stryker earnings call transcript q2 2020



And we're -- and that's what we're doing. We actually embraced that approach because we're very, very deep in each of our service lines and category leaders in the segments that we play in.
Our second quarter sales declined organically by 24%, reflecting the impacts of COVID-19 across all geographies and the majority of our product lines.

What do we think about and how much, ultimately, do you believe that EV credits will contribute to that margin? If you look at some of the sporting events, people are celebrating those differently. In the last 6 weeks alone, we have opened 12 new Oak Street Health centers across both new and existing markets, including expanding into Dallas-Fort Worth, Dayton, Ohio and Winston-Salem, North Carolina. And the people I see being the most wrong about AI are the ones who are very smart because they can’t imagine that a computer could be way smarter than them. You may proceed, sir. While we have made meaningful reductions in many discretionary spend items, our investment in R&D remains robust, as does our healthy cadence of new product introductions. Others are not investing. I can't thank all Oakies enough for the work they have done over the last 6 months in the face of difficult circumstances to keep our patients and all Americans safe in the face of the COVID-19 pandemic. So then you used to have this like, oh, something that nobody can buy. Our product pipelines continue to march ahead. I just want to give you a chance to comment on this. And in particular, one of the things that we've heard from your competitors who are offering robotic systems and specifically saying that they're better positioned to potentially sell to the ASC, it relates to the CT scan and the lack of a need for a CT scan.

I'd note that our projected center openings do not include the smaller clinics associated with our recently-announced pilot collaboration with Walmart. Additionally, fuel performed better than predicted, and we were very pleased with our alternative profit results which rebounded from COVID-19 impacts more quickly than anticipated. First, I wanted to see if you've seen any notable changes in your product sales mix since the stimulus checks have run out. As Mike said, over 85% of our patients have multiple chronic illnesses. Local telecom champion Orange said it will selectively keep parts of Huawei’s infrastructure in its offerings.But for now, the U.S. is maintaining pressure on its European counterparts.“All these companies that have cloud businesses and data centers that use Huawei, they understand that in terms of 5G, sophisticated smartphones and their servers, they are going to be out of chips,” Krach said after his eight-country European tour.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. Just as General Electric was starting to recover, the coronavirus crisis slammed GE stock and earnings prospects. Can I just follow up Gary by the way. And with Model Y carrying a slightly higher price point, you can kind of back into the math there on the relative gross margins. I think that will increase in the same way that and it's increasing in large-run procedures. And the model we run would be very inefficient and unnecessary for healthy commercial population, for example, but works well for our population. Given the global macroeconomic context, we made the decision in Q2 pass through savings to customers around the world on some of our products. So we get the same results and the same benefit. Thank you, Mike, and good morning, everyone. Some of the reason for the lower spending is just access to labs to do testing. Do you want to talk about that? -------------------------------------------------------------------------------- Operator [66] -------------------------------------------------------------------------------- And your next question comes from the line of Josh Jennings from Cowen. -------------------------------------------------------------------------------- Kevin A. Lobo, Stryker Corporation - Chairman & CEO [50] -------------------------------------------------------------------------------- Well, I know exactly what you're asking. So we’re actually going to have a boardwalk, where there’ll be hiking/biking trail. Just maybe add to Rodney's comments on tonnage, it ties a little bit back to Rodney's comments on market share as well that we're certainly focused on, as Rodney mentioned, our most important measure of success on sales growth is obviously growing market share. The question number one is, as Tesla continues its journey towards the long-term goal of selling 20 million units per year, what are the most important vehicle programs that will drive volume growth over the next three to five years beyond Model 3, Y and the Cybertruck? But actually there’s far more opportunity for innovation in manufacturing than in the product itself, order of magnitude. Mako was really a pleasant surprise in the quarter, to see the amount of robots we're able to install. Rupesh Parikh -- Oppenheimer and Company Inc. -- Analyst. It’s been quite well received and I would largely describe it as a fairly standard insurance product with elements of it that are unique to our cars. And I think our CFO, Zachary Kirkhorn, has some remarks as well. We, at this point, if not we don't have any plans operationally on the pharmacy side tactically. Our cost containment measures included significant reductions in travel and meetings, a slowdown in hiring and salary reductions across senior leaders. Operator? Stryker Corp (NYSE:SYK) Q1 2020 Earnings Conference Call April 30, 2020, 16:30 ET Company Participants Kevin Lobo - Chairman & CEO Katherine Owen - VP, Strategy & IR Glenn Boehnlein - … Could -- I just would be curious if you could comment high level on the M&A market today, what you're seeing in terms of just deal volume potential sellers buyer pool in this market just as compared with perhaps what you had seen a year ago?

And we're going to continue to be busy. While difficult to forecast precisely, our best estimate of 2020 credit revenue is roughly double that of 2019. Demand for these products grew during the quarter in response to these increased safety concerns. We ended the second quarter with cash and marketable securities of $6.6 billion, including $4.6 billion related to Wright Medical funding, and generated approximately $620 million of cash from operations in the quarter, which was ahead of our internal targets. The next question is from Karen Short with Barclays. Our customers will reward us for what we're doing over time. So it’s — just very excited about that business potential. And then just any thoughts around changing your clinical model or protocols at all? I know I guess people weren't taking into account how much some of the ENT might have been down in the quarter. Can you give us a flavor for what that looks like in a COVID environment versus pre-COVID? AI in general I think is something — I’ve been saying this — banging this AI drum for a decade, we should be concerned about where AI is going. That in Q2, it was about a 400 basis points impact in terms of sort of fixed period costs that we had expensed as a result of some of those idlings. To me, overall, Gary's last point is the critical one. We are seeing with our ASC offense that having everything that the ASC needs, whether it's booms and lights and operating tables, Mako robots as well as implants, it really does give us a terrific position in ASC. Thank you very much. We are picking a very open-minded approach.

What we have seen early is that I think because COVID has really put a spotlight on chronic illnesses as risk factors to COVID. Yes. But long term, a lot. And I would say the CT scanner, it's not been a barrier whatsoever. Gary, I think you were very clear highlighting price investments as one of the reasons for that deceleration. Matthew Gillmor with Baird, your line is open. And then you could also get a Powerwall and have energy independence and be your own utility. So I think 300 miles is going to be really — or close to 300 miles is going to be a new normal. Mike, I was hoping to get any comments you might have on direct contracting and any more details or thoughts you have there regarding the opportunity for 2021? In terms of capacity, we're constantly adjusting the capacity during the day because as people get used to the new normal, the times they want pickup slots constantly change. And together, we will get through COVID-19. I feel very good about the leaders we put in place. The FIFO gross margin rate excluding fuel, increased 5 basis points primarily driven by sourcing efficiencies, sales leverage related to shrink, transportation and advertising costs plus growth in alternative profit streams. And if you plot the points on the curve, it will be kind of obvious where it’s headed. We remain well positioned with our markets due to our fuel procurement practices and market-leading reward program. But we expect California to do Model S and X for worldwide consumption, and 3 and Y for the western-half of North America. This included offering fee-free pickup to provide more value for our customers in ways that are most relevant at this time.

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