Financial Data and Key Metrics Changes - The company reported robust organic sales growth of 10.1% in Q1 2025, with adjusted EPS of $2.84, reflecting a 13.6% increase compared to Q1 2024 [5][6][16] - The adjusted gross margin improved to 65.5%, up 190 basis points year-over-year, while the adjusted operating margin was 22.9%, an increase of 100 basis points [23][27] - The company anticipates full-year organic sales growth of 8.5% to 9.5% and adjusted EPS in the range of $13.2 to $13.45 [7][26][27] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology achieved organic sales growth of 10.7%, with U.S. growth at 11.4% and international growth at 8.2% [16][19] - The Instruments segment saw U.S. organic sales growth of 10.4%, while Endoscopy reported 11.1% growth driven by core portfolios [17][18] - Orthopedics had organic sales growth of 9.3%, with U.S. knee business growing 8.3% and trauma and extremities growing 15.2% [19][20][21] Market Data and Key Metrics Changes - U.S. organic sales growth was 10.7%, while international organic sales growth was 8.5%, with notable strength in Australia, New Zealand, Japan, and Europe [15][19] - The company noted a favorable pricing impact of 0.7%, while foreign currency had a 0.9% unfavorable impact on sales [14][15] Company Strategy and Development Direction - The company completed the acquisition of Inari Medical, with integration going well and expected to contribute positively to the vascular division [7][12][50] - The company continues to focus on innovation and product launches, including the Mako robotic system and the Pangaea plating system, which are expected to drive future growth [10][11][12][58] - The company is addressing tariff impacts through pricing strategies, operational efficiencies, and leveraging its manufacturing footprint [27][33][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing strong demand and no significant red flags in the operating environment [35][40] - Supply chain disruptions were acknowledged, particularly in the medical segment, but these were factored into the guidance [40] - The company remains optimistic about maintaining strong sales momentum and achieving its margin improvement targets despite tariff challenges [27][44][68] Other Important Information - The company has been recognized for the fifteenth consecutive year on Great Place to Work's list of 100 Best Companies to Work For, highlighting its strong corporate culture [8] - The company expects a tariff impact of approximately $200 million in 2025, with ongoing efforts to mitigate this through various strategies [27][33] Q&A Session Summary Question: How is the company planning to absorb the estimated $200 million tariff impact? - Management indicated that the absorption will come from strong sales momentum, pricing strategies, and optimizing operational expenditures [30][32] Question: What is the outlook for the orthopedics market and the company's positioning? - Management noted that the orthopedics market remains healthy, with expectations for growth above the market average due to strong demand and successful product launches [34][35] Question: Can you provide insights on the gross margin expectations for the rest of the year? - Management expects a balanced contribution to margin improvement from both gross margin and operational expenditures, despite potential tariff impacts in the latter half of the year [42][44] Question: How is the integration of Inari progressing? - The integration is going well, with positive early performance and alignment with the company's culture [50] Question: What are the expectations for capital expenditures in 2026? - Management indicated that it is too early to provide a detailed outlook for 2026, but they remain optimistic about capital needs tied to strong procedural volumes [102]

Financial Data and Key Metrics Changes - The company reported robust organic sales growth of 10.1% in Q1 2025, with adjusted EPS of $2.84, reflecting a 13.6% increase compared to Q1 2024 [5][6][16] - The adjusted gross margin improved to 65.5%, up 190 basis points year-over-year, while the adjusted operating margin was 22.9%, an increase of 100 basis points [24][25] Business Line Data and Key Metrics Changes - MedSurg and Neurotechnology achieved organic sales growth of 10.7%, with U.S. growth at 11.4% and international growth at 8.2% [16][20] - Orthopedics saw organic sales growth of 9.3%, with U.S. knee business growing 8.3% and hip business growing 7.6% [20][21] - Trauma and Extremities businesses grew 15.2% organically, driven by strong performance in core trauma and upper extremities [22][58] Market Data and Key Metrics Changes - U.S. organic sales growth was 10.7%, while international organic sales growth was 8.5%, with notable strength in Australia, New Zealand, Japan, and Europe [15][20] - The company anticipates continued strength in procedural demand, particularly in robotic-assisted surgery [9][10] Company Strategy and Development Direction - The company completed the acquisition of Inari Medical, with integration going well and expected to contribute positively to the vascular division [6][12][51] - The company is focused on maintaining double-digit organic sales growth, with guidance for 2025 set at 8.5% to 9.5% [6][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing strong demand and no major red flags in the operating environment [41][42] - The company is taking measures to mitigate the estimated $200 million impact from tariffs through pricing strategies and operational efficiencies [27][34] Other Important Information - The company is recognized for the fifteenth consecutive year on Great Place to Work's list of 100 Best Companies to Work For [7] - The company expects to launch Mako Spine in the second half of 2025 and Mako Shoulder in Q1 2026 [10][12] Q&A Session Summary Question: How is the company absorbing the $200 million tariff impact? - The company plans to offset the tariff impact through strong sales momentum, pricing strategies, and optimizing the supply chain [31][34] Question: What is the outlook for the orthopedics market? - The orthopedics market remains healthy, with strong demand and expectations for growth above the market average [36][37] Question: How is the launch of LifePack 35 progressing? - The launch is going well, with strong order pipelines and positive market reception [68][70] Question: What are the expectations for capital expenditures in 2026? - Early conversations suggest continued strength in capital demand, particularly tied to procedural needs [100][101] Question: How is the integration of Inari going? - The integration is progressing well, with strong early performance and alignment with Stryker's culture [51][52]

Exhibit 99.1 STRYKER REPORTS FIRST QUARTER 2025 OPERATING RESULTS Portage, Michigan - May 1, 2025 - Stryker (NYSE:SYK) reported operating results for the first quarter of 2025: First Quarter Results | | | First Quarter Net Sales Growth Overview | | | | --- | --- | --- | --- | --- | | | Foreign Currency | | Acquisitions / | | | | Reported Exchange | Constant Currency | Divestitures | Organic | | MedSurg and Neurotechnology | 13.4 % (0.8)% | 14.2 % | 3.5 % | 10.7 % | | Orthopaedics | 9.7 (1.0) | 10.7 | 1.4 | ...

Core Insights - Stryker reported a consolidated net sales of $5.9 billion for Q1 2025, reflecting an increase of 11.9% compared to the previous year, with a constant currency growth of 12.8% [2][13] - The company achieved organic net sales growth of 10.1%, driven by a 9.4% increase in unit volume and a 0.7% increase in prices [2][13] - Adjusted net earnings increased by 14.0% to $1.1 billion, with adjusted earnings per diluted share rising by 13.6% to $2.84 [4][13] Sales Performance - MedSurg and Neurotechnology segment net sales reached $3.5 billion, up 13.4% year-over-year, with organic growth of 10.7% [2][3] - Orthopaedics segment net sales were $2.4 billion, reflecting a 9.7% increase, with organic growth of 9.3% [3][21] - The U.S. market contributed $4.44 billion in sales, a 13.4% increase, while international sales grew by 7.3% to $1.426 billion [22] Earnings Analysis - Reported net earnings decreased by 17.0% to $654 million, with diluted earnings per share falling by 17.6% to $1.69 [4][13] - The reported gross profit margin was 63.8%, while the adjusted gross profit margin improved to 65.5% [4][13] - Operating income margin was reported at 14.3%, with an adjusted operating income margin of 22.9%, an increase of 100 basis points [4][13] 2025 Outlook - The company raised its full-year 2025 organic net sales growth guidance to a range of 8.5% to 9.5%, reflecting strong demand for capital products [5][6] - Adjusted net earnings per diluted share guidance is now projected to be between $13.20 and $13.45, inclusive of dilution from the Inari Medical acquisition [6][5]

Core Viewpoint - Stryker Corporation is expected to report its first-quarter 2025 results on May 1, with earnings estimated at $2.73 per share, reflecting a year-over-year increase of 9.2% and revenues projected at $5.70 billion, indicating an 8.8% growth from the previous year [1][2]. Group 1: Performance Drivers - The anticipated strong performance in the first quarter is attributed to robust sales in the U.S. market across various segments, including Instruments, Medical, Endoscopy, Trauma and Extremities, and Mako [3]. - The MedSurg and Neurotechnology segment experienced significant sales growth in the previous quarter, driven by the Surgical Technologies and orthopedic implants businesses, which is expected to continue [4]. - Recent product launches, including the next generation of SurgiCount+ and the Oculan Lighting Platform, are likely to contribute to additional sales in the first quarter [5]. Group 2: Product Portfolio and Acquisitions - The commercialization of the Pangea Plating system and strong sales of the LIFEPAK 35 defibrillator are expected to have positively impacted first-quarter results [6]. - New products like the Osteotomy Truss System and Ankle Truss System are anticipated to enhance the Foot & Ankle portfolio, improving surgical precision and patient outcomes [7]. - Stryker has completed five acquisitions in the latter half of 2024, which are expected to be accretive to quarterly results, enhancing its product offerings in various medical fields [8]. Group 3: Sales Estimates - Sales estimates for the MedSurg and Neurotechnology segments are projected at $3.75 billion, while Orthopaedics & Spine segments are estimated at $2.57 billion. U.S. sales are expected to be $4.74 billion, with international sales at $1.59 billion [9]. Group 4: Market Challenges - Ongoing challenges in China due to volume-based procurement policies and rising tariffs may partially offset international growth, although Stryker is addressing inflationary pressures and has recognized improved pricing and reduced cost pressures [10].

Group 1 - Stryker will participate in the Bank of America Securities 2025 Global Healthcare Conference on May 13, 2025, in Las Vegas, Nevada [1] - The presentation will be led by Preston Wells, CFO, and Jason Beach, VP of Finance and Investor Relations, scheduled for 1:40 p.m. Pacific Time [1] - A live webcast and replay of the presentation will be available on Stryker's website and archived on the Investor Relations page [2] Group 2 - Stryker is a global leader in medical technologies, focusing on improving healthcare through innovative products and services in MedSurg, Neurotechnology, and Orthopaedics [3] - The company impacts over 150 million patients annually through its offerings [3] - Additional information about Stryker can be found on their official website [3]

Core Insights - Stryker (SYK) is expected to report quarterly earnings of $2.73 per share, a 9.2% increase year-over-year, with revenues forecasted at $5.7 billion, reflecting an 8.8% increase [1] Earnings Projections - The consensus EPS estimate has been revised down by 0.3% over the past 30 days, indicating a collective reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock performance [3] Revenue Estimates - Analysts predict 'Net Sales by Business- Orthopaedics and Spine' will reach $2.31 billion, a 2.8% increase from the prior year [5] - 'Net Sales by Business- MedSurg and Neurotechnology' is expected to be $3.41 billion, indicating a 13.7% increase year-over-year [5] Segment Performance - 'Net Sales by Business- Orthopaedics and Spine- Knees' is projected at $624.41 million, a 6.2% increase [6] - 'Net Sales by Business- Orthopaedics and Spine- Spine' is expected to decline to $172.83 million, a significant drop of 42.4% [6] Geographic Sales - 'Net Sales by Geography- International' is estimated at $1.44 billion, reflecting an 8.5% increase [7] - 'Net Sales by Geography- United States' is forecasted at $4.25 billion, indicating an 8.6% year-over-year change [7] - 'Net Sales by Geography- Orthopaedics and Spine- United States' is expected to be $1.60 billion, showing a slight decline of 0.2% [7] Specific Product Lines - 'Net Sales by Geography- Orthopaedics and Spine- Trauma and Extremities- United States' is projected at $669.94 million, a 9.7% increase [8] - 'Net Sales by Geography- Orthopaedics and Spine- Knees- United States' is expected to be $455.61 million, reflecting a 6.2% increase [8] - 'Net Sales by Geography- Orthopaedics and Spine- Hips- United States' is projected at $265.89 million, indicating a 5.9% increase [9] Overall Market Performance - Over the past month, Stryker shares have recorded a return of +0.2%, outperforming the Zacks S&P 500 composite, which declined by -4.3% [10]

2025年4月21日，全球骨科巨头捷迈邦美Zimmer Biomet（纽约证券交易所代码：ZBH）宣布，已完成 对Paragon 28的收购，该交易价值 12亿美元 （合约87亿人民币）。Paragon 28拥有广泛的手术产品 和系统，涵盖足部和踝部所有主要领域，包括骨折和创伤、畸形矫正以及关节置换。 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 # 收购分析 前情回顾 2025年1月，Zimmer Biomet同意收购Paragon 28， 将以 每股13美元 的价格收购Paragon 28的所有流 通股。 该交易包括每股13美元的现金预付款和每股高达1美元的或有价值权（CVR） ，与2026财年的具 体收入里程碑挂钩。 这一价格较Paragon周二收盘价12美元略有溢价；其股价在最近的10月份还曾跌破5美元。 Needham的分析人士在给投资者的报告中写道，他们长期以来一直认为Paragon 28 是潜在的被收购目标， 并对捷迈邦美支出的小幅溢价感到"惊讶"。分析人士预计，捷迈邦美可能会进行更多收购，收购方向可能超 出骨科领域范围。 ...

Core Viewpoint - Zimmer Biomet has completed the acquisition of Paragon 28 for $1.2 billion, enhancing its position in the rapidly growing foot and ankle orthopedic market [1][2]. Acquisition Analysis - The acquisition was agreed upon in January 2025, with Zimmer Biomet offering $13 per share for Paragon 28, which includes a cash upfront payment and potential earn-out based on future revenue milestones [2]. - Analysts from Needham noted that Paragon 28 was a long-anticipated acquisition target and expressed surprise at the slight premium paid by Zimmer Biomet [3]. Financial Performance - Paragon 28 has shown sales growth of nearly 20%, with recent quarterly revenues between $60 million and $62 million, and an expected revenue of approximately $72 million for the fourth quarter [4]. Strategic Positioning - The acquisition allows Zimmer Biomet to enter the $5 billion global foot and ankle orthopedic market, diversifying its product offerings beyond traditional areas like hip and knee joints [5]. - Paragon 28's innovative product line, including implants and surgical solutions for foot and ankle diseases, addresses unmet patient needs and emerging opportunities [6]. Enhanced Product Portfolio - Paragon 28's tailored product offerings complement Zimmer Biomet's existing products, enabling a more comprehensive musculoskeletal solution and enhancing value propositions to healthcare providers [7]. Outpatient Surgery Center (ASC) Presence - The trend of performing more foot and ankle surgeries in ASCs aligns well with Paragon 28's solutions, providing opportunities for cross-selling other Zimmer Biomet products [10]. Global Expansion - While Paragon 28 has a strong presence in the U.S., its global influence is limited. The merger allows for accelerated global adoption of Paragon 28's products through Zimmer Biomet's established international distribution network [11]. About Paragon 28 - Paragon 28, founded in 2010 and publicly traded since October 2021, focuses on innovative surgical solutions for foot and ankle diseases, with a product range that includes fracture fixation and joint replacement [12][13]. - The company offers nearly 80 surgical systems and over 8,700 stock-keeping units (SKUs), with notable products including the Gorilla® plate system and FDA-approved 3D-printed personalized implants [15][16].

Market Performance - U.S. stocks showed mixed trading results, with the Dow Jones increasing by 0.30% to 41,710.68, while the NASDAQ decreased by 1.29% to 17,099.00 and the S&P 500 fell by 0.41% to 5,557.99 [1] - Consumer staples shares rose by 1.2%, whereas consumer discretionary shares dropped by 1.5% [1] Commodity Prices - Oil prices increased by 2.6% to $71.14, and gold prices rose by 1.2% to $3,152.30. In contrast, silver prices fell by 0.4% to $34.67, and copper prices decreased by 1.9% to $5.0340 [4] European Market Trends - European shares experienced declines, with the eurozone's STOXX 600 down by 1.45%, Germany's DAX 40 falling by 1.29%, and France's CAC 40 decreasing by 1.51% [5] Asian Market Trends - Asian markets closed lower, with Japan's Nikkei 225 falling by 4.05%, China's Shanghai Composite Index declining by 0.46%, and Hong Kong's Hang Seng Index dipping by 1.31% [6] Company News - Southern States Bancshares, Inc. saw its shares rise by 10% to $35.70 following the announcement of its acquisition by FB Financial in a $381 million merger deal [8] - Corcept Therapeutics Incorporated's shares surged by 83% to $100.08 after meeting the primary endpoint for its Phase 3 ROSELLA trial of Relacorilant [8] - Mr. Cooper Group Inc. shares increased by 17% to $122.49 after announcing its acquisition by Rocket Companies in a $9.4 billion all-stock deal [8] - Taysha Gene Therapies, Inc. shares dropped by 25% to $1.44, while Vaxcyte, Inc. shares fell by 51% to $34.26 following updates on its pneumococcal conjugate vaccine [8] - NewGenIvf Group Limited shares decreased by 33% to $0.6299 after terminating its proposed reverse merger with European Wellness [8] Economic Indicators - The Chicago PMI rose to 47.6 in March from 45.5 in the previous month, exceeding market estimates of 45.2 [9] - The Dallas Fed's general business activity index for Texas manufacturing fell by 8 points to -16.3, marking its weakest level since July 2024 [2][9]