SYK - Earnings call transcript Q2 2020

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Operator

Welcome to the Second Quarter 2020 Stryker Earnings Call. My name is Michelle, and I'll be your Operator for today's call. [Operator Instructions] This conference call is being recorded for replay purposes.

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

sir. You may proceed,

Kevin Lobo

Stryker's second Welcome earnings to call. quarter

Preston of Investor President me are today Vice Glenn Joining Boehnlein, Wells, Stryker's CFO; and Relations.

trends perspectives across provide opening diverse comments, by on For the then call, some recovery before opening will regarding I will Glenn Q&A. the today's details call our our results Preston businesses. followed additional to with provide quarterly

their the As we I'm from very and demand, with thanking continued well. our remains continue connections caregivers by for employee our the to virtually, our begin start forces present pleased their organization, customer our and resiliency collaborate to high who supply they today's through the colleagues, call, remain commitment pandemic, maintained to most of and like essential the workforce, spirit safety sales which families, to our engagement the has employees would customers. all ensuring of I across to their the manufacturing ever-changing that with alive around have doctors optimize Stryker's support, clock worked and and our teams whom to and of

return tied The during initial our through vary lines. improvement the and COVID-XX sales be the to across of but product do XX%, reflect all in impacts procedures gradual quarter the cancellation The second by reflecting organically quarter. and majority declined the sequential quarter, subsequent Our of by sales progressive can elective the geographies region. overall results improvement

spending steps to first in our of we across sales. slowdown took the early discretionary P&L customers and mentioned in safety quarter while response in the call, managing As to on our our employees ensure aggressive

included slow and reductions a leaders. measures down in travel cost salary Our across significant hiring, in senior containment reductions and meetings,

cash combined These on share adjusted of nearly conservation, year. and the focus performance our May. in sales to of product lines our efforts across other made facilities a actions select idling with including prior versus per $X.XX, XX% in we of decline addition, In earnings resulted the starting network

point the then April, in at improved end quarter, sequentially the look occurred the of low we in through sales As and June.

and As gradual sports strong locked posting within reminder, generally knees, our capital medicine, mirrors about disposables implants and the capital spine capital disposables. and and trends procedures, the and the a neurotechnology, Mako represents were previously and With in were to of quarter. opening to represent growth performance sales, respect down Capital quarter electric communities of and hips, businesses, reflecting Small both largest of trauma, XX% improvements implants geographies. the The small XX%. standouts, large the resumption of Medical and our

with high Robotic Japan Mako demand progressive well, geography, technology By America Our resulting pandemic. in any while despite contrast, Latin our and performed regions. those the of degrees showed continue with COVID-XX not recovery continue, do remain deal expect to India local resurgences. be impacts while to but weaker varying in it quarter. China, and and customers, financial Europe, widespread QX, In be the In through of as the improvements linear, to Australia we constraints remains from governments more the expect Canada

a the quarter. healthy to rate R&D challenges by in caused the continue spent pandemic, logistical Our we and programs despite proceed at

supplies strong our product capitalize with actively that engaging customers, position ensuring procedures resume. while in are to our as We a

QX guidance. providing given situation, we are fluid nature full-year or However, this the not of

regarding the We are proceeding integration with Wright transaction. Medical the efforts

will Markets our announced investigation. and STAR process the underway to X that We Authority are is product. divest proposed proposing including Phase replacement Competition as undertakings with approvals a it working ankle well and U.K. in necessary lieu for the our of transaction, cooperatively total obtain This consider and recently to the previously announced regulators the

to continue end has Please Wright note of or of will Medical, QX on most beyond call. ever the pending QX. around us this the questions taking transaction today's or situation beginning the close not the been most to This We regarding have be unique transaction experienced. any of expect update, we that

of impacted While to work we procedures, have reevaluate also government ways to a develop diverse shutdowns the time been us of and financially across result as our deferrals and opportunities has this new elective businesses. of group and collaborate allowed

meet from the now We to the more people, remain in are they with Preston. our to confident needs our over to pandemic culture, partner as emerge efficient patients our of many company. ability stronger, prepared our And the to customers I and serve.

Preston Wells

elective ENT the than government Thanks, June. on low to procedures into a point. extremities, varied QX approximately of more environment is The depending procedures. sports and improving additional providing products for period time. how saw This being and during the of insights are elective, better progressive trending revenue Geographically, Kevin. in current the April be comments total sales the recovery pandemic. and includes continuing global considered cases My procedure countries that that action throughout of momentum as resumption spine, accurately July were quarter, quarter. includes severity hips XX% on the the primarily deferred the We or of and and business. into knees, today improvement estimate XX% driven is certain That We medicine, with by and our will primarily in performed focus trends elective our many

XX% than approximately countries. in The XX% U.K., U.S., quarter pre-COVID of during quarter, the have less at the also XX% and Latin during continues the to like pandemic Germany as to Australia, shown levels, China, elective and America as lagged spread levels. India, addition In pre-COVID improvements the month-to-month returned of to countries reaching procedures these

very in and including our division, sales with Mako competitive stretchers quarter, were and U.S., demand medical ongoing we pleased to the During capital Mako our large In second ASU the quarter, for installations robotics accounts. saw high specifically for we increased demand products, within strong and the beds our technology. the

growing see to continue hip a being and We robot. knee of surgeries both replacement a performed with Mako percentage

shift ongoing to the As knee, towards metals. an it there's relates

software also upgrade a Mako which ease Hip improve includes features, the program. We That overall new the of launched use. for

orthopedic order strong leadership above to see solid growth joint a pipeline well book, robotics, us continued a replacement. and market Our in innovation positions in

While we remains have made of meaningful reductions in as healthy our R&D discretionary robust, cadence introductions. and many items, investment our does new product spend

are will other to rest several contribute the spine with for and catheters. the for intermediate lateral XX the the Neurovascular products, system, and from customer first-half feedback and results of mini-frag include us of performance XX and we well [diagonal] During Vecta the pleased and of our new some which trauma, plating future. year, the launches year These and [ph] position

procedures, in slowdown on Although pandemic has the the increased of providers healthcare emphasis led it placed to also has patients. COVID-XX and safety a elective their

and businesses, while challenges patient. like the compression the built includes safety. patient portfolio and of evacuation management within with Over with hygiene disinfecting CPR, system, the proximity caregiver LUCAS MedSurg waste customers our the addressing we and the high-quality accident, many extensive protective an products, caregiver product the prevention, equipment, automated of face to focus chest delivers on personal reducing the our smoke which our along This just devices have years, and infection

CPR. device COVID-XX patients the Defense the for response the threat as delivery safety compression best during of for increased Department to ongoing quarter grew practice Demand such infections, the of the automated these of concerns. identified With these LUCAS in devices, as

the now We portfolio With turn our of address that, will trends Glenn. diverse expectations will patients. changing leverage meet and continue I our to to call caregivers, to the and customers, over

Glenn Boehnlein

results, financial Thanks, second Preston. drivers, matters. will liquidity focus Today, my I quarter on related comments and our

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

sales decline decline of XX.X%, U.S. included results XX.X%. These an international organic decline was quarter. in the Our the and XX% in to a

prior had this unfavorable As Pricing X.X% on unfavorable quarter, the selling of a number QX, quarter included reminder, as from to compared X.X% and foreign currency impact days was same an in sales. quarter the XXXX. the

variability our progressive in navigates spending in the declined in range this the to the we shelter April, surgeries XX% basis, the elective June. quarter, place our of many was overall improvement orders resulted capital impacted across in expansion Throughout During reductions effects significantly hospital geographies, as quarter, surgeries, an the which many pandemic. pause saw in and of our medical XX% community On growth in elective minus from negatively sales in in across minus significant the geographies, sales. by

currency including $X.XX of related EPS quarter the EPS loss negative on quarterly XX.X% to disproportionately from of of provide on and margin and The quarter. some This across loss strong focus operational on disciplined fixed segment saw costs. foreign other included leverage a XX.X%. partially sales Orthopedics impacts adjusted decline control sales has in declines sales. XXXX. of U.S. QX knee, higher constant offset EPS on trauma will decline impact our represents of Certain were I decline factors resulted within We comments Our and a a brief now and manufacturing XX.X%. These of was by organic the our second hip, businesses. cost currency minimal.

namely an had also which our increases offset geographies. by account. the most our had of driven offset declines decline decline included in in XX.X% somewhat reflects This tools, in waste Instruments products. constant Mako by in decline strong of a XX%, business decline orthopedics sales XX.X% procedures currency decline Internationally power of which electric We organic plain helmet very organic across organic saw growth instruments, partially surg downturn [indiscernible]. and PPE protective MedSurg had of XX.X%, and the and U.S. XX%, by products, the sales U.S. in management, other was

growth of stage, Australia, reflecting comparable As surgery, it's very demand was an organic reflecting COVID-XX, constant XX.X%, XX.X% had at and Internationally had patient a and businesses, slowdown businesses. organic less related and neurotechnology sales decline tied general growth. a its medical spine MedSurg resulting offset care demand of reminder, emergency organic declines a high for this sales organic had had Canada, in Endoscopy QX, with also markets. demand division to Europe, X.X%, currency in products instruments sports and XX.X%. of across growth medicine in U.S. from The to strong X.X%, XXXX by a reflects in video bad strong emerging decline U.S. decline slum. and communications, XX% of which of

neurotech a U.S. neurosurgical decline businesses. Our spine Europe, the to slowdowns slowdown our ENT all our was quarter. for offset and organic currency Canada, by in markets, decline and XX%, of neurovascular related and a emerging posted quarter had our business which the businesses. was in reflects This XX.X% in in and Internationally The procedures decline XX.X% most CMF an constant decline pronounced organic performance neurotech reflecting business. of solid a in a neurotechnology

in Now operating will metrics I the discuss quarter.

mix. was year, impacted was The fixed Compared to was quarter. be XX.X% year the of margin prior normally certain by XXX gross associated business adjusted capitalized unfavorably absorption unfavorable fixed would to the cost into costs related prior margin points absorption with from and cost inventory. Our that idle and significant basis gross manufacturing

normal we will continue impact will the margin is XXX our We our average operated of approximately margin spending levels. unabsorbed anticipate was unabsorbed related at an and diluted costs QX, During costs operating basis XX% capacity XX%, R&D Adjusted of QX by points. at until capacity X.X% manufacturing sales. at approximately to our be normal of

in enacted of workers our as taken and which the XX.X% travel, lines In prior-year points including and second we throughout XX.X% in manufacturing in other meetings was the Compared deposits impacted income year adjusted quarter. selling on by of compared and unfavorable outstanding. increases continued was XXX saw savings operating of costs SG&A expense of sales, quarter. to covering to hiring, for adjusted decline furloughing was interest quarter SG&A to during earned prior-year, our the most by business of facilities and operating a expense margin prior idling marketing to to the basis actions as mix as well related discretionary increases certain and including summary, investment curtailments unfavorably related offset expense income March, the was de-leveraging The spending, and in debt sales. quarter. our the we the Related measures quarter, consulting, Our partially

adjusted effective an of had tax Our rate second quarter XX.X%.

liquidity, securities targets. $X.X capital including primarily a from was of reflects we funding Medical quarter. cash second by and accounts and quarter, billion internal of marketable the approximately and $X.X cash earnings flow with Wright in generated of and working operations cash our which driven ended $XXX to ahead This during reduction receivable in Turning quarter the the related billion, million to

discretionary M&A did spending and drawn continued approximately The conserve not accounts we cash quarter to nor included focusing the As lines, and currently slowing in standpoint, I Concerning QX which of spending, credit we liquidity time at January, none capital in project the noted of any so and controls, planned remainder QX, cash in continue well we plan on from and actions on we shares do be to expenditures implemented the of our repurchased a reduction that credit have in do first positioned. year. and to We lines, available holdings $X activities. billion. available opportunities this payable in are

markets addition, supports of investment rating taken the our funding capital to quarter additional have the and rates Wright low In advantage grade historically transaction. Medical good credit to billion access approximately $X.X of for we in the execute

estimate As in billion. up it the an additional with transaction, relates to funding completing the the $X third we execution required to this quarter of

in approximately In $XXX we future dividend terms have our million quarterly QX. of due one and other capital million is $XXX maturity bond requirements,

previously and given this to for guidance to of announced our continued relates it the decision uncertainties significance reaffirm the at full-year, guidance we withdraw time. As QX

and evaluate open circumstances for prior reinstitution will for to the And up will We guidance. stability of market now environment I Q&A. continue it operating to

Operator

you. Thank

will question-and-answer We the Your begin session. call Credit now of comes Matt from sorry. the Miksic from I'm first Suisse. line Instructions] [Operator

line from America. the Bob from of first Hopkins of question Your comes Bank

Bob Hopkins

me Can Thanks. hear okay? you

Kevin Lobo

Yes, Bob. we can

Bob Hopkins

for Preston, Hey, the thanks and taking question. Great. Kevin

revenues question to me variable of in give growth XX%. were if sure knees heard to First sense June to hear that love you relative you hips a I within is, folks I'm as company. whole did XX% kind the how how this divisions for June correctly, Can June? for and would was down the

Glenn Boehnlein

is This Bob. Yes. Glenn. Sure,

most fully in are we I we XX% specific not our correct giving and that then July. guidance, moving momentum see across minus is but directionally to of general, businesses, think expect continued into

Bob Hopkins

Okay.

number. the So, that right was

add have but on other companies just at] year, terms giving reason business? the comments or suggests up here, down appreciate some they might given any the know what but your to then, or seeing rather the is there is offered little don't to Medtech plus [ph] guidance about you a is the what QX you're zero are the on first positive are and peers. [cut rest in And full a QX one we they might of Stryker be bit, that Okay. think your of think I'd year, in thing have of reasonable way from be that that most bit guidance, band a little up thinking you negative, I minus kind is hearing lot outside of of not or that a

Kevin Lobo

it we in points market, there Bob, there's happen a don't reason on we've row. we're not to there's giving our guidance, performed going to know XXX done future, but years slightly about basis than widely different XXX We isn't reason business. right, just that better eight the top something the because any line a for in what's think to

we'll does out cause we better nothing would be have unique visibility business us guidance, give it You and about of should a the really to the and on there's of our us to expect once that to what does, widely market line. performance, continue have type depend same but

Bob Hopkins

that. thanks appreciate I for Okay, it.

Operator

And question we Stanley. line as from a few pardon interruptions Lewis logistics. And comes from next work Morgan the through of David the your

David Lewis

for the taking Thanks question.

large did for maybe concerned capital. emphasis quick sense of of just capital Just just us broader are see on large you bed could the capital And a lack Kevin, strong, a you One you for environment, business me sort with small the hospitals give curious, maybe of Why a specifically environment, demand I afternoon reacting Act? internationally, here, Capital -- versus are small Kevin; business? just strong very or to how us help products, of is capital, some lot this think types on I'm of and the capital, that investors you I significant CARES distinction couple you capital the on a a how don't about strategic, follow-up. certain one how with volatility of see for durable have so

Kevin Lobo

first so has of to CARES to so the billion $XXX Act, that's hospitals, Well, authorized been off billion starting only disbursed. great. with Okay, actually been $XXX all, go

the and flowing stimulation that, the to hospitals. so, billion add prior $XX legislation, to The will disbursed, another be round and still to there's of is next that's So, package right. to next money

are be needed much performance We Small do medical, with the procedures. capital not worry. of pleased really the to tends obviously. to of a They as

So, the products. that's general They why it tends to cameras to very the do with tools trend power closely need to They very, the do elective replacement. procedures. need surgery knee

hard out devices, is predict to course terrific as world good a had to cetera, the is beds, but really [ph] very a about of this and we're very the governments those than to too have year, but of There amount hit I feeling play medical, [caches] be ICU to terrific the It's capital see pleasant we and as really of coronavirus, surprise never structures financing terms large being our the tends to capital robots was necessary, a constraint, a performance Internationally, of they to the would tends we're more chest around this purchased. short-term the is the really over and just a saw that we of businesses. conserve saying So, would of more we in say say quarter, of in compression be could, beds that that Mako I the had lot a important install. it's to for our normal, in going out of was tried the actually much have and performance. as because how really to state much. of important able were quarter second so, et hospitals large lot to LUCAS, now,

the business much as States. United also have stages We for smaller outside don't medical a

strong the where government going tickle States medical our not weighed feeling very of the U.S. So, motivated stimulation heavily didn't had into like the very time you directly hospitals, well, but good as of to in state It's capital to actually capital United last this that about the their from performance. we're procedures. on hospitals are business. increase kind the We have and

David Lewis

very committed And helpful. very transaction. we Okay, then, Medical into you as head Wright seem to the Kevin, year, next

will Stryker's the most into been memory levered your recent most certainly. So, be sheet head we it's in balance as 'XX, the

you've one M&A, Medtech. the So, been two has the acquirers been go in after of cap the active to of the large be business and one flexible of and hallmarks ability top most growth-oriented

ability do 'XX next in and beyond deals growth couple about 'XX, and investors so to So, how all rate Thanks the years? of having should over they to think the concerned deals 'XX should inability on your do the an impact for and about much. be

Kevin Lobo

thank Yes, you.

that we'll point, more our haven't of the some but start busy in flow saw, bolt-on in clearly, development that strong we high have expect market. looking down teams. able the you pay debt, performance they won't with both really be business and recently, leverage but as still So, second do targets. cash acquisitions, be would at of to as we've you as be we debt targets type expect to and large as necessarily the us paying at I in had a stopped be a busy we much stay intentions to cash down we They're out generate continue M&A and should we'll to done quarter,

Operator

the comes from of Citigroup. Joanne question from Wuensch next your And line

Joanne Wuensch

is, others, and than questions; you financial look of there the the one next really Thanks. to understand Two model is, segment is year, think and some normalcy? faster question particular me how see second as sense everybody. you recovering a the Hi, into about help first that

Kevin Lobo

relates ENT all were a I surgeries businesses of surgery, would think at don't businesses the that of back, We really next early huge and Capital economies reopening, bit similar across on the our hit, and in knees isn't as that portfolio. sort resuming our in aerosolizing it hit, with to the pretty comments was really of recover the getting and pace. There I a the are very were come so, as pandemic it procedures Well, we now but then as full sort the the nice variability elective much clear say hardest have opening recovery we're variability, because is procedures. of are hips I clearly little say, would really a different. hardest uptick

area, of So, the in beds and large robust type stretchers capital and lights that wasn't as booms and capital and as Mako.

you're manner. repeating I mind come some sure our to think see but not economy back I your do that? of is synchronous back variability, quite And again, about financial I dramatic, model. Joanne, question wasn't business So, year's so, too next and a in there going got comes as you kind the fairly

Joanne Wuensch

just about or past I'm 'XX Sure. on trying in do next some cases, so, I'm and think because of stocks it some could year how this are just and 'XX, be to and investors you look ways, qualitatively quantitatively? in to year, evaluating think trying

Kevin Lobo

I you muted. are Glenn, think

Glenn Boehnlein

gave sorry, was I Hey, Joanne, I you a great muted. answer, though.

Joanne Wuensch

all it down. read I

You're good.

Glenn Boehnlein

Hey. Yes.

senior into might that's team new of think will structure how sort speak other to next difficulty] we things, do looking optimistic Joanne, standpoint, more made will a just lots we we the on QX and guide that that about cost obviously of recovery think and there that play future. XXXX. our qualitative examples that and our working [technical virtual there we after XXXX. being looking now, will a that see expect So, From so, more call, progressive obviously and happen are to we of come in into what and I'll play taskforce structure but of will whole leadership operating think forward we and at yet have experiencing of as have earnings year, up on currently be We're not might a really really sort our We of and right how ways travel based be I back. saving

our financial operating of to we see of impact our the So, fully as structure model year, that expect we'll next for of I sort look some expect at and that.

Joanne Wuensch

you. Thank

Operator

line the from of Suisse. Matt And comes your question from Miksic next Credit

Matt Miksic

new strength and I robotic to on the to couple as times Kevin, back mentioned quarter, Mako the guys, of hospitals of regional ASCs, systems, offering the surgery. on a had you about the be thanks of into the in aspects you're questions maybe pushed we sort taking rewind in for bit it strategy questions. ASC is will that? of you'd in one, follow-up much a bringing there of I stronger. the like and or one playing inactive have think mix strength And spine? beginning QX, follow-up talk how and kind were one a sounds it's Can the little Hey, the into I how and

Kevin Lobo

in know, Yes, which sure, before, Matt. I was not you to we We're surprised is ago, say Keep would tell you but the replacement react. the further. about more before and is it done what quarters we've ramp there's I ASC not portion time only higher ASC, were and of to going picking it's slightly that going XX% the pandemic placements starting to though and to typically but procedures, going stopped already get ASCs is a up, so in but would joint it bit a increase in that's into becomes we are areas was you not to than the that, towards to take And clearly, procedures are of is higher been accounts. ramp couple ASCs, knowing an new, how selling to competitive trend I there's the mind, in I hospitals specific meaningful providing so very of think pleasantly two I accelerating the activity those a then, ASCs had normal, tell that causing numbers had X% before, as as we you know overall even that than competitive

though the did lot very in options, hospitals is was of and time, just increasing, to our some isn't awesome are robot quarter this us the our a goes so very procedures the and for an as team and job tends, the quarter replacement. it very place more to pull issue trying robots and in office a the trends able that, on are push continuing a we're we're helpful, time percent financing well, especially their one than well that's with all is but done of understandably and normal, as it's totally The all strong. that even increase within to in just so preserve Mako, drug the of being we fine knees. an also every book for of Our for some to analysts demand front something about cause so rise, tends order long a those lifting It Mako for

Matt Miksic

the up into QX kind lumbar you've if and seen stronger or here? ASCs upswing Thanks, any it's that's under of then, summertime any the wondering in you side, seen hear. the scoliosis heading cervical, of have sort surgery trends if given [KXM] verge Stryker, now challenges to with shaping spine in typically on QX. seasonality, just months And the strong or on that early great at color as is you [ph] there just curious in how know And then,

Kevin Lobo

not the just it's for honestly will the hard in Obviously, there's think so ASCs. really out. of it it's relates system, us much but and are same a parse unusual giant to in is I in that deformative because Yes, ASCs, I are a procedures. shutdowns, increasing and as portfolio, year, seasonal complex it's spinal nothing increase every the time I it's happening is noise, of to quarter that's procedures it to that out and scoliosis of but large the today, KXM think such there obviously There's jewels way crown call done messy with noise a lot that all want a there's closings and that one

Matt Miksic

Kevin. enough. Fair Thanks,

Kevin Lobo

you. Thank

Operator

Vijay Evercore the from Kumar from next your of ISI. line And comes question

Vijay Kumar

those Glenn, for maybe heard XX% solid to Hey, comments XX% stepping side there. on and at that guys. you're I sure because on better? taking One, being XQ Thanks capacity executions you, utilization for some first I around up I in my congrats question manufacturing think, correct it's one the points XXX now want XQ. gross of step a by absorbing numbers I manufacturing in up to implication on and heard variances the the side, in basis you that make couple margin implication

Glenn Boehnlein

in Capacity hi, was result of sort heard in Yes, as but XX% basis actually, those for average up impact in around XX%, points those right. period average we about of on costs QX, of do Yes, terms expense had And you XXX QX it see on that numbers the you it QX. about some idlings. to of stepping we Vijay. actually fixed was an a

the think though be. actually will and would anticipate that do to math ramp and mind amount could come manufacturing. number, we impact how could might it somewhat the Keep we that what QX You probably that up pretty different relative the be we're in and certainly might we where XX% to on ramp be close where be in forecasting the

Vijay Kumar

this going general, I to be This a up something really is clarifying faking industry months say bear is is you, have -- I one thanks the and there pricing revenues, but quite about on remarkable how a for function bad. part proxy of if without going to that. out, two in else not I for much Kevin, get I to had industry? is the in is you. on the pricing your as was in step perhaps for or a of capacity Thank setup discipline

Kevin Lobo

pricing portfolio. focused on as for Thanks overall been you've overall moderated the past question. of couple a time, long the over price within seen Yes. We've years, the has our for

and price time environment so, So period has divisions. continued an we've example showing MedSurg environment of stable some terrific part good business the really efforts, a forward. some of stable obviously with relative That part to look innovations and higher also going If pretty lot pricing just to our prices, pricing just of a stable continue focus and environment, portfolio and a our demand fairly evolved to continue that I great there's time, of discipline at that. our our been launching CMF to and it over total we great of a of that been to and the being expect discipline, our some is as has portfolio for we're percentage going it's in and on certainly

Vijay Kumar

guys. Thanks

Operator

line comes from next question of JP your Marcus Morgan. And with the Robbie

Robbie Marcus

instruments wondering on minute we add know people COVID, guess wanted taking if by and any the the I color to ENT you you I been have the areas I Obviously, any amount, Great, could thanks add instruments, down on straight but how two add? neurotech of color that a could much the was and could neurotech taking into and there. some commentary, account, any numbers other for the you extra a trends if see could I related good spend might just question. to and quarter, weren't in but

Kevin Lobo

the on take maybe I'll Okay. I'll and ask comment Sure, Glenn I'll part then -- to instruments. neurotech

so neurovascular businesses, our maxillofacial our neuro four within about of which neurotech, we So, products our think business, our neurosurgery neurosurgical cranial the we instruments have and business, ENT. business, is portfolio have and powered

on of more a very, to your basis, the neurovascular outside businesses, largest States. is So weighted heavily it's four those -- within to lot a United it's but global the

So sales roughly their XX% of all are U.S.

less was don't by higher pandemic. the impacted So States. were on in and a CMF high very ENT, their have three percentage a the Conversely, impacted much pandemic. of neurosurgical businesses United those sales three which heavily the the Neurovascular you have U.S., all outside of obviously by waiting

neurotech looking you're when basket. at a So

aerosolized is then, just of the see that performance speaking the they of really a most can business, core it's given of of Glenn the the but in of was just the think Stryker but much and perhaps the neurotech the investor, and I of impact comment why when heavily business United you that businesses, want those international given in sort being impacted procedures. mixes better ENT that's You of that? States, lot And one businesses, to business having all do -- times better much sometimes simplify than on neurovascular

Glenn Boehnlein

offs that in segments, products, orthopedic you large which powered which orthopedic products, is the drop instruments, of those solutions, waste primarily our then, orthopedics. know obviously And surgical very elective two solutions they know, just in the have one being our you primarily On instruments technologies, with sure. are other scaled safety orthopedic Sure, the procedures. has management used procedure downward

in technology you my script would some significantly earnings the did products quarter. surgical tell protective the know, front, I and XX% was I almost equipment down and relate tell that. that said suddenly On well. I would last this I Yes, of very instruments that there to you their also you in that, personal year grew equipment that watched

even And had so, to comparable to they to close in come it the growth was very think the and quarter. would a impact that for have that high they very, overcome and decline you I bar see

Robbie Marcus

month's that Appreciate that. pipeline. And bigger very all about in Stryker? maybe we six the delays. just pipeline, how some dollars billion quarter, that think the have longer in a they're potential R&D down at a quick heard from active seeing should of follow-up, The modestly you at guys spend Thanks. timelines trials if second delays with to and cardio is a any R&D We've about names have

Kevin Lobo

way wouldn't delays. I in of expect the much Yes,

to the series access have really the mind so, PMA we really on Some us products did and a business. little a do two reasons do spending launched modestly, bit, divisions for products only division crimp And that and clinical terrific of neurovascular testing, that lower but that have trials. our labs in ones very of Physio-Control pandemic just keep the are is just to the have we And neurovascular. products PMA those within and demand

cusp So that is of has within weren't that we neurovascular. We the very, have an refreshed on healthy something innovation pipeline and actually brand-new. very

we In quarter news some fact, really last had some approvals. the on great in new

evolved, approved is stent Our flow newer which diverting surpass was our United the States. in

in diverting also Atlas approved flow approved China. was China stent our in stent original Our and was streamline

news, good of all was much way that expect in the don't So but delays.

at to of to a our makeup continue march I to pipelines us being ability product And launch business products much ahead. more Our healthy pace. very XXX(k) the continue think the gives

Robbie Marcus

thanks a lot. Great,

Operator

from SunTrust. the question next of Krum your line from And Kaila comes

Kaila Krum

tonight. our Thanks Great. Hi, for questions guys. taking much so

spot evaluating So talk to in of also you're interesting I divestiture at you business, the having a but but think not tuck-ins STAR right to trying a divest -- company opening perspective time. I pretty know process, about open sit the this going now to just a

the be high I a you're market this volume, What you sellers level just on in perhaps ago? had comment M&A compared just could curious deal just and with buyer pool what would today. if as potential you So seeing year of market, in seen terms

Kevin Lobo

caused pandemic targets, would but because it we've debt, own activities our divestiture continue continue to the on but slowed to to but We the innovative still think, a be and are a to mentioned some we obviously activity back busy with DD going so, as busy. companies, told active process be of with part always on on to got process to be will think for cash the as our depths smaller just lot are and obviously the The M&A, clearly, taking of mode, I sort that BD pause and the deal. that Wright for long a of we're we're in the and lot near-term. There and lot this Medical tuck-in front. type pay to down. to of exclusively it is how past. going a And I has the down stay commitment be conservation targets, deals with evaluate as regulatory knowing won't MedTech, cash small not will put stay to slowdown going on of Obviously, as continue of degree, some companies to we relates active of we're before, acquisition, but a I it in to were smaller come this slowed go just going I of down our Well, for, continue a this ever, lot say will engaging teams within is --

Kaila Krum

is but just to Great. about more uptick consolidation same love kind I if it you're your And Thanks, has coming been this hospital the of point? vendor in touch hear more I'd with conversations time, at you. over in that seeing of more it a like just any consolidation. recently. then on to Thank Is Obviously, often up would customers? Kevin. Or vendor trend

Kevin Lobo

say a have I'd each lines by very, this segments the We leaders looking more are been and it's of we that bit because more plan. in approach Yes, that very in service same at embrace service vendors category deep the actually lines. our Hospitals we're -- to of point. consolidate

and it's operating with ASC our We position everything give lights to that needs, in as well really make does blooms and are a it whether us robots tables having seeing as terrific ASC. that offense ASC implants,

but So, of an much that's strength, I say not overall would change. area

Kaila Krum

thank Great, you.

Operator

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

Larry Biegelsen

want -- XX% chance people come I assume for for you growth give a the good negative Kevin, and the question. to comment in thinking or the taking grow than QX trend. Hi, improving QX Thanks are in but saying on this. with you that June afternoon. XX% should call June appreciate know, just the I to this should whether comfortable off I be commentary that that July July. negative guys Is be down better you'll XX%? given without you better than that not,

Kevin Lobo

trend as QX. as current marketplace Well, or line as certainly, be obviously an much go because have mentioned, better June July shelter-in-place, it don't than as have about back long we good as to the this but better if continues, to will outbreak long we continues trending we're is feeling where

Larry Biegelsen

U.S.? U.S. for obviously Thanks in spikes that then here? the so, the you hospitals to And dealing improvement in taking did question. all if how July we're the seeing helpful. are And know, applied that the That's qualitatively, also with

Kevin Lobo

States, heavily United the and our the to includes more weighted business certainly it Yes, is U.S. obviously,

Even so hospitals today, as recovery that U.S. we're Florida in terrific that to certainly And do improves is seeing continuing Stryker. for surgeries.

that, what as Hospitals They And COVID we're -- part do that resumed through a most We not are April. some Arizona, to through then but chose they their for patients they surgery. not after. can universally, segregating hospitals in been saying week. -- where went a we so areas pretty it's have they from week I'm surgeries saw for in were close the elective that well if the going we down equipped.

have don't of we notion this think change virus I way type that we're in rampant mutating and to is see unless of I some shutdowns, spreading. the complete So think going the

So, expect I that. don't

will is we gives for that the to on, flare will want and to hard cause big in flare and and how think in QX the Arizona it's for give those and certainly be, guidance we of I And don't flare and those Florida surgeries in today in ups reason going predict beyond. have ups for us -- the but nature ups. are even Texas -- optimism

Larry Biegelsen

you. Thank

Operator

And Barclays. with line Stewart comes your of question next from Kristen the

Kristen Stewart

a mentioning just in were just asset anything or Hi, have wondering some sure question. then charges you sort some additional took quality some that quarter system in to related I thank they're not just is you of of on how if or from that impairment. process there taking that -- I'm what that you these noticed I'm any to R&D the And any I are like the regarding European sort are noteworthy flows anything for to the update Thanks. any there of worth just guess, my are explain? just projects investments. suspending there guys sounds I rest of MDR suspending -- charges? kind just they're related for the that I if the that were question of long, for if projects I you guess, It charges taking anticipate And you you year. guys exactly, taking improvement, guess, cash

Glenn Boehnlein

fell Okay, here. one try both those swoop to will of cover Kristen, in I

due restart were costs situation, result as date we uncertainties implementation, our of you that to from those that the they certain this rules recorded to product charges $XXX costs table, to decision asset that due related of the in-process share of investments a at ERP just sort all unsure of in lion's see million, and with ERP those project impairments, were related we the be to constraints. which really accounting kind our can pause you lines, And resulted time. the were exit the of in-process about pandemic of and tell the related of other and I of what that our would would XXXX pandemic. So in right some to and accordance you're the suspend really non-GAAP we costs just

impaired think on cash front, those are program -- will of thus flow, are -- capitalized. of costs everyone about recorded like to for are our then else next have EU to for into we the other performance. that in cash capital that some years, flowing we good had continue three our that likely you And we'll so working And year then, non-GAAP related reflected those charges in-process related And on yes, been continue have peers the previously MDR. and costs we questions, the quarter if just flow our we just really at look that expected we I it and just

collections strong combine relatively inventories. with flat You

with cash CapEx all controls work a spend, payment flow our as and discretionary of to then to really was continue result for the vendors measured terms, just spending on that produce We well I of by as the complimented that positive think just combined and all quarter.

Kristen Stewart

Thanks much. very

Operator

Wise of next question the your comes from line from Rick Stifel. And

Rick Wise

Good afternoon, Kevin.

Kevin Lobo

Good afternoon.

Rick Wise

did, as are that? margins what saying what Do are Or something of from we your better You And have a more asking? like said saying but we're grow -- highlighting special even that your to et and for that you're grow or cetera, pipeline, environment, faster to us focusing what to comments doubt obviously procedure mind? margins the you something back Rick, you? initiatives means I'm in the emerge to they our spend, in with we no prepared even as pandemic, stronger, that discretionary opening -- normal you're cutting see just -- you're how position to be because we're a to efficient company get to reason we trying all curious what and see to special actions, -- plan going going more taking I we -- more to I'm you Are as on hear get were? and should are company, you the

Kevin Lobo

Well, CFO you're my is guidance. his saying, I please waving what asking on head and preceding don't exactly know my give screen

So would some you tell qualitative I'll Rick, what commentary. I give you,

high shown provided a cost, us be travel qualitative has we've pandemic what historically. you We the virtually will there's permanent. is in something company really a have be So MedEd, you without a can lot that the high culture. been that but there's commentary that cadaver in we were the don't. that of us we be high type, to has the having can do touch others that very There's We're effective education, person realizing lab lot to do how

very we've And we the not been the A and going of efficiently and of growth office future. that we real-estate and stretch our been acquiring. buildings the going required and embrace our a have to been over a have. facilities the arrangements by the You effectively forward, companies seeing adding going that very, can we past work do big all we're and CapEx we're and virtually headcount to and lot be flexible we've few need of on any buildings change going to because same are has the in frankly, and what's lot all today, years

is are So has this areas And our efficiency what shrunk tell all you those company. I pandemic front. on the would

sort different ever to collaborating let's the into are and collaborate, of go of than it enabling with say more the divisions We're with kind And it's seeing unleashing we and sort divisions as caused ASC divisions collaborating XD ever. think technologies some to work better I we're can of that will the continue technology back more tap as we And an think our potential. have seeing normal before, that's Our has more We're I we're areas and pandemic a it once example, environment. where really different our with nature of of of than it the one printing. offense. Stryker's we assets together, seeing untapped

and margin a Rick, organization us make start use and get the and momentum our I I think going So are we point certainly that manifest of through related see fine tremendous some that, us on the back confidence It the going those these expansion to I am in untapped better results. to our to collaboration us going How efficiencies very forward. gives past to with We we That couple potential company a years. continue that can we're we'll tremendous culture changes divisions nice can't gives confidence. as more but itself you in saw soft to there's is in the but strong, put numbers feeling and an this, out regenerate?

Rick Wise

a me, call on maybe for we a Kevin, ton on haven't international. one And last focused this Interesting. just

the time spent Europe rethinking over amount of You've years.

highlighted You that weak. India America, Latin so

haven't have recovery? underway good what what touched on high you're We Can the you're as much feeling China. we thoughts you give initiatives internationally a right Or high us feeling you. you Thank what level, about your think about concerned about, just there level just at now?

Kevin Lobo

sure. Yes,

towards Turkey, markets leaders, X, I I our place. and are pandemic first position we Europe. we grew So the that We problems into the into the countries with with emerging mean, and our last feel developed off about Canada, When the related in Unfortunately, all, in in in at we position huge really to problems. and in I would in markets. Japan, end Australia, strong our expecting very, for get in for strong next the the us I the we year winning countries, very XX% this XX problems I we leaders we that. about Stryker India, Latin major wrench they're very very America, terrific markets, terrific strong was XXXX. start just developed in had the a all feel in outstanding. And really big of I put that, thrown America, Emerging year, of we internationally. China, great leadership because feel have a talked of it's and about the really Stryker developed that year heading even India spirit right Korea am put We roughly the the markets the area in that place. is the not has priority wind fantastic Latin good in backs. about over They're the about years. we it opportunity had challenges into back feel have. pandemic whether leaders were sure

direct of more We some We've our the a bit we is good distributor. in where in a right countries. example Turkey gone kind have bought models place. little

many ago, right took we You a feel -- markets in were And do we're but struggling and right? I time, and recover years footing think recover us we do will a So related pandemic. infrastructure remember five we on countries. as solid lot those those of I to four it or the this have

Rick Wise

again. Thanks

Operator

And line Matthew Sandler. Piper your next O'Brien comes of with question from the

Patrick Bartoski

on Good taking afternoon, Matt. This so Patrick you from is for the much guys. Thank questions.

ASCs basis I from to an for you us, I'm this one I just the hospitals Mako specifically. curious being love financing about been have Financial the for about program. Just acquire important placements, larger as that back Financial program really hoc of would or as Flex element more with financing know using are but to Mako finding well? go things the color operating systems, Flex when comes those talked Thank are these be you more to agreements having there you've you. systems? some -- on would And it appreciated. been a Any actually ad

Glenn Boehnlein

financing of were I throughout rest the fully we of deals Sure. color can bit customers I'll some experienced. about say hospitals shift year. tell that And that our a making of you of is uncertainties we a lastly you financial use those customers Hi, more have is And given definitely their just a I options Flex fact that variety we to to as And answer quite very than through circumstances, conditions will I'll just, our Patrick, of on and been. sales are maybe the our customize that Mako and is that impact it's in for as believe ever I sort we the last big capital given businesses. have this continue liquidity, financing Glenn. historically supported during certainly options. QX, these the the may Financial think I the busy would that. -- business tell and then is seeing that What that current this robust would Flex

Patrick Bartoski

guys. Thanks,

Operator

And Matt your next from comes with question of Taylor line the UBS.

Xuyang Li

I accounts on Are the and winning more Xuyang other Matt. just and account those are question Or comments in actually to you account and wins. going on wins maybe am yet? for field the don't up more is going guess robotics have the against I robotics competitive systems that competitive a This Thanks. the directly? back Mako. currently

Preston Wells

This I'll take is one. Preston, that and

and that still today. opportunity given Just as the going currently the we think about that's the exists penetration where Mako, expansion we're we're of

I have all opportunities think we throughout.

different competitive accounts going accounts and to whether we're So those are just that to find areas to or in place Mako. they're of really trying all out,

Xuyang Li

the sort if and guess great, working much are the surgical through into is visibility helpful. surgeries and to backlog understand Okay, maybe the that's how patients I'm the Thanks. very versus calendars, have another from of just new And question getting trying of I visibility your you into of type patients procedures. that?

Preston Wells

I you, level catching procedures some came you had we was what of done. previously that Yes, that as catch having there tell would up the think into recovery, clearly as deferred about the those were procedures up, and patients

defer the are have of that there out was some some of and We time. of also that know continue that that big, some for anxiety still those maybe some procedures level are there backlog and bit to patients they

of disease some I patients time, think procedures and that over disease those return we the have that really about if it's states we will think in believe though, improve done don't serve. states important you many we the products those Those time. so, that and point at have to

would thing they happening, but were was sometimes surgeons other also say telemedicine. seeing in clearing know The through were and we backlog, do as cleaning not was patients, I the that whether pandemic office only is, new this or that through

things, those that believe we the of strong because So, remain backlog into QX.

Operator

question Silicon next Newitter of Richard Bank. Valley the from is from your And line

Richard Newitter

the taking for thanks Hi, questions.

sell. that follow be to the I'm setting drove trends the harder specifically to very, the AS past in to demand ASC -- as robotics, that just seeing the on in curious, in I a hear some encouraged we've might it up ASC, increased that just robotics I wanted heard of that and relates very there, -- for the guess Mako placements. you're So the

-- CT year, value the a robotic specifically need lack And the lack looked saying from what in who resonating positioned of systems to for -- particular, is the scan I offering sell or where and to potentially proposition the that scan. are to the a better this heard the of ASC relates strongest? they're So our competitors one we've things the that CT

could you robotics? Thanks. care barrier been the that any further a for receptivity to offer comment all extent there, the which at the you in has if setting comments in just and can past So this that on

Kevin Lobo

it's a initially saw want whimper a And And if Totalknee, they do sound. kind huge are the quarter. done, not a just would way much I the in had that procedures of this, same very, would be we that do in whatsoever, least the there's able the earlier numbers Mako you Yes, the SCs thanks. The our be used across they the want anything. of I do and when don't them surgeons to was of we best ASC would the I it's scan We say CT operating here that country, the to this at the the the a really to frankly, and best launching accurate want recently, and degree Mako to say to need to were actual flare-ups when possible. been hear scanner, now, on, of for barrier there interest very little and scan CT getting technology, but about right we you in not to most procedure And able do have hospital. say the accurately

Richard Newitter

of get that how a your the across the And setting Stryker you're ASC, might of there? increased of surgeons to effectively pricing. impact go serve fact uniquely That's eventually trend performed the the needs is Do towards on And the as going care for be that diverse implant of the pricing implant Kevin, pricing appreciate to in as just of positioned is variety platform. helpful. lines a ASC insights kind number and particularly procedures worse on on topic it to an an with shop you downwards to one set service see deep pricing, as on side, stop having

Kevin Lobo

that be to in not that we're years, I profitable. pricing really they're and Is not very you, and EBITDAs I actually, of financially for their you really seeing tell five now, seeing be pressure minded, with you today. can't going see saw to we'll very, but from we're our happen least very we Well, time. ASC, it things right They're been we're but us ASCs can will what's hospital going think run how numbers posted, from ASC? see the over of hospital. A not so, price is it right versus any years pushing on there depend now, to have structure of ownership seeing, that much don't ASC I healthy. I lot tell that affiliated unique Sure. a the the the the difference at -- signs in the Today, going and does, different? it's of and the people, price I on evolves now, so good will hospitals are they business are predict

Operator

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

Joshua Jennings

July Good as seeing sequential I could more you're me. in was we essential considered that's all under hospitals quarter COVID hoping has trends about you appreciate into you should your in I lay for afternoon. are the just Kevin capital Thanks, is getting what demand? Thanks question control? the seeing be one maybe provided for even thinking the terms In tapering-off out of you taking COVID QX, of on very and for into terms improvement, that within Glenn, Or the improvement and detail elevated question. demand procedures. in some still well. done maybe

Preston Wells

Preston. Josh is Absolutely, this

you're to think Just about right.

about capital would our we've businesses, say capital strong of any normal, stockpiling what's equipment not I seen significant exited as of margin I the demand, versus really of in are the think uptick our response order see the capital, some for what's a given with that and pull the shift think saw say but to that, some either. be flare-ups forward book and It's COVID and still we in as going where we the in we continuation then we around of point certainly this big quarter. hard to of at time, early

that's be as it's certainly the second I forward, going hard would we So say strong tell quarter. quarter, throughout look to where to but

Joshua Jennings

Appreciate it, thanks.

Operator

with next line comes And your from the question Kyle of Rose Canaccord.

Kyle Rose

question. the you thank for taking Great,

also themselves level of me, market? that you mean placed wondered, you defensive still, other just this to differentiate hospital of do on the can pure customers one market I side And purchases, if ASC the here, one? market these because the robotics the the just the from early the field, but of interest more accelerated a at Just more perspective in to higher lot Kevin, been strength side, adopters how of the side? the the you're size I units in I acquired then could in give view very are orthopedic just from see a of Are seeing, us hospital asked be given but for has encouraged looking Mako know they town the the not quarter. the the And point. particularly are

Kevin Lobo

we really Yes, you new this to effectively. always launching is camera, that's rates starting future. predicting a we do not a launching like that curves a right is tool those technology. something happen. pretty there's a question, tell great not new power a adoption mass every There's I critical S-curve that day. a it's challenge, belief momentum, or It's there's would predict because or can It's the new

really the of I type happy and excited that, we competitive seeing fifth, think that interest the be to the way are the interest large even pretty cycle, and to their now, great through but where past able telling third, about means, that patients we we're have long of have go. It's stories the still their a the of and degree point fourth, pandemic we a getting to wouldn't early become people phase Mako evidence starting really buying hospitals very clear occur didn't second it's have that still their benefits. adopter or have or course to pressures and results, these second, the be They if are in to surgeons see to It's benefits related we're are third to starting early systems procedures. buying they fourth, accepted. to seeing we so And that

this of us that excitement the we're would still lot I about very but say early innings. So in gives a future,

of a and Given orthopedic procedures. that them do early there're large hospitals We're out still a at X,XXX phase. number early, there very

Operator

last comes And BTIG. from Zimmerman question Ryan your with

Ryan Zimmerman

clinically, a think elaborate competitively neurovascular have to bit the saw for just I relative of recall, you the but concerning I the if kind certainly on during neurovascular you Thank your commentary taking today normalized a come squeezing market more that Thank quarter, in. could impacted slowdown further, you. if I'm last expectations wondering at levels. about may just that me dynamic, Kevin, market quarter, which the to your performance. level to expect, the and anything for as back and there's that room back given you

Kevin Lobo

forward of I'd and quarter, we to move not going end made big trauma, is robust step we No, it's before, as like to thanks. yet but sort really all the the way with went materially they down. patients I different core as unique a were products. didn't a We that impacts sort the position, surprise get and Yes, more to we going really growth stayed it good trauma, especially back and towards neurovascular the of market improves, of it landscape, feel competitive the we that us. to from was the quarter business from the stroke a the a it think of market new in away the see bit don't anything that the we're very were surprised of thought And as related, was or be had that hospitals, rush-in the

all a even large-bore to and launch. catheters to that have to get new, so limited proctoring a sort just we training stents, all of of that's So do, you we the the launched, limited able and launch flow-diverting been surpass weren't that the

bit a product have we anything, of if So new a tailwind.

will the hemorrhagic QX quasi of some guess As on that into never it a have take I neurovascular ahead. issue. coming the of it thought, say and call and much of going we dynamic has it's not expect competitive back, I but really really front, improve or latter is would are QX Where market those get I into let's parts I semi-elective, out the or but market which stroke, been

Ryan Zimmerman

briefly Okay, existing order the of think terms maybe well investors book other I'm there process Thank you this reflect how way weakness, just to side still of for that may me, be somewhat in They the orders then robust. really in are that out. wondering order six from Mako, the funnel? capital. a book just just but starts they of And thank cycles on that weak had be much versus strong I are now, that within capital have in as a don't could you. gap you. not did call they elaborate if necessary could get months you concern

Kevin Lobo

watch and areas and and that going spend going money, capital to they'll certain not money and Yes, they capital surgeons want, surgeons when the going find that funnel they're Financial, this technology way they're in times, use to to using even want again this Most the silver many, just means it of of bottom replacement. means but They to is our other the able with to evaporates, demanding will constrained business. what it it, because procedures they I for you're when very there's whole it are to are joint people one think into if Flex what's that how means to line want, happen, are seeing and a we know you the linings course, not our be a value to of high if of profitable spine, great with there are that of is high hospital. doing capital that the some, want pandemic hospitals. sort to make really of money, play neurosurgery, silver really Flex lot a and find but procedures, it, certain and your is curbing value linings procedures, of with great, That's supply get expenditure profitable be spaces to Financial, technology doing able they aren't in and technology get one Mako in these is lot understanding hospitals we're going there

recognition. procedures about been these heard certain And how from think some I've are. so, that certainly I there's hospitals important

they're So our wanted, Mako. improves purchase find capital, that going outcomes that the belief surgeons wants may that that way applies and to not to is surgeons certainly so, just and but to have and really it, to outstanding if the all our a it of we apply technology,

Operator

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

Kevin Lobo

Thank results So, to sharing thank our We you joining October. for our in with all you. forward look QX you call.

Operator

gentlemen. conference. participating. today's Thank ladies for you, and This concludes Thank you

disconnect. may You now

Stryker (SYK) 30 Jul 202020 Q2 Earnings call transcript