ObozoCare: the gift that keeps on giving. Just like syphilis.
“There’s a new 2.3 percent excise tax on medical device manufacturers.
According to some reports, Kalamazoo based Stryker has laid off more
than a thousand people because of it–and owes the federal government
upwards of $100 million dollars this year alone. Late last week a
Stryker spokesperson told me that Obamacare will cost the company fully
20 percent of its total research and development investments...."WWMT quoted at Gateway
Yup. that's the Stryker which is owned by a major-league Obozo donor.
Now she's getting what she paid for, good and hard.
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You might be interested in the Stryker press release from November 2011:
"Stryker announces 5% global workforce reduction
Stryker announced its intention to implement focused workforce reductions of approximately 5% of its global workforce and other restructuring activities that are anticipated to reduce annual pre-tax operating costs by over $100M beginning in 2013. The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures. The reductions and restructuring activities are expected to be substantially complete by the end of 2012. Stryker will provide employees affected by these reductions with severance packages, counseling and job placement services. The Company expects to record pre-tax restructuring charges related to these reductions and restructuring activities totaling approximately $150M-$175M, of which approximately $85M-$95M are expected to be recorded in the fourth quarter." [Emphasis added]
Note that the reductions were due to strategic investments, creating efficiencies, the slow economy, and the slowdown in elective procedures as well as the tax.
Couldn't have been much of a "reduction" in electives, as revenues have gone straight up since 2008. See:
...and COGS has remained at approx. the same % of revenue throughout.
I fucked Pat Stryker in the ass. I love giving literal governmemt interpretations to people.
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