Stryker (SYK) Citi’s 2025 Medtech and Life Sciences Access Day summary

Leadership transition and strategic direction

• Incoming CFO emphasized continuity in vision and targets, focusing on operational margin and EPS goals.

• Leadership aims to maintain growth trajectory and collaborate closely with the executive team.

Market environment and regulatory impacts

• Current regulatory and funding changes (tariffs, FDA, NIH, Medicare/Medicaid) have not significantly altered business momentum or procedural volumes.

• Exposure to tariffs is limited due to diversified manufacturing footprint; ongoing monitoring of policy changes.

Orthopedic and ASC market trends

• Orthopedic procedure growth rates have improved post-COVID, with pricing headwinds stabilizing.

• Ambulatory surgery centers (ASCs) now account for a growing share of knee and hip procedures, with volumes rising as younger patients seek care.

• Robotics adoption in ASCs is increasing, with Mako installations reaching record levels and becoming standard of care for many procedures.