Stryker Corporation

Stryker Corporation

File:Stryker logo.svg
Company type	Public
Traded as	NYSE: SYK S&P 500 component
Industry	Health technology
Founded	1941 (1941)
Founder	Homer Stryker
Headquarters	Kalamazoo, Michigan, U.S. Newbury, Berkshire, U.K.
Key people	Kevin A. Lobo (Chairman and CEO) Timothy J. Scannell (President and COO) Ronda Stryker (Director)
Products	Medical devices orthopaedic implants surgical equipment neurovascular products patient handling and emergency medical equipment
Revenue	Increase US$22.59 billion (2024)
Operating income	Decrease US$3.689 billion (2024)
Net income	Decrease US$2.993 billion (2024)
Total assets	Increase US$42.97 billion (2024)
Total equity	Increase US$20.63 billion (2024)
Owner	John W. Brown (5.3%) Ronda Stryker (4.6%) Jon Stryker Pat Stryker
Number of employees	53,000 (2024)
Website	stryker.com
Footnotes / references

Stryker Roll-In-Stretcher

Stryker Roll-In-Stretcher

Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. The company's products are used for medical surgery and neurotechnology (60% of 2024 revenues), which include surgical equipment, patient and caregiver safety technologies, endoscopy systems, and patient handling, emergency medical equipment, and intensive care disposable products, as well as neurosurgical, neurovascular and oral and maxillofacial surgery implant products; and orthopedic surgery (40% of 2024 revenues), which includes implants used in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries. Stryker's products are sold in over 75 countries and are used by 150 million patients annually. In 2024, 75% of the company's revenues came from the United States.

The company is ranked 195th on the Fortune 500 and 331st on the Forbes Global 2000.

History

In 1941, The Orthopedic Frame Company was founded by Homer Stryker, an orthopedist from Kalamazoo, Michigan. Stryker developed the Turning Frame, a mobile hospital bed that allowed for repositioning of injured patients while providing necessary body immobility; the cast cutter, a cast cutting apparatus that removed cast material without damaging underlying tissues; and the walking heel, among others. In 1964, the company name was changed to Stryker Corporation.

In 1977, John W. Brown joined as president and CEO and became chairman in 1981. He transitioned to chairman in 2003. In 2009, Brown retired as chairman after 32 years with the company. Under his leadership, revenues rose from $17 million to $6.7 billion.

In 1979, Stryker became a public company via an initial public offering.

In 2003, Stephen P. MacMillan joined Stryker as president and CEO.

In 2007, Stryker sold its Physiotherapy Associates division to private equity firm Water Street Healthcare Partners for $150 million.

In February 2012, MacMillan resigned and Curt R. Hartman was named Interim Chief Executive Officer and vice president and chief financial officer. William U. Parfet was named non-executive chairman of the board. In October 2012, Kevin A. Lobo was appointed as president and chief executive officer.

In 2023, Stryker introduced a minimally invasive bunion treatment system, Prostep MIS Lapidus, which aims to reduce bunion recurrence, minimize scarring, and lower opioid use.

Acquisitions history

Year	Company	Description	Ref(s).
1979	Osteonics	Entrance to the replacement hip, knee, and other orthopedic implants market.
1981	SynOptics	Entrance to endoscopy business.
1998	Howmedica	Orthopaedic division of Pfizer. Price was $1.9 billion. Howmedica became Stryker Orthopaedics.
August 2000	Guided Technologies	Developer and manufacturer of optical localizers.
July 2002	Spinal Implant Business of Surgical Dynamics	Price was $135 million.
August 2004	SpineCore	Development of artificial spinal disks. Price was $120 million.
February 2005	eTrauma.com	Price was $50 million. Development of software for Picture archiving and communication system (PACS)
March 2006	Sightline Technologies	Manufacturer of gastrointestinal endoscopy apparatuses. Price was $50 million. Partially closed in 2008.
January 2006	PlasmaSol	Technologies allowing sterilization of various MedSurg equipments. Price was $17.5 million.
December 2009	Ascent Healthcare Solutions	Reprocessing and remanufacturing of medical devices in the U.S. Price was $525 million.
January 2011	Neurovascular Division of Boston Scientific	Products used for the minimally invasive treatment of hemorrhagic and ischemic stroke. Price was $1.5 billion.
June 2011	Orthovita	A biomaterials company specializing in bone augmentation and substitution technologies.
July 2011	Memometal Technologies	Manufactures and markets products for extremity indications based on its proprietary methods for preparing and manufacturing a shape memory metal alloy. Price was up to $162 million.
August 2011	Concentric Medical	Price was $135 million. Devices for the removal of thrombus in patients experiencing acute ischemic stroke along with a broad range of AIS access products.
November 2012	Surpass Medical	Flow diversion stent technology to treat brain aneurysms using a mesh design and delivery system. Price was $135 million.
March 2013	Trauson Holdings	Trauma manufacturer in China. Price was $764 million.
December 2013	MAKO Surgical Corp.	Surgical robotic arm assistance platforms, most notably the RIO (Robotic Arm Interactive Orthopedic System) as well as orthopedic implants used by orthopedic surgeons for use in partial knee and total hip arthroplasty. Price was $1.65 billion.
March 2014	Patient Safety Technologies	Safety-Sponge System, an integrated counting and documentation system that prevents surgical sponges and towels from being unintentionally left in patients after surgical procedures. Price was $85 million.
March 2014	Pivot Medical	Products for hip arthroscopy.
April 2014	Berchtold Holding AG	Surgical tables, equipment booms, and surgical lighting systems. Price was $172 million.
July 2014	Small Bone Innovations	Products that help surgeons treat and replace small bones and joints. Price was $358 million.
September 2015	Muka Metal	Manufactures hospital beds and patient furniture in Kayseri.
February 2016	Sage Products	Disposable device maker. Price was $2.78 billion.
February 2016	Physio-Control	Maker of defibrillators. Price was $1.28 billion.
June 2017	Arthrogenx	Cobra reusable suture passer for arthroscopic rotator cuff repair
September 2017	Novadaq	Fluorescence imaging systems. Price was $701 million.
October 2017	Vexim	Minimally invasive treatment of vertebral fractures. Price was €183 million.
December 2017	Entellus Medical	Minimally invasive products for the treatment of various ENT diseases. Price was $662 million.
May 2018	Hygia Health Services	Reprocessing of patient care single-use devices.
June 2018	SafeAir AG	Surgical smoke evacuation.
September 2018	Invuity	Surgical lighting company. Price was $190 million.
October 2018	HyperBranch Medical Technology	Maker of Adherus AutoSpray dural sealant. Price was $220 million.
November 2018	K2M Group Holdings	Spinal surgery device-maker. Price was $1.4 billion.
February 2019	Arrinex	Manufacturer of cryoablation technology for the treatment of chronic rhinitis.
March 2019	OrthoSpace	Rotator cuff implant. Price was up to $220 million.
October 2019	Mobius Imaging and GYS Tech	Intra-operative imaging. Price was $370 million upfront, plus up to $130 million in contingent payments.
November 2020	Wright Medical Group	Upper-body implants. Price was $5.4 billion.
January 2021	OrthoSensor	Sensor technology for use in total joint replacement procedures
April 2021	TMJ Concepts	Patient-specific implants for TMJ reconstruction.
September 2021	Gauss Surgical	Platform for real-time monitoring of blood loss during surgery.
January 2022	Vocera Communications	Digital patient outreach tools. Price was $2.97 billion.
March 2024	SERF SAS	Joint replacements.
September 2024	Care.ai	Artificial intelligence-based tools for hospitals.
September 2024	NICO Corporation	Minimally invasive solutions for brain tumor removal and stroke care.
February 2025	Inari Medical	Catheter-based mechanical thrombectomy systems to treat vascular disease. Price was $4.9 billion.

Acquisitions history

Stryker Corporation Acquisitions

• Stryker Corporation (Est. 1941 as The Orthopedic Frame Company)
  • Osteonics Corporation
  • Howmedica (Acq 1998)
  • Leibinger GmbH(Acq 1996)
  • Guided Technologies, Inc. (Sold 2007, SpineCore Inc.)
  • Water Street Healthcare Partners (Sold 2007)
  • Surgical Dynamics Inc. (Acq 2002)
  • SpineCore Inc. (Acq 2004)
  • PlasmaSol Corporation (Acq 2005)
  • Sightline Technologies Ltd (Acq 2006)
  • eTrauma.com Corporation (Acq 2006)
  • Ascent Healthcare Solutions, Inc. (Acq 2009)
  • Boston Scientific (Neurovascular div) (Acq 2011)
  • Orthovita (Acq 2011)
  • Memometal Technologies S.A. (Acq 2011)
  • Concentric Medical, Inc. (Acq 2011)
  • Trauson Holdings Company Limited (Acq 2012)
  • MAKO Surgical Corporation (Acq 2012)
  • Patient Safety Technologies (Acq 2012)
  • Surpass Medical Ltd (Acq 2012)
  • Pivot Medical, Inc. (Acq 2014)
  • Berchtold Holding AG (Acq 2014)
  • Small Bone Innovations Inc. (Acq 2014)
  • Sage Products (Acq 2016)
  • Physio-Control (Acq 2016)
  • Stanmore Implants Worldwide Ltd (Acq 2016)
  • Entellus Medical Inc (Acq 2017)
  • Arthrogenx, LLC (Acq 2017)
  • Novadaq (Acq 2017)
  • Vexim (Acq 2017)
  • Scopis GmbH (Acq 2017)
  • K2M Group Holdings, Inc. (Acq 2018)
  • Hygia Health Services (Acq 2018)
  • SafeAir AG (Acq 2018)
  • HyperBranch Medical Technology, Inc. (Acq 2018)
  • Invuity, Inc (Acq 2018)
  • Arrinex, Inc. (Acq 2019)
  • OrthoSpace, Ltd (Acq 2019)
  • GYS Tech, LLC (Acq 2019)
  • Mobius Imaging, LLC (Acq 2019)
  • Stryker B.V.
    • Stryker Unite, (Bermuda) Ltd
      • Wright Medical Group N.V. (Acq 2019)
        • Wright Luxembourg S.A.
        • Wright Medical (Bermuda) Ltd
        • IMASCAP SAS (Acq 2017)
        • Cartiva, Inc. (Acq 2018)
  • OrthoSensor, Inc. (Acq 2020)
  • TMJ Concepts (Acq 2020)
  • Vocera Communications (Acq 2021)
  • SERF SAS (Acq 2024)
  • Care.ai (Acq 2024)

Controversies and lawsuits

In 2007 and 2008, the company received three FDA warning letters citing issues in compliance.

The first of these, a seven-page correspondence, named various issues at an Irish manufacturing facility, such as untimely fix of failures and procedural noncompliance in the testing of failed or otherwise problem-prone devices. The second, sent November 2007, cited issues at the firm's Mahwah, New Jersey, facility, including poor fixation of hip implant components, in some instances requiring mitigation by revision surgeries; exceeded microbial level violations in the cleaning and final packaging areas of the sterile implants; and failure to institute measures in prevention of recurrence of these and other problems. The third warning letter, sent April 2008, cited issues at the firm's biotechnology facility in Hopkinton, Massachusetts related to quality and noncompliance including falsification of documents relevant to the selling of products to hospitals which are to be sold under a limited, government-mandated basis. Stryker maintains that employees involved in the falsification of documents have since been terminated.

In August 2010, the company paid $1.35 million to settle claims that it marketed items without regulatory approval and misled health care providers about the use of its products.

Stryker initiated a product recall on several models of medical vacuums sold under the Neptune Waste Management System brand in June and September 2012. The devices, some of which had not been cleared by the Food and Drug Administration, caused a fatal accident when the vacuum was mistakenly used to suction a passive drainage tube.

In 2013, the company agreed to pay $13.2 million to settle charges that it made illicit payments totaling approximately $2.2 million in Argentina, Greece, Mexico, Poland, and Romania. In 2018, the company was fined $7.8 million under the Foreign Corrupt Practices Act for failing to detect the risk of improper payments in sales of products in India, China, and Kuwait.

Lawsuits

On 2012, FDA has issued a warning for the Stryker Rejuvenate hip replacement after it was discovered that the hip replacement was considered defective and can cause similar side effects to DePuy Synthes hip implants. As a result, in 2014, Stryker was fined $1 billion and $2.5 billion, respectively, for its defective Rejuvenate and ABG II hip replacements that can cause excruciating pain.

In 2016, subsidiary company Stryker EMEA Supply Chain Services BV challenged the Dutch authorities' interpretation of procurement nomenclature regarding implant screws intended to be inserted in the human body. The matter was referred to the European Court of Justice for a preliminary ruling on the legal position and on the validity of the relevant EU implementing regulation.

Continuation of business in Russia after the 2022 Russian invasion of Ukraine

Stryker is among companies that continue business-as-usual in Russia during the 2022 Russian invasion of Ukraine despite international sanctions during the Russian invasion of Ukraine. Research from Yale School of Management evaluating companies' reaction to the Russian invasion put Stryker in the "Grade F" category of "Digging In", meaning "Defying Demands for Exit or Reduction of Activities."

Awards and recognition

Stryker was recognized by Hermann Simon as a role model for other small to medium-sized business in his book Hidden Champions.

External links

• Official website
• Business data for Stryker Corporation:
  • Google
  • Reuters
  • SEC filings
  • Yahoo!