Stryker Corp: Bullish NDR Takeaways: Growth Engine Intact, Innovation at Full Throttle, and a Visible Recovery Path

Research evidence excerpt

Stryker Corp: Bullish NDR Takeaways: Growth Engine Intact, Innovation at Full Throttle, and a Visible Recovery Path

J P M O R G A N North America Equity Research

26 June 2026

Stryker Corp Overweight

SYK, SYK US

Bullish NDR Takeaways: Growth Engine Intact, Price (25 Jun 26):$316.11

Innovation at Full Throttle, and a Visible Recovery Path

Medical Supplies & Devices

We hosted Stryker management (CEO Kevin Lobo, CFO Preston Wells, and Robbie Marcus, CFA AC

Nick Mead and John Nguyen) in London and Frankfurt, and the message was (1-212) 622-6657

simple: end-market and business fundamentals remain very healthy. The robert.j.marcus@jpmorgan.com

growth engine, new-product cadence, and M&A appetite are all intact, and Allen Gong

management noted no signs of a procedure-volume slowdown or hospital capex (1-212) 622-9520

weakening, the two debates most likely to challenge the multiple. Our key allen.gong@jpmorgan.com

takeaways: (1) the cyber disruption is in the rear view, with operations fully Lilia-Celine B Lozada

restored, full-year guidance reiterated, and the guide absorbing the cyber and IT (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

costs while a lower go-forward tariff tailwind sits on top as upside; (2) the Ortho/

Henry Householter

Mako franchise continues to widening its lead, with >70% US knee penetration, (1-212) 464-5599

>60% cementless mix, and a pipeline extending into shoulder and revision knee; henry.householter@jpmorgan.com

(3) the decentralized business model remains an underappreciated growth lever J.P. Morgan Securities LLC

and competitive advantage, funneling a deep tuck-in pipeline toward

cardiovascular and an above-corporate-margin Smart Hospital platform; and (4)

the innovation cadence extends well beyond Ortho into MedSurg, with the System