Revenue climbs for Smith & Nephew as efficiency plan comes good
Smith & Nephew reported steady revenue growth this morning, with its efficiency plan starting to pay off.
Revenue climbed 4.8 per cent for the medical equipment maker to $1.25bn, with all franchises and geographies contributing.
Full-year underlying revenue growth currently expected in middle of previously guided range of four to five per cent.
Smith & Nephew also said there was an unchanged trading profit margin guidance of around 17.5 per cent.
Deepak Nath, Chief Executive Officer, said: “Last quarter we set out our 12-point plan to improve business performance. We are executing at pace and have recorded a number of early successes, including reducing backorders and improving instrument set deployment in Orthopaedics.
“We also continue to deliver innovative new products and build on the value of our technology. During the quarter we became the first company to receive FDA approval for robotics-assisted revision knee surgery”.
Shares have plunged over 22 per cent in the year to date for the London-listed company.