Revenue flow

Margins

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

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