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| SYK > SEC Filings for SYK > Form 8-K on 20-Oct-2009 | All Recent SEC Filings |
20-Oct-2009
Results of Operations and Financial Condition, Financial Statements and Exhibits
Stryker Corporation (the Company) issued a press release on October 20, 2009 announcing its third quarter 2009 operating results. A copy of this press release is attached hereto as Exhibit 99.1.
In its press release, the Company made references to the following
financial measures: "constant currency," "adjusted net earnings" and "adjusted
diluted net earnings per share." These financial measures are an alternative
representation of the Company's past and potential future operational
performance and do not replace the presentation of the Company's reported
financial results under U.S. generally accepted accounting principles (GAAP).
The Company has provided these supplemental non-GAAP financial measures because
they provide meaningful information regarding the Company's results on a
consistent and comparable basis for the periods presented. Management uses
these non-GAAP financial measures for reviewing the operating results of its
business segments, for analyzing potential future business trends in connection
with its budget process and bases certain annual bonus plans on these non-GAAP
financial measures. In order to measure the Company's sales performance on a
constant currency basis, it is necessary to remove the impact of changes in
foreign currency exchange rates which affects the comparability and trend of
sales. Constant currency results are calculated by translating current year
results at prior year average foreign currency exchange rates. In order to
measure the Company's earnings performance on a consistent and comparable basis,
the Company excludes the restructuring charges recorded in 2009 and 2008, each
of which affects the comparability of operating results and the trend of
earnings. In addition, the Company believes investors will utilize this
information to evaluate period-to-period results on a comparable basis and to
better understand potential future operating results. The Company encourages
investors and other users of these financial statements to review its
consolidated financial statements and other publicly filed reports in their
entirety and not to rely solely on any single financial measure. The
reconciliation of reported diluted net earnings per share to adjusted diluted
net earnings per share for the year ended December 31, 2008 is as follows:
Reported diluted net earnings per share $2.78 Restructuring charges $0.05 Adjusted diluted net earnings per share $2.83 |
The weighted-average diluted shares outstanding used in the calculation of this non-GAAP financial measure are the same as the weighted-average diluted shares outstanding used in the calculation of the reported per share amounts.
(d) Exhibits
99.1 Press release dated October 20, 2009
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