What's Going On With Stryker Stock Today

The orthopedic and surgical device giant Stryker Corporation 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.