Stryker Corp. Q3 FY2023 results: revenue $4.9 billion, up 9.6% on the year

Stryker Corp. (SYK) reported revenue of $4.9 billion for Q3 FY2023, the quarter ended 30 September 2023, up 9.6% on the same quarter a year earlier. Net income was $692 million, down 15.2% on the year, and diluted earnings per share $1.80. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$4.9 billionup 9.6%

Net income$692 milliondown 15.2%

Diluted EPS$1.80

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,909	n/a	n/a	n/a
Cost of revenue	1,751	n/a	n/a	n/a
Gross profit	3,158	n/a	n/a	n/a
Gross margin	64.3%	n/a	n/a
Research and development	353	n/a	n/a	n/a
Selling, general and administrative	1,701	n/a	n/a	n/a
Operating income	931	n/a	n/a	n/a
Operating margin	19.0%	n/a	n/a
Pre-tax income	869	n/a	n/a	n/a
Income tax	177	n/a	n/a	n/a
Effective tax rate	20.4%	n/a	n/a
Net income	692	n/a	n/a	n/a
Net margin	14.1%	n/a	n/a
Diluted EPS	$1.80	n/a	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,050	n/a	n/a	n/a
Capital expenditure	148	n/a	n/a	n/a
Free cash flow	902	n/a	n/a	n/a
Free cash flow margin	18.4%	n/a	n/a
Depreciation and amortisation	262	n/a	n/a	n/a
Share-based compensation	52.0	n/a	n/a	n/a
Dividends paid	285	n/a	n/a	n/a
Dividend per share	$0.75	n/a	n/a	n/a
Diluted shares, weighted	384m	n/a	n/a	n/a
Shares outstanding at period end	380m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	38,042	n/a	n/a	n/a
Cash and equivalents	1,860	n/a	n/a	n/a
Receivables	3,276	n/a	n/a	n/a
Inventory	4,883	n/a	n/a	n/a
Goodwill	15,138	n/a	n/a	n/a
Total debt, as filed	12,690	n/a	n/a	n/a
Long-term debt	10,382	n/a	n/a	n/a
Operating lease liabilities	369	n/a	n/a	n/a
Shareholders' equity	17,905	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	4,909	5,815	5,243	5,422	5,494	6,436	5,866	6,022	6,057	7,171	6,020	6,589
Cost of revenue	1,751	2,112	1,910	2,006	1,977	2,262	2,122	2,181	2,205	2,543	2,210	2,091
Gross profit	3,158	3,703	3,333	3,416	3,517	4,174	3,744	3,841	3,852	4,628	3,810	4,498
Gross margin	64%	64%	64%	63%	64%	65%	64%	64%	64%	65%	63%	68%
R&D	353	350	368	363	377	358	405	407	410	401	413	434
SG&A	1,701	1,941	1,840	1,847	1,896	2,102	2,300	2,079	2,045	2,227	2,281	2,229
Operating income	931	1,257	972	1,051	1,085	581	837	1,113	1,135	1,804	936	1,659
Operating margin	19%	22%	19%	19%	20%	9%	14%	18%	19%	25%	16%	25%
Interest expense	n/a	n/a	n/a	96.0	98.0	n/a	137	159	157	n/a	148	141
Pre-tax income	869	1,226	923	998	1,043	528	764	1,016	1,029	1,705	850	1,564
Tax rate	20%	7%	15%	17%	20%	-3%	14%	13%	17%	50%	12%	18%
Net income	692	1,143	788	825	834	546	654	884	859	849	745	1,276
Net margin	14%	20%	15%	15%	15%	8%	11%	15%	14%	12%	12%	19%
Diluted EPS	$1.80	$2.98	$2.05	$2.14	$2.16	$1.41	$1.69	$2.29	$2.22	$2.20	$1.93	$3.30
Operating cash flow	1,050	1,528	204	633	1,474	1,931	250	1,111	1,540	2,143	581	1,261
Capital expenditure	148	145	167	152	170	266	123	183	187	268	166	202
Free cash flow	902	1,383	37.0	481	1,304	1,665	127	928	1,353	1,875	415	1,059
Dividends paid	285	285	304	305	305	305	320	321	322	321	337	337
Shares outstanding	380m	380m	381m	381m	381m	382m	382m	382m	382m	383m	383m	384m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0000310764-23-000116: the filing on EDGAR. All of Stryker Corp.'s filings: EDGAR company page.

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