Thursday 29 July 2021 8:14 am

Smith & Nephew revenues grew by almost 50 per cent since last quarter

Smith & Nephew revenues have soared as covid-19 restrictions eased and levels of elective surgery returned towards normal in many markets.

The British medical technology firm reported revenues of $1.3bn in its second quarter, up 48.2 per cent and compared with $901m for the same period last year.

As a result Smith & Nephew also saw its revenue for the first half of the year jump to $2.6bn, an increase of 28 per cent on a reported basis, from $2bn in 2020.

Smith & nephew specialises in wound management and surgical devices for orthopaedic reconstruction, sports medicine and trauma.

The British company said it was on track on meet its full-year guidance, of underlying revenue growth between 10-13 per cent, as it has started to re-capture its pre-covid momentum assuming that surgery volumes are not constrained by the pandemic in the second half of 2021.

In 2020 the firm was operating losses of $5m but its latest financial report show it achieved an operating profit of $239m for the year so far.

Speaking about the results chief executive offer Roland Diggelmann said: “This has put us in a strong position as COVID restrictions eased and levels of elective surgery began to return to normal, with new products and recently acquired assets performing well across the portfolio.”

“Looking ahead,” he continued, “we believe we are well positioned to deliver on our guidance for this year. We also remain focused on setting ourselves up for sustainable success in the medium-term, prioritising revenue growth from our R&D pipeline, unlocking further value from acquisitions, and driving commercial and operational excellence.”