Stryker (NYSE:SYK) shares were trading more than 2% lower intra-day today despite the company posting strong Q1 earnings and raising its 2023 outlook.

Q1 EPS came in at $2.14, better than the Street estimate of $2.01, driven by broad-based growth, especially in Orthopedics. Revenue was $4.8 billion, beating the Street estimate of $4.56 billion.

The company raised its 2023 organic sales growth outlook to 8.50% at the midpoint (range: 8.0–9.0%) and EPS guidance to $10.15 at the midpoint, ahead of the Street’s 7.3% and $10.03, respectively.

Management expects the strong business momentum to continue throughout the rest of the year with a strong order book and a “super cycle” of new products.