Stryker (SYK) FY2011 results: revenue $8.3 billion, up 13.5% on the year
Stryker Corp. (SYK) reported revenue of $8.3 billion for fiscal 2011, the year ended 31 December 2011, up 13.5% on the year before. Net income was $1.3 billion, up 5.6%, and diluted earnings per share $3.45. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2012.
Revenue
$8.3 billion
+13.5% on the year
FY2007FY2011
Operating margin
20.3%
23.9% a year earlier
FY2007FY2011
Net income
$1.3 billion
+5.6% on the year
FY2007FY2011
Diluted EPS
$3.45
+8.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
8,307
7,320
6,723
+13.5%
Cost of revenue
2,811
2,286
2,184
+23.0%
Gross profit
5,496
5,034
4,539
+9.2%
Gross margin
66.2%
68.8%
67.5%
Research and development
462
394
336
+17.3%
Selling, general and administrative
3,150
2,707
2,506
+16.4%
Operating income
1,686
1,751
1,594
-3.7%
Operating margin
20.3%
23.9%
23.7%
Interest expense
56.0
53.0
14.0
+5.7%
Pre-tax income
1,686
1,730
1,624
-2.5%
Income tax
341
456
516
-25.3%
Effective tax rate
20.2%
26.4%
31.8%
Net income
1,345
1,273
1,107
+5.6%
Net margin
16.2%
17.4%
16.5%
Diluted EPS
$3.45
$3.19
$2.77
+8.2%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,434
1,547
1,461
-7.3%
Capital expenditure
226
182
131
+24.1%
Free cash flow
1,208
1,365
1,330
-11.5%
Free cash flow margin
14.5%
18.7%
19.8%
Cash from investing
-2,135
-796
-1,328
Cash from financing
-161
410
-193
Depreciation and amortisation
481
410
385
+17.3%
Share-based compensation
75.0
69.0
62.0
+8.7%
Buybacks
622
426
0.0
+46.2%
Dividends paid
279
238
198
+17.1%
Dividend per share
$0.75
$0.63
$0.25
+19.4%
Diluted shares, weighted
390m
400m
399m
-2.5%
Shares outstanding at period end
381m
391m
398m
-2.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
7,683
7,174
6,595
+7.1%
Debt
1,768
1,022
18.0
+73.0%
Other liabilities
2,695
2,463
2,458
+9.4%
Total liabilities and equity
12,146
10,658
9,071
+14.0%
Fixed assets
888
798
948
+11.2%
Goodwill
2,072
1,072
957
+93.2%
Intangible assets
1,442
703
635
+105.1%
Investments
2,513
2,622
2,296
-4.2%
Cash and equivalents
905
1,758
659
-48.5%
Receivables
1,417
1,252
1,147
+13.2%
Inventory
1,283
1,057
943
+21.4%
Other assets
1,626
1,396
1,487
+16.5%
Total assets
12,146
10,658
9,071
+14.0%
10-K for the year ended 31 December 2011, filed 13 February 2012: the filing.