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Philip Chickering

Research Analyst at Deutsche Bank AG

Philip Chickering is a Research Analyst at Deutsche Bank AG specializing in healthcare services, with a focus on companies such as AdaptHealth and Acadia Healthcare Company Inc. He has actively covered major strategic developments, notably reporting on AdaptHealth’s capitation contract exceeding $1 billion and key growth metrics like 128,000 quarterly sleep segment starts and a record 329,000 respiratory patients. Chickering’s track record includes analysis of financial restructuring strategies and market share performance in large-cap healthcare firms during Q2 2025. He is a registered broker with FINRA (CRD# 4978065) and currently operates from Deutsche Bank Securities, demonstrating strong credentials in securities analysis and regulatory compliance.

Philip Chickering's questions to STRYKER (SYK) leadership

Question · Q3 2025

Philip Chickering asked if the strong ortho growth in Q3 was due to core market share gains or a pull-forward of demand related to healthcare exchange uncertainties. He also inquired about hospital feedback regarding CapEx plans amidst uncertainties.

Answer

Kevin Lobo (Chair and CEO, Stryker) stated that the ortho growth is seen as core market growth, not a pull-forward, driven by robust demand and Stryker's faster-than-market growth. He noted that surgeons do not express anxiety about a falloff in procedures. Jason Beach (VP of Finance and Investor Relations, Stryker) added that hospitals view Stryker's capital equipment as 'moneymakers' and that the CapEx environment remains strong, especially for smaller capital tied to procedures. Kevin Lobo further emphasized that hospitals have budgets and plans for capital purchases, with orders rarely canceled.

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Question · Q3 2025

Philip Chickering asked if the strong ortho growth was due to core market share gains or a pull-forward of demand from healthcare exchange uncertainties. He also inquired about hospital CapEx feedback regarding uncertainties for next year.

Answer

Kevin Lobo, Chair and Chief Executive Officer, viewed the ortho growth as core market share gains, not pull-forward demand, driven by robust rates and outperforming the market. Jason Beach, Vice President of Finance and Investor Relations, and Kevin Lobo stated that the hospital CapEx environment remains strong, with hospitals having budgets and plans to purchase Stryker's capital equipment, which are rarely canceled, despite external uncertainties.

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