Stryker (SYK) FY2010 results: revenue $7.3 billion, up 8.9% on the year
Stryker Corp. (SYK) reported revenue of $7.3 billion for fiscal 2010, the year ended 31 December 2010, up 8.9% on the year before. Net income was $1.3 billion, up 15.0%, and diluted earnings per share $3.19. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2011.
Revenue
$7.3 billion
+8.9% on the year
FY2007FY2010
Operating margin
23.9%
23.7% a year earlier
FY2007FY2010
Net income
$1.3 billion
+15.0% on the year
FY2007FY2010
Diluted EPS
$3.19
+15.2% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
7,320
6,723
6,718
+8.9%
Cost of revenue
2,286
2,184
2,131
+4.7%
Gross profit
5,034
4,539
4,587
+10.9%
Gross margin
68.8%
67.5%
68.3%
Research and development
394
336
368
+17.2%
Selling, general and administrative
2,707
2,506
2,625
+8.0%
Operating income
1,751
1,594
1,519
+9.8%
Operating margin
23.9%
23.7%
22.6%
Interest expense
53.0
14.0
12.7
+278.6%
Pre-tax income
1,730
1,624
1,580
+6.5%
Income tax
456
516
432
-11.7%
Effective tax rate
26.4%
31.8%
27.4%
Net income
1,273
1,107
1,148
+15.0%
Net margin
17.4%
16.5%
17.1%
Diluted EPS
$3.19
$2.77
$2.78
+15.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
1,547
1,461
1,176
+5.9%
Capital expenditure
182
131
155
+39.0%
Free cash flow
1,365
1,330
1,021
+2.7%
Free cash flow margin
18.7%
19.8%
15.2%
Cash from investing
-796
-1,328
310
Cash from financing
410
-193
-1,046
Depreciation and amortisation
410
385
195
+6.5%
Share-based compensation
69.0
62.0
65.5
+11.3%
Buybacks
426
0.0
1,000
Dividends paid
238
198
136
+20.4%
Dividend per share
$0.63
$0.25
$0.40
+152.0%
Diluted shares, weighted
400m
399m
414m
+0.0%
Shares outstanding at period end
391m
398m
396m
-1.7%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
7,174
6,595
5,407
+8.8%
Debt
1,022
18.0
n/a
+5,576.7%
Other liabilities
2,463
2,458
2,197
+0.2%
Total liabilities and equity
10,658
9,071
7,603
+17.5%
Fixed assets
798
948
964
-15.8%
Goodwill
1,072
957
568
+12.1%
Intangible assets
703
635
368
+10.8%
Investments
2,622
2,296
1,494
+14.2%
Cash and equivalents
1,758
659
701
+166.8%
Receivables
1,252
1,147
1,130
+9.1%
Inventory
1,057
943
953
+12.1%
Other assets
1,396
1,487
1,426
-6.2%
Total assets
10,658
9,071
7,603
+17.5%
10-K for the year ended 31 December 2010, filed 18 February 2011: the filing.