Stryker (SYK) FY2013 results: revenue $9.0 billion, up 4.2% on the year
Stryker Corp. (SYK) reported revenue of $9.0 billion for fiscal 2013, the year ended 31 December 2013, up 4.2% on the year before. Net income was $1.0 billion, down 22.5%, and diluted earnings per share $2.63. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2014.
Revenue
$9.0 billion
+4.2% on the year
FY2007FY2013
Operating margin
13.9%
20.1% a year earlier
FY2007FY2013
Net income
$1.0 billion
-22.5% on the year
FY2007FY2013
Diluted EPS
$2.63
-22.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
9,021
8,657
8,307
+4.2%
Cost of revenue
3,002
2,781
2,811
+7.9%
Gross profit
6,019
5,876
5,496
+2.4%
Gross margin
66.7%
67.9%
66.2%
Research and development
536
471
462
+13.8%
Selling, general and administrative
3,467
3,367
3,150
+3.0%
Operating income
1,256
1,741
1,686
-27.9%
Operating margin
13.9%
20.1%
20.3%
Interest expense
83.0
63.0
56.0
+31.7%
Pre-tax income
1,212
1,705
1,686
-28.9%
Income tax
206
407
341
-49.4%
Effective tax rate
17.0%
23.9%
20.2%
Net income
1,006
1,298
1,345
-22.5%
Net margin
11.2%
15.0%
16.2%
Diluted EPS
$2.63
$3.39
$3.45
-22.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,886
1,657
1,434
+13.8%
Capital expenditure
195
210
226
-7.1%
Free cash flow
1,691
1,447
1,208
+16.9%
Free cash flow margin
18.7%
16.7%
14.5%
Cash from investing
-2,217
-736
-2,135
Cash from financing
300
-449
-161
Depreciation and amortisation
511
486
481
+5.1%
Share-based compensation
76.0
75.0
75.0
+1.3%
Buybacks
317
108
622
+193.5%
Dividends paid
401
324
279
+23.8%
Dividend per share
$1.10
$0.90
$0.75
+21.9%
Diluted shares, weighted
382m
383m
390m
-0.2%
Shares outstanding at period end
378m
380m
381m
-0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
9,047
8,597
7,683
+5.2%
Debt
2,764
1,762
1,768
+56.9%
Other liabilities
3,588
2,847
2,695
+26.0%
Total liabilities and equity
15,399
13,206
12,146
+16.6%
Fixed assets
1,081
948
888
+14.0%
Goodwill
3,844
2,142
2,072
+79.5%
Intangible assets
1,989
1,424
1,442
+39.7%
Investments
2,641
2,890
2,513
-8.6%
Cash and equivalents
1,339
1,395
905
-4.0%
Receivables
1,518
1,430
1,417
+6.2%
Inventory
1,422
1,265
1,283
+12.4%
Other assets
1,565
1,712
1,626
-8.6%
Total assets
15,399
13,206
12,146
+16.6%
10-K for the year ended 31 December 2013, filed 13 February 2014: the filing.