Friday, August 2, 2019

Stryker Making Excellence Look Effortless

Having covered the med-tech space for about 20 years, I can tell you that what Stryker (SYK) is doing - generating consistent mid-to-high single-digit organic growth, outgrowing its end-markets across multiple markets, and serially making value-additive deals - is not at all easy. And yet, you look at the quarter-to-quarter results Stryker has been putting together under CEO Lobo and it looks almost effortless.

I have no meaningful issues with the operational performance of Stryker. There's room for the company to do better overseas, likely some opportunities for gross margin improvement, and perhaps a few signs of competitive gains against the company in neuro and extremities, but on the whole, everything is going very well. The valuation is the problem; even though I believe Stryker is the best med-tech company out there, the valuation just doesn't work for me and my portfolio needs

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Stryker Making Excellence Look Effortless

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