Name: Stryker Corp. (NYSE:SYK) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Stryker Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net sales	4,275)	4,701)	4,160)	4,294)	3,953)	4,262)	3,737)	2,764)	3,588)	4,131)	3,587)	3,650)	3,516)	3,796)	3,242)	3,322)	3,241)	3,471)	3,006)	3,012)	2,955)
Cost of sales	(1,541)	(1,656)	(1,518)	(1,522)	(1,444)	(1,545)	(1,276)	(1,216)	(1,257)	(1,428)	(1,257)	(1,270)	(1,233)	(1,340)	(1,087)	(1,132)	(1,104)	(1,232)	(1,024)	(1,022)	(993)
Gross profit	2,734)	3,045)	2,642)	2,772)	2,509)	2,717)	2,461)	1,548)	2,331)	2,703)	2,330)	2,380)	2,283)	2,456)	2,155)	2,190)	2,137)	2,239)	1,982)	1,990)	1,962)
Research, development and engineering expenses	(413)	(331)	(306)	(310)	(288)	(255)	(242)	(233)	(254)	(254)	(246)	(246)	(225)	(221)	(221)	(216)	(204)	(205)	(198)	(192)	(192)
Selling, general and administrative expenses	(1,710)	(1,745)	(1,602)	(1,505)	(1,575)	(1,562)	(1,244)	(1,225)	(1,330)	(1,380)	(1,291)	(1,282)	(1,403)	(1,431)	(1,242)	(1,190)	(1,236)	(1,217)	(1,103)	(1,130)	(1,102)
Recall charges	(14)	(5)	(16)	(76)	(6)	(21)	(2)	—)	6)	(13)	(49)	(117)	(13)	(13)	(4)	(2)	(4)	(9)	(66)	(72)	(26)
Amortization of intangible assets	(150)	(145)	(144)	(149)	(181)	(130)	(114)	(110)	(118)	(112)	(116)	(122)	(114)	(93)	(112)	(110)	(102)	(96)	(92)	(95)	(88)
Operating expenses	(2,287)	(2,226)	(2,068)	(2,040)	(2,050)	(1,968)	(1,602)	(1,568)	(1,696)	(1,759)	(1,702)	(1,767)	(1,755)	(1,758)	(1,579)	(1,518)	(1,546)	(1,527)	(1,459)	(1,489)	(1,408)
Operating income (loss)	447)	819)	574)	732)	459)	749)	859)	(20)	635)	944)	628)	613)	528)	698)	576)	672)	591)	712)	523)	501)	554)
Other income (expense), net	(61)	(62)	(79)	(70)	(92)	(78)	(79)	(67)	(45)	(8)	(47)	(48)	(48)	(41)	(42)	(49)	(49)	(63)	(52)	(57)	(55)
Earnings (loss) before income taxes	386)	757)	495)	662)	367)	671)	780)	(87)	590)	936)	581)	565)	480)	657)	534)	623)	542)	649)	471)	444)	499)
Income taxes	(63)	(95)	(57)	(70)	(65)	(103)	(159)	4)	(97)	(211)	(115)	(85)	(68)	1,411)	56)	(171)	(99)	(898)	(37)	(53)	(55)
Net earnings (loss)	323)	662)	438)	592)	302)	568)	621)	(83)	493)	725)	466)	480)	412)	2,068)	590)	452)	443)	(249)	434)	391)	444)

Revenue exhibited a long-term upward trajectory from early 2017 through early 2022, despite a significant temporary contraction in the second quarter of 2020. Net sales grew from 2,955 million US dollars in March 2017 to a peak of 4,701 million US dollars in December 2021, before settling at 4,275 million US dollars in March 2022. The period was marked by a notable dip in June 2020, where sales fell to 2,764 million US dollars, followed by a rapid recovery and subsequent growth in 2021.

Gross Profitability and Margin Trends: Gross profit generally mirrored the trend of net sales, maintaining a relatively consistent margin. Gross profit rose from 1,962 million US dollars in March 2017 to 2,734 million US dollars in March 2022. The most significant contraction occurred in June 2020, when gross profit dropped to 1,548 million US dollars, coinciding with the lowest reported net sales of the period.
Operating Expense Analysis: A consistent increase in Research, Development, and Engineering expenses is observed, doubling from 192 million US dollars in March 2017 to 413 million US dollars by March 2022, indicating a sustained increase in investment in innovation. Selling, General, and Administrative expenses also trended upward, rising from 1,102 million US dollars in early 2017 to 1,710 million US dollars by March 2022. Recall charges introduced significant volatility into the operating costs, with notable spikes in June 2019 (117 million US dollars) and March 2021 (76 million US dollars).
Operating Income and Profitability: Operating income remained positive for nearly all reported quarters, with the sole exception of June 2020, which recorded an operating loss of 20 million US dollars. While operating income peaked at 944 million US dollars in December 2019, it showed a decrease to 447 million US dollars by March 2022. This suggests that increasing operating expenses, particularly in R&D and SG&A, have begun to offset revenue gains in the most recent quarter.
Net Earnings and Tax Impact: Net earnings displayed extreme volatility, primarily driven by non-operational tax fluctuations rather than core business performance. A substantial net loss of 249 million US dollars in December 2017 was caused by an income tax expense of 898 million US dollars. Conversely, a peak net earning of 2,068 million US dollars in December 2018 was the result of a massive tax benefit of 1,411 million US dollars. Excluding these anomalies, net earnings generally tracked operating income, including a loss of 83 million US dollars in June 2020.

The overall financial profile indicates a company with strong top-line growth and a strategic commitment to increased R&D spending. While the organization demonstrated resilience by recovering quickly from a sharp downturn in mid-2020, the increasing trend in operating expenses and the occurrence of periodic recall charges remain factors impacting operating margins.

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Stryker Corp. (NYSE:SYK)

Income StatementQuarterly Data

Income Statement
Quarterly Data