Revenue flow

Margins

Stage	PEN	% of rev	SYK	% of rev	Gap · A − B
Revenue	$410M	100.00%	$6.5B	100.00%	SYK ×15.90
Gross profit	$280M	68.34%	$4.2B	65.15%	PEN +3.2pp
Operating income	$51M	12.37%	$1.0B	15.86%	SYK +3.5pp
Pre-tax income	$56M	13.73%	$997M	15.29%	SYK +1.6pp
Net income	$42M	10.31%	$753M	11.55%	SYK +1.2pp

Stage	PEN	SYK	Gap · A − B
Revenue	$410M100.00%	$6.5B100.00%	SYK ×15.90
Gross profit	68.34%$280M	65.15%$4.2B	PEN +3.2pp
Operating income	12.37%$51M	15.86%$1.0B	SYK +3.5pp
Pre-tax income	13.73%$56M	15.29%$997M	SYK +1.6pp
Net income