Stryker Corporation · NYSE:SYK
Stryker — Investor Day (November 2025)
72 slides from Stryker's investor day presentation, Nov 13, 2025
Slide 1: Built for growth
Built for growth November 13, 2025 2025 Investor Day 1
Slide 2: Opening video
Opening video 2025 Investor Day 2
Slide 3: 2025 Investor Day
2025 Investor Day Jason Beach Vice President, Finance and Investor Relations 2025 Investor Day 3
Slide 4: Agenda
Agenda Built for growth Kevin Lobo, Chair and Chief Executive Officer Customer -focused innovation Spencer Stiles, Group President, Orthopaedics Spotlight: Power brands Dylan Crotty, President, Instruments Spotlight: Mako 4 and Triathlon Gold Kathy Truppi, President, Joint Replacement M&A engine And
Slide 5: 2025 Investor Day speakers
2025 Investor Day speakers Kevin Lobo Spencer Stiles Dylan Crotty Kathy Truppi Andy Pierce Chair and Chief Executive Group President, President, Instruments President, Joint Replacement Group President, MedSurg and Officer Orthopaedics Spotlight: Power brands Spotlight: Mako 4 and Neurotechnology Bu
Slide 6: Forward-looking statements; Non-GAAP financial measures
Forward -looking statements This presentation contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expresse
Slide 7: Built for growth
Built for growth Kevin Lobo Chair and Chief Executive Officer 2025 Investor Day 7
Slide 8: Mission and values
stryker Mission Together with our customers, we are driven to make healthcare better. Values Integrity Accountability People Performance We do what's right We do what we say We grow talent We deliver 2025 Investor Day &
Slide 9: Impacting customers and patients around the world
Impacting customers and patients around the world served by we impact more than in 75 countries 53K employees 1 50M patients annually The 150M figure is based on 2023 data. We regularly update our methodology to reflect our business footprint and data availability, which may result in changes to our
Slide 10: Our company strategy
Our company strategy Drive market leading growth and achieve category leadership in MedSurg, Neurotechnology and Orthopaedics Customer focus Innovation Globalization Operational excellence • Intense customer • Deliver evidence-based • Focus resources and talent • Continuously reduce costs commitment
Slide 11: Stryker wins through depth and specialization
Stryker wins through depth and specialization Orthopaedics MedSurg and Neurotechnology Joint Replacement Endoscopy Neuro Cranial Hips Communications Craniomaxillofacial Knees Endoscopy ENT Our operating model Mako and Enabling Tech Sports Medicine IVS Sustainability Solutions Neurosurgical • 22 busi
Slide 12: Our culture drives growth
Our culture drives growth Purpose Talent Relation s hi p s G row th C ustomers and We care for We value our We are passionately patients are at the each other and diverse st rengths driven to deliver heart of what we do collaborate to win 2025 Investor Day 12
Slide 13: Innovation is in our DNA
Innovation is in our DNA Medical and Surgical Orthopaedics Neurotechnology Empowering people for Leading what’s next Delivering a new era of powerful outcomes neuro care 2025 Investor Day 13
Slide 14: Strong track record of financial performance
Strong track record of financial performance Robust sales growth Expansion of Increasing at the high -end of operating margin earnings power MedTech ~10.0% 1, 2 26.3% 1 12.8% 1 5-year organic sales 2025E adjusted operating 5-year adjusted EPS CAGR growth CAGR margin; returning to (2020 – 2025E) (202
Slide 15: We continue to grow fast even as we get larger
We continue to grow fast even as we get larger Annual organic sales growth rates $25 billion 1 2011 – 2025E 2025 estimated net sales +12% +10% +10% +10% 1 $8 billion 2011 reported net sales +8% +7% +7% 1 +6% Pandemic +5% +4% 2011 - 12 2013 2014 - 16 2017 2018 - 19 2020 2021 2022 2023 2024 2025E* 1 F
Slide 16: Stryker is positioned to win
Stryker is positioned to win 2015 2025 2030+ Then Now In the future $10B net sales $25B 1 net sales Growth at high end of MedTech 14 business units 22 business units Continued WAMGR acceleration 4% WAMGR 2 6% WAMGR 2 Hips and Knees representing More diversified business with Further diversification
Slide 17: We are playing from a position of strength
We are playing from a position of strength Category Operating Built for growth Innovation focus leadership excellence Operating model and Strong Power Brands with Clear innovation leader in Lean taking hold across customer intimacy #1 market positions many categories the enterprise Talent and cultur
Slide 18: Customer-focused innovations
Customer -focused innovations Spencer Stiles Group President, Orthopaedics 2025 Investor Day 18
Slide 19: Specialized businesses with strong support
Specialized businesses with strong support Orthopaedics MedSurg and Neurotechnology Joint Replacement Trauma and Extremities Endoscopy Neuro Cranial Hips Trauma Communications Craniomaxillofacial Knees Foot and Ankle Endoscopy ENT Mako and Enabling Tech Upper Extremities Sports Medicine IVS Sustaina
Slide 20: Blueprint and Mako Shoulder
Blueprint and Mako Shoulder Edit presentation title here 20 2025 Investor Day 20
Slide 21: Specialized businesses, one Stryker
Specialized businesses, one Stryker Growing our ASC presence ASC business 460+ partnerships to date • ~60% expansions / renovations • ~40% new builds • 200+ Mako systems contracted for ASCs • Average of 7 BUs per deal Deals with tailored 360+ financial solutions Dedicated ASC Regional 15 Managers as
Slide 22: Market-leading top-line growth model
Market -leading top -line growth model service, sales force , solutions Specialization and a superior sales force within each business unit Customer Solutions organization working across all businesses to create one Stryker interface with steady focus on growing our ASC presence Premium products and
Slide 23: Power brands spotlight
Power brands spotlight Dylan Crotty President, Instruments 2025 Investor Day 23
Slide 24: Innovating with purpose
Innovating with purpose If your tools don’t work, make them work. If you can’t make them work, make some that do work. -Dr. Homer Stryker 2025 Investor Day 24
Slide 25: Empowered, specialized business units
Empowered, specialized business units Specialization drives • Customer -driven innovation • Technical and clinical mastery • Disciplined growth engine • Relentless power brand innovation 2025 Investor Day 25
Slide 26: Fueling growth through power brand innovation
Fueling growth through power brand innovation 1983 2023 1993 2025 OP90 System 9 Turbo Steri -Shield 8 Introduced cordless First-ever First surgical helmet Lighter, quieter functionality wireless charger customized fit 2025 Investor Day 26
Slide 27: When you think of Stryker | our power brands
When you think of Stryker | our power brands Mako 1788 LIFEPAK 35 Neptune ProCuity SurgiCount + Triathlon Knee with Triton Spine Guidance Software care.ai Pangea OptaBlate InSpace Incompass Total Ankle featuring Copilot 2025 Investor Day 27
Slide 28: Mako and Triathlon Gold spotlight
Mako and Triathlon Gold spotlight Kathy Truppi President, Joint Replacement 2025 Investor Day 28
Slide 29: Triathlon: a legacy of trusted innovation
Triathlon A legacy of trusted innovation ‘04 ‘05 ‘07 ‘08 ‘13 ‘14 ‘16 ‘19 ‘21 ‘23 ‘25 2025 Investor Day 29
Slide 30: Triathlon Gold
® Triathlon Gold Trust beyond the surface.
Slide 31: The Mako journey
The Mako journey 2006 2010 2015 2018 2022 2025 MAKO Surgical Corp. Third generation Mako Second generation Mako Total Hip 4.1 Fourth generation completes first Mako Mako System Partial Knee 3.0 with Mako System Mako Total Knee 2.0 Mako System Partial Knee procedure MICS compatibility 2009 2010 2013
Slide 32: Make means more
stryker Make means m © re
Slide 33: Introducing Mako Total Hip with Advanced Primary and Revision
Introducing Mako Total Hip with Advanced Primary and Revision 2025 AAHKS Industry Innovation Award recipient 2025 Investor Day 33
Slide 34: Welcome to more
Welcome to more M Mako RPS coming soon 2025 Investor Day 34
Slide 35: M&A engine
M&A engine Andy Pierce Group President, MedSurg and Neurotechnology 2025 Investor Day 35
Slide 36: Differentiated M&A
Differentiated M&A Customer -focused with M&A resources embedded in every business while leveraging company -wide expertise M&A strategy based on business needs and a balance of inorganic and organic opportunities Robust pipeline of potential deals and established relationships with targets Experien
Slide 37: Our acquisition strategy is unchanged
Our acquisition strategy is unchanged We add capabilities to the core and enter adjacent categories CORE BUSINESS SafeAir Smoke evacuation ADJACENCY K2M Wright Medical Spine surgery Extremities and biologics Invuity OrthoSensor Inari Medical Illuminated instruments Joint replacement sensor tech Peri
Slide 38: Driving innovation and specialization through M&A
Driving innovation and specialization CORE BUSINESS through M&A ADJACENCY MOLLI Surgical care.ai Vertos Artelon Inari Builds Unifies Strengthens Expands product Provides e ntrance into Breast Care S martHospital interventional offerings in foot peripheral vascular portfolio Platform solutions and an
Slide 39: Inari spotlight
Inari spotlight Tim Lanier President, Inari 2025 Investor Day 39
Slide 40: 2M patients impacted globally
2M patients impacted globally We are passionate about our mission to establish our treatments as the standard of care for VTE and vascular diseases. U.S. Incidence 280K Pulmonary Embolism VTE 430K Deep Vein Thrombosis Challenging Venous Occlusions / 100K Venous Stent Thrombosis Dialysis Access Manag
Slide 41: Significant $6B+ U.S. VTE TAM and opportunity
Significant $6B+ U.S. VTE TAM and opportunity U.S. PE Segment ( TAM + opportunity) U.S. DVT Segment ( TAM + opportunity) Intermediate to high-risk Acute, iliofemoral location MECHANICAL MECHANICAL THROMBECTOMY THROMBECTOMY 14% 19% $400M $470M CONSERVATIVE CONSERVATIVE CD -LYTICS THERAPY THERAPY 1% 8
Slide 42: The Inari vascular portfolio
The Inari vascular portfolio Category leadership across multiple disease states VTE Foundation built on commitment to providing the best FlowTriever System ClotTriever System tools for our customers Pulmonary Embolism (PE) Deep Vein Thrombosis (DVT) » Leading clinical evidence Emerging vascular ther
Slide 43: Driving global VTE growth
Driving global VTE growth Significantly investing in developing the global VTE market Best -in -class evidence Lead with innovation Advancing quality care Significantly investing in data, Investing in our power brands to stay Education, program development, including 4 RCTs, to drive standard of ahe
Slide 44: Driving operational excellence
Driving operational excellence Viju Menon Group President, Global Quality and Operations 2025 Investor Day 44
Slide 45: Global Quality & Operations (GQO) strategy
Global Quality & Operations (GQO) strategy Enable market -leading growth through a world class supply chain Delight our customers Drive op Build supply Grow talent Catalyze with high margin and chain and culture innovation quality cash flow excellence supply Lean is core to everything we do 45
Slide 46: Key capabilities to drive operational excellence
Key capabilities to drive operational excellence Product transfers • Enterprise prioritization of product cost reduction Plant network optimization O • Strengthening procurement and n manufacturing efficiency pe reductio rati • Improved product transfer muscle ng lever Lean Procurement and insourcin
Slide 47: Powering growth through digital transformation
Powering growth through digital transformation Debra King Vice President, Chief Digital and Information Officer 2025 Investor Day 47
Slide 48: Driving growth and operational excellence with technology innovation
Driving growth and operational excellence with technology innovation Technology strategic pillars Unlocking enterprise productivity Unlock enterprise productivity Customer- AI as a potential Deliver differentiating customer experiences centric strategy catalyst for growth and efficiency Fuel growth
Slide 49: SmartHospital Platform
SmartHospital Platform Jessica Mathieson President, Medical 2025 Investor Day 49
Slide 50: The problems we help solve
The problems we help solve Healthcare is unpredictable and care tasks Micro level have become more complex and time - • Staff safety concerns • Workflow inefficiencies consuming. • Staff turnover • Medical errors • Adverse events • Cognitive overload Our customers face new pressures , increasing • P
Slide 51: Our digital evolution
Our digital evolution 2020 2024 2026 ProCuity care.ai C reation of Bed acquisition Smart Care 2012 2022 2026 First wireless Vocera 2025 Integration bed acquisition Sync Badge across Stryker 2025 Investor Day 51
Slide 52: SmartHospital Platform
SmartHospital Platform The SmartHospital Platform is a unified, cloud -native, event -driven digital foundation that connects clinical systems, medical devices, operational and clinical workflows and analytics across the entire hospital. It enables real -time data sharing, interoperability and autom
Slide 53: SmartHospital Platform video
SmartHospital Platform video Neal Patel, MD, MPH 2025 Investor Day 53
Slide 54: Smart Care portfolio
Smart Care portfolio Clinical Workflow Virtual Ambient Communication Engine Care Intelligence Sync Badge, SmartBadge , Engage care.ai care.ai Edge, Ease 2025 Investor Day 54
Slide 55: SmartHospital category model
SmartHospital category model MEDSURG OR/PACU ED CATH LAB • Clinical communication and workflow • Smart patient rooms • care.ai RADIOLOGY ICU ASC/Home/Post -Acute Staffing / Scheduling / Credentialing IT / Security GRC / Quality Pharmacy/Medication Mgmt. Ops / Supply Chain Patient Services / EVS EHR
Slide 56: SmartHospital Platform architecture
SmartHospital Platform End Points Surgical Calling Messaging Video Ambient Rules Reporting planning Large Automatic Cloud Services Alerts and Data on Sponge language speech Voice iBed server QBL alarms demand count models recognition Integration Services Data Services Staff Location Presence ADT Ten
Slide 57: Key insights from our customers
Key insights from our customers SmartHospitals category will be enterprise -wide : automating hospital operations, delivering 01. measurable efficiency gains and driving consistent, standardized quality of care Hospital executives expect to monitor critical metrics, including length of stay and oper
Slide 58: SmartHospital Platform video
SmartHospital Platform video Neal Patel, MD, MPH 2025 Investor Day 58
Slide 59: SmartHospital Platform
SmartHospital Platform Extract Automate Connected Virtual care + equipment Ambient intelligence Aggregate Optimize Data and Managed interoperability clinical services Collaborate Inform Clinical Analytics and communication insights Empowering human centered care Manage clinical workflow Collaborate
Slide 60: Financial outlook
Financial outlook Preston Wells Vice President, Chief Financial Officer 2025 Investor Day 60
Slide 61: 2023 financial goals update
2023 financial goals update Consistent execution and strong performance 2023 2024 2025 commitments delivery guidance 1 Organic sales High end of 10.2% 9.8% – 10.2% growth Medtech Adjusted operating margin 200 bps through ‘25 110 bps 100 bps expansion then 30+ bps annually Adjusted EPS Double -digits
Slide 62: Consistent strong performance
Consistent strong performance Delivering on our promises to customers and shareholders Robust sales growth Expansion of Increasing at high -end of MedTech operating margins earnings power Organic sales growth CAGR Adjusted operating income margin Adjusted earnings per share 2016 – 2019 (3 YR), 2020
Slide 63: Built for growth
Built for growth Financially oriented to support the overall Stryker strategy Capital allocation focused on fueling growth Unlocking earnings power through operational excellence and scalability Continued focus on cash flow generation 2025 Investor Day 63
Slide 64: Capital allocation strategy
Capital allocation strategy Driving long -term value through disciplined capital allocation Priorities 2 Fund M&A spend Dividends Share buybacks M&A to drive growth 69% 28% 3% ~60 deals in the last 10 years ~$20B deployed since 2016 Support dividend growth Growth will continue at a $28 billion modes
Slide 65: Our long-term financial goals
Our long -term financial goals Steadfast execution and strong performance 2023 2026E – 2028E commitments commitments Organic sales High end of MedTech High end of MedTech growth Adjusted operating margin 200 bps through ‘25 150+ bps through ‘28 expansion then 30+ bps annually inclusive of dilution f
Slide 66: Achieving our long-term financial goals
Achieving our long -term financial goals Built for growth today and in the future Organic sales growth Adjusted operating margin expansion at the high end of MedTech 150+ bps through 2028 + Specialized businesses driving category + Operational excellence with focus on lean leadership, customer focus
Slide 67: Executive summary
Executive summary Long -term financial goals and priorities 2026E – 2028E Our priority commitments messages Organic sales Growth fueled by sales execution, our High end of MedTech innovative product pipeline and growth continued M&A Adjusted operating margin 150+ bps through ‘28 Operational excellen
Slide 68: Q&A
Q&A Preston Kevin Andy Debra Viju Spencer Wells Lobo Pierce King Menon Stiles 2025 Investor Day 68
Slide 69: Appendix
Appendix 2025 Investor Day 69
Slide 70: Supplemental information
Supplemental information Reconciliations of GAAP to non -GAAP financial measures RECONCILIATION OF REPORTED NET SALES GROWTH TO ORGANIC SALES GROWTH Year ended December 31, 2024 2023 2022 2021* 2021** 2020 2019 2018 Reported net sales growth 10.2 % 11.1 % 7.8 % 19.2 % 14.9 % (3.6) % 9.4 % 9.3 % Less
Slide 71: Supplemental information
Supplemental information Reconciliations of GAAP to non -GAAP financial measures RECONCILIATION OF OPERATING MARGIN AND NET EARNINGS PER DILUTED SHARE TO ADJUSTED OPERATING MARGIN AND ADJUSTED NET EARNINGS PER DILUTED SHARE Dollar amounts in millions, except per share amounts Year Ended December 31,
Slide 72: Supplemental information
Supplemental information Reconciliations of GAAP to non -GAAP financial measures RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Dollar amounts in millions Year ended December 31, 2024 2023 Net cash provided by operating activities $ 4,242 $ 3,711 Purchases of property,