The orthopedic and surgical device giant Stryker Corporation (NYSE:SYK) stock is trading lower despite reporting Q1 earnings beat and an upbeat outlook.
It reported Q1 sales of $4.80 billion, up 11.8% Y/Y (+14% in constant currency), beating the consensus of $4.56 billion.
Organic net sales increased 13.6% in the quarter, including 12.9% from increased unit volume and 0.7% from higher prices.
MedSurg and Neurotechnology net sales of $2.7 billion increased by 11.0% (+13.1% in constant currency).
Orthopaedics and Spine net sales of $2.1 billion increased 12.7% in the quarter and 15.1% in constant currency.
Adjusted EPS came in at $2.14, which increased 8.6% in the quarter, beating the consensus of $2.00.
“Demand remains strong for our products, and supply chain pressures are gradually improving,” CEO Kevin Lobo said.
Also Read: Stryker’s Q Guidance System Scores FDA Clearance For Cranial Applications.
Guidance: Stryker predicts 2023 organic net sales growth of 8%-9%, based on a solid order book for capital equipment and ongoing procedural recovery. It had previously expected a 7.0%-8.5% sales growth.
Stryker now expects 2023 adjusted EPS of $10.05-$10.25, up from its prior forecast of $9.85-$10.15 per share versus the consensus of $10.03.
Price Action: SYK shares are down 1.81% at $294.46 on the last check Tuesday.
