Core revenues also moved up 12% from the year-ago quarter's levels. The top line was driven by strong customer demand especially for recently-launched new products and services, strength in Fortive business system and efficient cost management amid a challenging macroeconomic environment. At the end of the quarter, Hardware backlog was more than double compared to the beginning of 2021, added the company. In the past year, shares of Fortive have lost 15.4% compared with the industry 's decline of 17.5%.