Group 1 - Timothy Mellon anonymously donated $130 million to fund paychecks for US Armed Forces during a government shutdown [1] - Andrew Mellon, a prominent figure from the Gilded Age, served as US Secretary of the Treasury and founded Union Steel and acquired Gulf Oil [2] - The Hughes family's wealth originates from Public Storage Inc., which owns 9% of the self-storage space in the US as of 2023 [3] Group 2 - The article ranks the 35 richest families in the US based on estimated net worths from Forbes as of February 2024 [4] - Notable families include the Hearsts, Newhouses, Waltons, and Pritzkers, who built wealth through various industries including publishing, retail, and hospitality [5][6] Group 3 - The Rollins family, through Rollins Inc., owns Orkin, the largest pest control corporation in the US, with the family holding about 40% of the company [7][8] - The Chao family, with a net worth of $14.2 billion, founded Westlake Corporation, a leader in petrochemicals, generating $12.1 billion in revenue in 2024 [9][10] Group 4 - The Haslam family, with a net worth of $14.4 billion, built wealth through the Pilot Company, which is now fully owned by Berkshire Hathaway [11] - The Crown family, with a net worth of $14.7 billion, has diverse holdings through Henry Crown & Company, including ski resorts and manufacturing firms [13] Group 5 - The Stryker family, with a net worth of $15.9 billion, owns 11% of Stryker Corporation, which had sales exceeding $20 billion in 2023 [15][16] - The Meijer family operates a grocery store chain with over 500 locations and an estimated annual revenue of $22 billion [18] Group 6 - The Marriott family, with a net worth of $15.9 billion, owns hotel brands like Sheraton and Ritz-Carlton, with the family holding approximately 16% of the company's shares [20][21] - The Johnson family, with a net worth of $16 billion, has ties to Johnson & Johnson, a global pharmaceutical brand [23][24] Group 7 - The Kohler family, with a net worth of $16.2 billion, has transitioned from manufacturing farm tools to bathroom fixtures, generating $9 billion in revenue in 2024 [25] - The Brown family, with a net worth of $16.5 billion, owns Brown-Forman Corp., known for brands like Jack Daniel's [27] Group 8 - The Dorrance family, with a net worth of $17 billion, controls over 50% of Campbell Soup Company, which generates more than $9 billion in annual revenue [29] - The du Pont family, with a net worth of $18.1 billion, has a long-standing fortune from the chemicals giant DuPont, founded in 1802 [30] Group 9 - The Ziff family, with a net worth of $18.5 billion, grew their wealth through Ziff Davis Inc. and investments via Ziff Brothers Investments [32][34] - The Butt family, with a net worth of $18.8 billion, operates H.E. Butt grocery stores, generating over $46 billion in revenue in 2024 [36] Group 10 - The Taylor family, with a net worth of $19 billion, controls Enterprise Mobility, which reported $35 billion in revenue in the 2023 fiscal year [38] - The Smith family, with a net worth of $19.8 billion, has significant holdings in Illinois Tool Works and Northern Trust [42] Group 11 - The Reyes family, with a net worth of $19.9 billion, leads Reyes Holdings, a major food-and-beverage distributor [44] - The Busch family, with a net worth of $20 billion, has historical ties to Anheuser-Busch, which was fully bought out for $52 billion in 2008 [45] Group 12 - The Hearst family, with a net worth of $22.4 billion, controls Hearst Corporation, a major media conglomerate [47] - The Newhouse family, with a net worth of $24.1 billion, derives wealth from Advance Publications, which owns Condé Nast [49] Group 13 - The Hunt family, with a net worth of $24.8 billion, built their fortune through Hunt Oil Company and various real estate investments [50] - The Lauder family, with a net worth of $25.9 billion, operates Estée Lauder, generating over $15 billion in revenue in fiscal year 2024 [53] Group 14 - The Cox family, with a net worth of $26.8 billion, has diversified interests in cable, media, and automotive industries, generating about $20 billion in revenue annually [56] - The Duncan family, with a net worth of $30 billion, controls Enterprise Products Partners, which has seen its fortune more than double since 2010 [57] Group 15 - The Cathy family, with a net worth of $33.6 billion, operates Chick-fil-A, which remains family-owned and has seen significant growth [59] - The SC Johnson family, with a net worth of $38.5 billion, produces well-known cleaning products and is led by fifth-generation family members [61] Group 16 - The Pritzker family, with a net worth of $41.6 billion, founded Hyatt Hotels and has been involved in various investments and political activities [63] - The Johnson family, with a net worth of $44.8 billion, controls Fidelity, one of the largest mutual-fund companies, generating over $32 billion in revenue in 2024 [66] Group 17 - The Cargill-MacMillan family, with a net worth of $60.6 billion, owns 88% of Cargill Inc., which generated over $160 billion in revenue in 2024 [68] - The Koch family, with a net worth of $116 billion, expanded their father's oil-refinery firm into a conglomerate generating roughly $125 billion in annual revenue [70] Group 18 - The Mars family, with a net worth of $117 billion, operates Mars Inc., which generated over $50 billion in revenue in 2024 [73] - The Walton family, with a net worth of $267 billion, founded Walmart, which reported $648.1 billion in revenue in 2024, making it the largest retailer globally [75]

Financial Performance - In Q3 2025, Stryker Corporation achieved net sales of $6,057 million, representing a 10.3% increase from Q3 2024[90]. - For the first nine months of 2025, sales grew by 11.1% to $17,945 million compared to the same period in 2024[83]. - Net earnings for Q3 2025 were $859 million, with adjusted net earnings of $1,233 million, reflecting an 11.1% increase from 2024[82]. - Consolidated net sales increased by 10.3% in Q3 2025, reaching $6,057 million, with a 9.6% increase in constant currency[93]. - The company reported adjusted net earnings of $4,439 million for the nine months ended 2025, with an adjusted effective tax rate of 14.6%[129]. Operating Income and Margins - The operating income margin for Q3 2025 was reported at 18.7%, while the adjusted operating income margin increased by 90 basis points to 25.6%[82]. - Operating income for Q3 2025 was $1,135 million, with a decrease in operating margin to 18.7% from 19.7% in Q3 2024[103]. - The company reported a 20.4% increase in adjusted operating income compared to the previous year[124]. Segment Performance - In Q3 2025, the MedSurg and Neurotechnology segment reported sales of $3,803 million, a 14.4% increase from Q3 2024[91]. - The Orthopaedics segment achieved sales of $2,254 million, marking a 3.9% increase from the previous year[91]. - Orthopaedics net sales rose by 3.9% in Q3 2025, totaling $2,248 million, with a 11.7% increase in constant currency excluding acquisitions[97]. - MedSurg and Neurotechnology net sales increased by 14.4% in Q3 2025, amounting to $2,254 million, with a 7.6% increase in constant currency excluding acquisitions[95]. Expenses - Research, development, and engineering expenses for Q3 2025 were $410 million, an increase of 8.8% from Q3 2024[90]. - Selling, general, and administrative expenses rose by 8.0% in Q3 2025, amounting to $2,046 million, with a decrease in percentage of net sales to 33.8%[108]. - Research, development, and engineering expenses increased by 8.8% in Q3 2025, totaling $406 million, remaining flat as a percentage of net sales[107]. Tax and Other Income - The effective tax rate for Q3 2025 was 16.5%, down from 20.0% in Q3 2024, due to discrete tax items and benefits from European operations[114]. - Other income (expense), net was ($106) million in Q3 2025, primarily due to higher interest expenses compared to ($42) million in Q3 2024[113]. - Adjustments related to tax matters resulted in a net benefit of $71 million for the nine months ended 2025, compared to $135 million in 2024[132]. Cash Flow and Liquidity - The company experienced an increase in cash provided by operating activities to $2,901 million in 2025 from $2,311 million in 2024, primarily due to the timing of payments and collections[134]. - Cash used in investing activities rose significantly to $4,561 million in 2025 from $2,697 million in 2024, driven by the acquisition of Inari and capital expenditures[135]. - Cash provided by financing activities was $1,206 million in 2025, slightly down from $1,269 million in 2024, with proceeds primarily from the issuance of senior unsecured notes[136]. - As of September 30, 2025, cash, cash equivalents, short-term investments, and marketable securities totaled $3,343 million, down from $4,493 million at the end of 2024[137]. - Current assets exceeded current liabilities by $6,297 million as of September 30, 2025, compared to $7,231 million at the end of 2024, indicating a decrease in liquidity[137]. Acquisitions - The company completed the acquisition of Inari in Q1 2025 for a total consideration of $4,810 million[86]. - Acquisition and integration-related costs included $61 million for inventory stepped-up to fair value and $39 million for other integration-related activities[124]. Legal and Regulatory Matters - The company is involved in various ongoing legal proceedings related to product, labor, and intellectual property matters[142]. - The company anticipates that new tax laws could increase tax expenses in future periods, with a global corporate minimum tax rate of 15% being implemented[117]. Forward-Looking Statements - The report contains forward-looking statements based on current projections about operations and financial conditions, which are subject to risks and uncertainties[143]. - The company has expressed no intention to update or revise any forward-looking statements unless necessary[143]. - The company emphasizes that actual results could differ materially from forward-looking statements due to various factors[143].

Core Insights - Stryker raised the lower end of its full-year profit forecast after exceeding third-quarter earnings estimates, indicating strong demand for its medical and surgical devices [1] Company Performance - The company reported better-than-expected earnings for the third quarter, which contributed to the upward revision of its profit forecast [1] Market Demand - There is a strong demand for Stryker's medical and surgical devices, which is a key factor in the company's positive performance and outlook [1]

Core Insights - Stryker reported quarterly earnings of $3.19 per share, exceeding the Zacks Consensus Estimate of $3.14 per share, and showing an increase from $2.87 per share a year ago, representing an earnings surprise of +1.59% [1] - The company achieved revenues of $6.06 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.24% and increasing from $5.49 billion year-over-year [2] - Stryker has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the previous quarter was +2.29%, with actual earnings of $3.13 per share compared to an expected $3.06 per share [1] - The current consensus EPS estimate for the upcoming quarter is $4.39, with projected revenues of $7.07 billion, and for the current fiscal year, the EPS estimate is $13.50 on revenues of $25 billion [7] Market Position - Stryker shares have increased by approximately 2.7% since the beginning of the year, while the S&P 500 has gained 17.2%, indicating underperformance relative to the broader market [3] - The Zacks Rank for Stryker is currently 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] Industry Outlook - The Medical - Products industry, to which Stryker belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported strong organic sales growth of 9.5% compared to last year's 11.5% [3] - Adjusted EPS grew by 11.1% to $3.19, despite tariff headwinds and higher interest expenses [9][16] - Adjusted gross margin improved to 65%, a 50 basis point increase year-over-year [14] - Adjusted operating margin was 25.6%, up 90 basis points from the previous year [15] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology achieved organic sales growth of 8.4%, with U.S. growth at 9.4% [10] - Instruments saw U.S. organic sales growth of 11.5%, driven by Surgical Technologies [10] - Orthopaedics reported organic sales growth of 11.4%, with U.S. knee business growing 8.4% [13] - Vascular had U.S. organic sales growth of 13.4%, attributed to new product launches [11] Market Data and Key Metrics Changes - U.S. organic sales growth was 10.6%, with double-digit growth in vascular, trauma, and extremities [4] - International organic sales growth was 6.3%, with strong contributions from South Korea, Japan, and emerging markets [4] - The company anticipates continued strength in procedural volumes through the end of the year [6] Company Strategy and Development Direction - The company plans to remain active in M&A, supported by a healthy deal pipeline and strong balance sheet [5] - Focus on expanding international markets and launching successful products from the U.S. [4] - The upcoming Investor Day will discuss long-term strategy and growth potential [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of procedure volumes and capital markets, indicating strong demand for products [20][21] - The company expects to achieve double-digit growth in the Medical segment despite supply chain disruptions [11][21] - Management is optimistic about maintaining organic growth momentum and margin expansion in 2025 [26] Other Important Information - The company completed two small acquisitions during the quarter to enhance its product offerings [4][57] - The tariff impact for the full year is estimated at approximately $200 million [15][85] Q&A Session Summary Question: Insights on procedure volumes and capital equipment market - Management noted that procedure volumes are healthy, with strong capital markets and cash purchases driving growth [20][21] Question: Guidance on sales and margins for the fourth quarter - Management indicated that while they expect operational margin improvements, tariffs will offset some margin expansion [23] Question: Maintaining organic growth momentum in 2025 - Management highlighted a sustainable growth trajectory, expecting continued strong performance across all business lines [26] Question: Update on Inari integration and international expansion - Management confirmed that Inari is on track for double-digit growth, with international expansion expected to gain momentum in the second half of next year [41][38] Question: Competitive dynamics in the ASC market - Management expressed confidence in leveraging their full portfolio as procedures move to ASCs, which is beneficial for the company [54] Question: Details on recent acquisitions - Management described the NP Seal product as a low-cost solution for wound treatment and the balloon product for fecal incontinence as a new addition to their offerings [57] Question: Pricing power and future expectations - Management believes they will maintain pricing power across all business lines, driven by product innovation and contracting strategies [80]

Financial Data and Key Metrics Changes - The company reported strong organic sales growth of 9.5% compared to last year's 11.5% [3] - Adjusted earnings per share (EPS) increased by 11.1% to $3.19, driven by sales growth and margin expansion [9][16] - Adjusted gross margin improved to 65%, a 50 basis point increase from the previous year, despite tariff headwinds [14] - Adjusted operating margin was 25.6%, up 90 basis points year-over-year [15] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology achieved organic sales growth of 8.4%, with U.S. growth at 9.4% and international growth at 5.1% [10] - Instruments saw U.S. organic sales growth of 11.5%, driven by strong performance in Surgical Technologies [10] - Orthopaedics reported organic sales growth of 11.4%, with U.S. growth at 12.9% and international growth at 7.8% [13] - Vascular had U.S. organic sales growth of 13.4%, attributed to new product launches [11] Market Data and Key Metrics Changes - U.S. organic sales growth was 10.6%, with double-digit growth in vascular, trauma, and extremities businesses [4] - International organic sales growth was 6.3%, with significant contributions from South Korea, Japan, and emerging markets [4] Company Strategy and Development Direction - The company plans to remain active in M&A, supported by a healthy deal pipeline and strong balance sheet [5] - The focus on international markets is seen as a significant opportunity for long-term growth [4] - The company aims for continued margin expansion and strong execution to sustain growth and earnings power [5] Management's Comments on Operating Environment and Future Outlook - Management noted that procedural volumes remained healthy and are expected to continue through the end of the year [6] - The integration of Inari is progressing well, with expectations for double-digit pro forma sales growth in 2025 [7] - Management expressed confidence in maintaining organic growth momentum and achieving a strong finish to the year [5][21] Other Important Information - The company completed two small acquisitions during the quarter, enhancing its product offerings in orthopaedic instruments and patient care [4][57] - The upcoming Investor Day on November 13th will provide further insights into the company's long-term strategy [7][87] Q&A Session Summary Question: Insights on procedure volumes and capital equipment market - Management indicated that procedure volumes are healthy, with strong capital markets and hospital balance sheets supporting cash purchases [20][21] Question: Guidance on sales and margins for the fourth quarter - Management expects a larger sales number and continued focus on margin improvement, though tariffs may offset some margin expansion [22][23] Question: Maintaining organic growth momentum - Management highlighted a sustainable growth trajectory, with expectations for continued strong performance in orthopaedics [26] Question: Update on M&A interests - Management confirmed ongoing interest in acquisitions that enhance business capabilities, with a strong balance sheet to support larger deals [29] Question: Competitive dynamics in orthopaedics - Management expressed confidence in the orthopaedics market, noting strong performance and growth potential [31][32] Question: Update on Inari Medical integration - Management reported positive progress in integrating Inari, with expectations for strong growth in the coming quarters [41][42] Question: Commentary on supply chain disruptions - Management acknowledged ongoing supply chain challenges but expects a rebound in performance in the fourth quarter [46][50] Question: Drivers of sales growth in the medical segment - Management indicated strong performance across various medical products, with expectations for continued growth [49][50] Question: Future pricing power in orthopaedics - Management believes there are opportunities for pricing power across all business lines, including orthopaedics [80]

Financial Data and Key Metrics Changes - The company reported strong organic sales growth of 9.5% compared to the previous year's 11.5% [2][9] - Adjusted earnings per share (EPS) increased by 11.1% to $3.19, driven by strong sales growth and margin expansion [9][16] - Adjusted gross margin improved to 65%, a 50 basis point increase from the previous year, despite tariff headwinds [14][15] - Adjusted operating margin was 25.6%, which is 90 basis points favorable compared to the same quarter last year [15] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology experienced organic sales growth of 8.4%, with U.S. growth at 9.4% and international growth at 5.1% [10] - Orthopaedics had organic sales growth of 11.4%, with U.S. growth at 12.9% and international growth at 7.8% [12] - Vascular reported U.S. organic sales growth of 13.4%, driven by new product launches [11] - Neurocranial saw U.S. organic sales growth of 12.9%, supported by strong performance in various neurosurgical products [12] Market Data and Key Metrics Changes - U.S. organic sales growth was 10.6%, with double-digit growth in vascular, trauma, and extremities businesses [3] - International organic sales growth was 6.3%, with notable contributions from South Korea, Japan, and emerging markets [3] - The company anticipates continued strength in procedural volumes through the end of the year [5] Company Strategy and Development Direction - The company completed two small acquisitions to enhance its product offerings in Orthopaedic Instruments and Sage business [3][49] - The company plans to remain active in M&A, supported by a healthy deal pipeline and strong balance sheet [4] - The company is focused on margin expansion and expects to deliver a second consecutive year of 100 basis points of adjusted operating margin expansion [4] Management's Comments on Operating Environment and Future Outlook - Management noted that procedural volumes remained healthy and expected continued strength in the order book [5][20] - The company is optimistic about maintaining organic growth momentum, projecting 10% growth for 2025 [25] - Management acknowledged supply chain disruptions but still expects double-digit growth in the Medical segment [20][43] Other Important Information - The company raised its full-year 2025 guidance, expecting organic net sales growth of 9.8% to 10.2% and adjusted EPS in the range of $13.50 to $13.60 [16] - The upcoming Investor Day on November 13th will provide further insights into the company's long-term strategy [7][70] Q&A Session Summary Question: Insights on procedure volumes and capital equipment market - Management indicated that procedure volumes are healthy, with strong capital markets and hospital balance sheets supporting cash purchases [19][20] Question: Maintaining growth momentum and margin expansion - Management expressed confidence in sustaining organic growth and indicated that tariff impacts would offset some margin expansion in Q4 [24][23] Question: Competitive dynamics in orthopaedics - Management highlighted strong performance in the knee business and ongoing momentum from MEKO installations [30] Question: Update on Inari Medical integration and growth - Management reported positive progress in integrating Inari and expects double-digit growth in Q4 and Q1 next year [37][38] Question: Supply chain disruptions in the Medical segment - Management acknowledged ongoing supply chain issues but expects a strong rebound in Q4 [42][43] Question: Future pricing power in orthopaedics - Management believes there are opportunities for continued pricing power across all business lines [66] Question: Upcoming Investor Day and long-term targets - Management confirmed that long-term financial goals will be updated during the Investor Day [68][69]

Core Viewpoint - The medical products maker anticipates a sales growth of 9.8% to 10.2% for the full year [1] Summary by Category - **Sales Growth Expectation** - The company now expects sales to grow between 9.8% and 10.2% for the entire year [1]

Financial Performance - Reported net sales increased 10.3% to $6.1 billion, with organic net sales growth of 9.5%[3] - Adjusted net earnings rose 11.4% to $1.2 billion, with adjusted earnings per diluted share increasing 11.1% to $3.19[5] - The company experienced a 3.0% increase in reported net earnings to $859 million for the quarter[5] - Net earnings for the nine months ended September 30, 2025, were $2,397 million, a decrease of 2.0% compared to $2,447 million in 2024[20] - Reported net earnings for the nine months of 2025 were $2,397 million, with an effective tax rate of 14.7% and diluted EPS of $6.20, compared to $2,447 million, 17.4%, and $6.35 in 2024[36] - Adjusted net earnings for the nine months of 2025 were $3,541 million, with an effective tax rate of 14.6% and diluted EPS of $9.16, compared to $3,154 million, 14.6%, and $8.18 in 2024[36] Sales Growth - MedSurg and Neurotechnology net sales reached $3.8 billion, up 14.4% in the quarter, while Orthopaedics net sales were $2.3 billion, increasing by 3.9%[4] - Total sales for the nine months in 2025 reached $17,945 million, an increase of 11.1% compared to $16,159 million in 2024[23] - The MedSurg and Neurotechnology segment reported a sales growth of 15.0% for the nine months, totaling $11,085 million, up from $9,636 million in 2024[23] - The Orthopaedics segment experienced a sales increase of 5.2% for the nine months, reaching $6,860 million compared to $6,523 million in 2024[23] - The company reported a 59.6% increase in Vascular sales for the three months ended September 30, 2025, totaling $525 million[25] - The company’s international sales for the nine months grew by 7.1%, reaching $4,380 million compared to $4,089 million in 2024[23] Guidance and Projections - The company raised its full-year 2025 guidance, expecting organic net sales growth of 9.8% to 10.2% and adjusted earnings per diluted share between $13.50 and $13.60[6] Profitability Metrics - Reported gross profit margin was 63.6%, while adjusted gross profit margin improved to 65.0%[5] - Operating income margin was reported at 18.7%, with adjusted operating income margin increasing by 90 basis points to 25.6%[7] - Gross profit margin for the nine months of 2025 was 63.7%, up from 63.5% in 2024[36] - The company reported $11,437 million in gross profit for the nine months of 2025, an increase from $10,266 million in 2024[36] Cash Flow and Investments - Net cash provided by operating activities increased to $2,901 million in 2025 from $2,311 million in 2024, representing a growth of 25.5%[20] - Cash used in investing activities was $4,561 million in 2025, significantly higher than $2,697 million in 2024, primarily due to acquisitions[20] - The total cash and cash equivalents decreased by $396 million in 2025, contrasting with an increase of $879 million in 2024[20] Assets and Liabilities - The total assets of the company as of September 30, 2025, were $47.1 billion, compared to $43.0 billion at the end of 2024[18] - Current liabilities stood at $7.4 billion, while long-term debt, excluding current maturities, was $14.8 billion[18] Special Charges and Adjustments - The company incurred acquisition-related costs of $61 million for inventory stepped-up to fair value in Q3 2025[32] - Total acquisition and integration-related costs for the nine months of 2025 amounted to $302 million, significantly higher than $49 million in 2024[36] - Structural optimization and other special charges for the nine months of 2025 were $93 million, slightly up from $92 million in 2024[38] - Goodwill and other impairments for the nine months of 2025 totaled $163 million, compared to $21 million in 2024[38] - The company reported structural optimization and special charges of $41 million in Q3 2025, compared to $22 million in Q3 2024[33] Tax Matters - The effective tax rate for Q3 2025 was 16.5%, a decrease from 20.0% in Q3 2024[32][33] - The company faced tax matters resulting in a $50 million adjustment in Q3 2025, compared to a $57 million adjustment in Q3 2024[33] - Other tax matters resulted in a benefit of $82 million for the nine months of 2025, compared to $7 million in 2024[40] - Adjustments related to income taxes for the nine months of 2025 were $(71) million, compared to $(136) million in 2024[40] Expense Management - The company reported a decrease in selling, general, and administrative expenses as a percentage of net sales from 34.5% in Q3 2024 to 33.8% in Q3 2025[32][33]

Core Insights - Stryker Corporation reported strong financial performance for Q3 2025, with net sales of $6.1 billion, reflecting a 10.3% increase compared to the previous year [2][13]. - The company achieved double-digit adjusted earnings per share growth, with adjusted net earnings of $1.2 billion, up 11.4% year-over-year [4][13]. - Stryker raised its full-year 2025 guidance, expecting organic net sales growth of 9.8% to 10.2% and adjusted net earnings per diluted share in the range of $13.50 to $13.60 [5][6]. Sales Performance - Consolidated net sales increased by 10.3% in Q3 2025, with organic net sales growing by 9.5%, driven by a 9.1% increase in unit volume and a 0.4% rise in prices [2][13]. - MedSurg and Neurotechnology segment reported net sales of $3.8 billion, a 14.4% increase, while Orthopaedics segment net sales reached $2.3 billion, up 3.9% [2][3]. Earnings Analysis - Reported net earnings for the quarter were $859 million, a 3.0% increase, with diluted earnings per share rising to $2.22, up 2.8% [4][13]. - Adjusted gross profit margin was 65.0%, and adjusted operating income margin increased to 25.6% [4][13]. Outlook - The company anticipates continued sales momentum and sustained demand for its products, leading to an optimistic outlook for the remainder of 2025 [5][6]. - A modestly favorable pricing impact and slight positive effects from foreign exchange rates are expected to contribute to sales and earnings growth [6]. Segment Performance - The MedSurg and Neurotechnology segment saw organic net sales growth of 8.4%, while Orthopaedics experienced a significant organic growth of 11.4% when excluding the divested spinal implant business [3][4]. - The U.S. market contributed significantly to sales, with a reported growth of 11.4% in Q3 2025 [24]. Financial Position - Total assets as of September 30, 2025, were $47.1 billion, an increase from $43.0 billion at the end of 2024 [19][20]. - The company reported a net cash provided by operating activities of $2.9 billion for the nine months ended September 30, 2025 [22].