Smith+Nephew Q1 Revenues Rise; Maintains FY23 View

(RTTNews) - Medical technology company Smith & Nephew Plc (SN.L, SNN) reported Wednesday higher revenues in its first quarter. Further, the company said its fiscal 2023 guidance remains unchanged, underpinned by ongoing delivery of 12-Point Plan. In its trading update for the first quarter, the company reported first-quarter revenue of $1.36 billion, up 3.8 percent from last year's $1.31 billion. Revenue grew 6.9 percent on an underlying basis.

The result reflected continued strong growth from Sports Medicine & ENT and Advanced Wound Management and improved performance from Orthopaedics.

On an underlying basis, Sports Medicine & ENT revenue went up 10 percent, Advanced Wound Management revenue grew 7.9 percent and Orthopaedics revenue went up 3.9 percent.

Established Markets' underlying revenue increased 10 percent underlying as procedure volumes strengthened, offsetting Emerging Markets, where revenue was down 7.3 percent due to the expected impact in China from volume-based procurement or VBP and Covid.

Deepak Nath, Chief Executive Officer, said, "We are still in the early phases of the two-year life-cycle of our 12-Point Plan and are focused on driving transformation."