Stryker: Vegas takes

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Stryker: Vegas takes

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Stryker

Vegas takes

Maintain Rating: BUY | PO: 450.00 USD | Price: 302.09 USD

Fireside chat with SYK COO, CFO of Medsurg and VP of IR 14 May 2026

We hosted SYK’s COO Spencer Stiles, Jason Beach, VP and group CFO of MSNT and Nick Equity

Mead, VP of IR at our Healthcare conference in Vegas. We discussed recapturing cyber

Travis Steed

attack revenues, inflation, M&A priorities, capital and utilization environment. Research Analyst

BofAS

Confident in recouping cyber disruption revs; Street Q2 ok +1travis.steed@bofa.com404 607 3251

SYK sees the cyber disruption as a 2026 matter and revenues missed in Q1 will come Stephanie Elghazi

back in Q2-4. SYK feels confident due to incentive programs in the business and demand Research Analyst BofAS

from customers. SYK has not changed its rep incentives this year (SYK did during COVID) +1 646 855 4568

and didn’t see requests for it. Out of the three buckets of cyber disruption, the smallest stephanie.elghazi@bofa.com

was rev rec which will be recovered in Q2. The capital business is building back up. SYK Enjia Cao Research Analyst

is putting in additional shifts and training new teams to produce finished goods that will BofAS

start flowing through in 2H. SYK is confident it will have enough production to meet enjia.cao@bofa.com

demand. On the procedure side, SYK expects scheduling to lead to procedure catch up GraciaResearchMahoneyAnalyst

spread across Q2-Q4. SYK says its original plan was back-end loaded, based on new BofAS

gracia.mahoney@bofa.com

product introductions. SYK still sees the cyber event as immaterial to the full year and

feels good about its guide. SYK thinks Street has captured comments on rev rec and feel AidanResearchLaheyAnalyst

good about consensus for Q2. BofAS