Stryker Corp. - Shareholder/Analyst Call

Stryker Corporation (SYK)

April 24, 2012 2:00 pm ET


William U. Parfet - Non-Executive Chairman and Member of Governance & Nominating Committee

Dean H. Bergy - Secretary

Curt R. Hartman - Interim Chief Executive Officer, Chief Financial Officer and Vice President



This meeting is now being recorded. Certain statements made in this presentation may contain information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause the company's actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to, weakening of economic conditions that could adversely affect the level of demand for the company's products; pricing pressures generally, including cost containment measures that could adversely affect the price of or demand for the company's products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; resolution of tax audits; changes in financial markets; changes in the competitive environment; the company's ability to integrate acquisitions; and the company's ability to realize anticipated cost savings as a result of workforce reductions and other restructuring activities. Additional information concerning these and other factors are contained in the company's filings with the U.S. Securities and Exchange Commission, included in the company's annual report on Form 10-K and quarterly reports on Form 10-Q.


William U. Parfet

Good afternoon, everybody, and welcome to the 33rd Annual Meeting of Shareholders of the Stryker Corporation. On behalf of your Board of Directors, I'd like to thank everybody for joining us today.

Now my name is Bill Parfet, and it's my privilege to serve as the nonexecutive Chairman of Stryker Corporation and preside at this meeting this afternoon.

I hope you all enjoyed that video. It tells a great story about Stryker and the exciting innovative products and technologies and also highlights how our employees give back to their various communities.

Also, recognition by Fortune and Forbes Magazine reaffirms the vision initially set forth by Dr. Homer Stryker, which our company continues to build on today.

Now joining me at the podium today and participating in this meeting are Curt Hartman, our interim Chief Executive Officer. And he also serves as the Chief Financial Officer. In addition, Dean Bergy, and Dean is the Secretary of the Corporation.

I'd like to say a few words about our former CEO, Steve MacMillan. As many of you undoubtedly know, Steve resigned as Chairman, President and CEO of Stryker in February. Steve's achievements during his almost 9 years at the company were admirable. During his tenure, Steve worked tirelessly to position Stryker for a growth in a global marketplace that continues to undergo unprecedented change. These efforts included focusing on enhancing Stryker's core competency, expanding our global reach, improving operational effectiveness, broadening our product and service offerings and positioning the company as a key resource for all the people who have and who will benefit from our products.

I worked with Steve for almost 15 years and very closely during the last 9 in my role as lead director of the Stryker Corporation. Steve resigned for family reasons. So just to clarify, on behalf of the Board of Directors, we'd like to clearly state that Steve never violated any company policy or any Code of Conduct, and we thank him for his contributions to our company, and we wish him well in the future.

Before starting the formal business of this meeting, I'd like to introduce several special guests and ask them to stand as they're introduced. First and with great admiration, join me in welcoming John Brown, our Chairman emeritus. I don't have to say this but I'm going to anyway because you all know it, but John led the company for over 3 decades, helping to build Stryker into Fortune 500 company that it is today. Accompanying John are his wife Rosemarie and daughters, Sarah and Janine, who reside in Atlanta.

Also joining us today are 3 members of the Stryker family. Pat Stryker is a businesswoman and philanthropist. Pat grew up in Kalamazoo. Here we go, Pat. Oh, you got to stand up a little longer than that, it's okay. Let them see who you are, there you go. You're at Kalamazoo and after all, you're right home finally. She has numerous business interest and resides in Boulder, Colorado.

Jon Stryker, Jon is an architect and the founder -- Jon is an architect, as many of you know, and the Founder and President of the Arcus Foundation, which works to advance social justice and conservation issues. In addition to his philanthropic activities, Jon influence -- Jon's influence can be seen in a numerous architectural designs around Kalamazoo. Jon resides at Manhattan [indiscernible]. Okay, good to have you here, Jon.

Pat and Jon, as well as Ronda Stryker, a member of the Board of Directors, who will be introduced in just a second, are grandchildren of Dr. Homer Stryker, the founder of the company, and children of Lee Stryker, a former President of the company. All 3 are great supporters of this organization. Thank you.

Now Ronda's husband, Bill Johnston, should also be recognized. He's a local developer but he owns this brewery right here, this hotel. So he's the owner of Greenleaf Trust and the Radisson Plaza Hotel and Suites, and he bakes the cookies. Thank you, Bill, and welcome. Please extend our nice, warm welcome.

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