Stephen P. MacMillan Chairman, President and Chief Executive Officer

“We believe our company has the leadership position, financial strength, focus on costs and quality, the broad geographic reach and, most importantly, a special spirit in our people to compete, grow and win over the long term.”

Dear Shareholders

Some say that running a company is like running a marathon—that success is a matter of stamina, discipline and a steady, unrelenting pace. Although that’s undeniably true, 2009 felt more like a boxing match. We went toe-to-toe with a volatile global economy, rolled with some marketplace punches, moved quickly and battled back. By the close of the year and going into 2010, we feel encouraged by where we’re headed. Here’s why:

  • A new culture of quality and compliance is taking root at Stryker.
  • We’ve grown leaner by managing costs and standardizing operations.
  • Our focus on innovation and growing our R&D pipelines is alive and well.
  • Key acquisitions have added to our capabilities and opened up important new markets.
  • Strong cash flow underscores the health of our company.
  • Adjusted diluted net earnings per share grew in 2009.

We believe our company has the leadership position, financial strength, focus on costs and quality, the broad geographic reach and, most importantly, a special spirit in our people to compete, grow and win over the long term.