be business we remain believe to but to very innovation it aren't and in it. committed realistic, we the does have

Operator

question And Bijou your next the Fitzgerald. Cantor you. Craig with Thank line comes from of

is now Your line open.

Craig Bijou

taking for Thanks Hi. the questions.

the talk competitive the Just about Mako. of XX% surgeons are time. I or wanted to I couple quick who for ask ones using on Triathlon of wanted to about a first

that's you think that new guys metric provided. have a I

to share, XX% then, going And expectations? talked where market So your that just that you your compared of basis can points? the forward? see sense about XXXs get for does taking to when we wanted How

Katherine Owen

Yes.

and robots ramp accounts able that in really as well think the as we're robots. I with both overall into been and field pleased to new the seeing getting we've being competitive launch the upgrade in install

overall X.Xx combination, clearly both And market that's coming had have so never other the it's accounts as that you're competitive accounts customers. own well the Triathlon as our from growing getting into in

lot break And combined effect of in pleased in And expectations would terms the of of so expect with and XXXX. for market a just I to it's out It's do we've trajectory very we're share how gains. to perform that work we continue really difficult got XXXX unfolded. to apart say a to the terms

Craig Bijou

question. Okay. Thanks the for taking

Operator

And questions for I time. you. Thank Kevin there Mr. to the this will further remarks. at are no closing conference now any Lobo over turn

Kevin Lobo

So you our all call. joining for thank

XX. quarter Thank will Our XXXX be conference for first the on held you. results call April

Operator

for now concludes you Thank today's participating. and disconnect. may ladies This you, Thank And you gentlemen. conference.

Stryker (SYK) 30 Jan 182017 Q4 Earnings call transcript