8-K
STRYKER CORP (SYK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2022
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
| Michigan | 001-13149 | 38-1239739 | |||
|---|---|---|---|---|---|
| (State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||
| 2825 Airview Boulevard, | Kalamazoo, | Michigan | 49002 | ||
| (Address of principal executive offices) | (Zip Code) | ||||
| (269) | 385-2600 | ||||
| (Registrant’s telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $.10 Par Value | SYK | New York Stock Exchange |
| 1.125% Notes due 2023 | SYK23 | New York Stock Exchange |
| 0.250% Notes due 2024 | SYK24A | New York Stock Exchange |
| 2.125% Notes due 2027 | SYK27 | New York Stock Exchange |
| 0.750% Notes due 2029 | SYK29 | New York Stock Exchange |
| 2.625% Notes due 2030 | SYK30 | New York Stock Exchange |
| 1.000% Notes due 2031 | SYK31 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 7.01 | REGULATION FD DISCLOSURE |
|---|
Effective December 31, 2021, Stryker Corporation (the "Company") will segregate its operations into two reportable business segments: (i) MedSurg and Neurotechnology and (ii) Orthopaedics and Spine. This change realigns the Company's reportable business segments to its new internal reporting structure and how the Company manages its businesses as a result of the previously announced transition of responsibilities of President and Chief Operating Officer, Timothy J. Scannell, and the division of responsibilities between Group Presidents, J. Andrew Pierce (Group President, MedSurg and Neurotechnology) and Spencer S. Stiles (Group President, Orthopaedics and Spine).
For informational purposes, included in Exhibit 99.1 to this report is the Company's recast historical product sales information that reflects the segment change noted above.
The information furnished in this report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS | | --- | --- || (d) | Exhibits | | | --- | --- | --- | | | 99.1 | Supplemental Product Sales Information | | | 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STRYKER CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Date: | January 14, 2022 | /s/ GLENN S. BOEHNLEIN |
| Glenn S. Boehnlein | ||
| Vice President, Chief Financial Officer |
Document
Exhibit 99.1
| STRYKER CORPORATION | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unaudited - Millions of Dollars) | SUPPLEMENTAL PRODUCT SALES INFORMATION | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| 2021 | 2020 | 2019 | ||||||||||||||
| Three Months | Three Months | Full Year | Three Months | Full Year | ||||||||||||
| March 31 | June 30 | September 30 | December 31 | December 31 | December 31 | December 31 | ||||||||||
| MedSurg and Neurotechnology: | ||||||||||||||||
| Instruments | $ | 469 | $ | 517 | $ | 525 | $ | 555 | $ | 1,863 | $ | 542 | $ | 1,959 | ||
| Endoscopy | 469 | 518 | 525 | 525 | 1,763 | 559 | 1,983 | |||||||||
| Medical | 622 | 640 | 636 | 705 | 2,524 | 637 | 2,264 | |||||||||
| Neurovascular | 289 | 301 | 295 | 281 | 973 | 245 | 924 | |||||||||
| Neuro Cranial | 281 | 310 | 299 | 294 | 972 | 295 | 1,059 | |||||||||
| Other | 61 | 73 | 69 | 69 | 250 | 74 | 286 | |||||||||
| $ | 2,191 | $ | 2,359 | $ | 2,349 | $ | 2,429 | $ | 8,345 | $ | 2,352 | $ | 8,475 | |||
| Orthopaedics and Spine: | ||||||||||||||||
| Knees | $ | 412 | $ | 474 | $ | 439 | $ | 459 | $ | 1,567 | $ | 510 | $ | 1,815 | ||
| Hips | 309 | 353 | 328 | 340 | 1,206 | 372 | 1,383 | |||||||||
| Trauma and Extremities | 640 | 674 | 639 | 570 | 1,722 | 442 | 1,639 | |||||||||
| Spine | 278 | 307 | 282 | 307 | 1,047 | 312 | 1,157 | |||||||||
| Other | 123 | 127 | 123 | 157 | 464 | 143 | 415 | |||||||||
| $ | 1,762 | $ | 1,935 | $ | 1,811 | $ | 1,833 | $ | 6,006 | $ | 1,779 | $ | 6,409 | |||
| Total | $ | 3,953 | $ | 4,294 | $ | 4,160 | $ | 4,262 | $ | 14,351 | $ | 4,131 | $ | 14,884 |
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