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Stryker Corporation - Shareholder/Analyst Call

So diving right into our agenda today and what we hope to accomplish. Number one, give you an overview. We would like you to leave here understanding the diversity of our sales footprint. Give you an update, which we do every year, on innovation, new products that have been introduced to the market, the launches and where we see them and where we see them taking us. And that will come from our commercial leaders. As I mentioned earlier, Ramesh will speak about international, driving improvements in developed markets, places like Europe, and how we're going to expand in the emerging markets. Analysis of key market dynamics and the outlook for Stryker, trends, challenges and opportunities. At the end of each section, we will have a slide that covers those. A review of our capital allocation strategy, which I know is on the minds of many analysts and investors. And then we're going to touch briefly on 2012 and 2013. I know there's a lot of thoughts right now on 2013, and we'd like to try to provide a little more clarity. Be warned, we're not going to give you full guidance. We will provide a little more clarity on how we see ourselves getting to the goals we've set out. So hopefully, that makes sense for everybody.

I'm going to start with a little bit of history for those who are not as familiar with the company. 75 years of innovation is the title of the slide. We have over 57,000 products across the 3 reporting segments: Reconstructive, MedSurg, Neurotech and Spine. The slide also serves an additional purpose. If you look in the middle row, at beds and stretchers, and over on your left, the power tools, those 2 products are Dr. Stryker originals. Dr. Stryker invented the first power tool, and he started the company on the basis of the Orthopedic Frame Company. Everything else you see on this slide has come through acquisition. So people who looked at Stryker over the last 3 years have said, "You've become highly acquisitive." The fact of the matter, we've always been an acquiring company. What we've then been able to do is take underrepresented products or underdeveloped products, put them through a great R&D mechanism and execute the heck out of them to take a leadership position in the markets we serve.

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