29th Oct 2015 07:28
LONDON (Alliance News) - Smith & Nephew PLC said Thursday it has agreed to acquire Blue Belt Holdings Inc for USD275 million, as it maintained its outlook for 2015, and reported a slight rise in revenue for the first nine months of 2015.
The medical equipment business said it has agreed to acquire Blue Belt, which works in orthopaedic robotics-assisted surgery, funded through its existing debt facilities. The deal is expected to close around the year end, and Smith & Nephew expects revenue growth from the business to be over 50% in the medium-term.
Smith & Nephew for itself reported consolidated revenue of USD3.38 billion for the nine months to end-September, up from USD3.37 billion a year before.
In the quarter, Smith & Nephew reported revenue of USD1.11 billion, down from USD1.15 billion a year before. The company continued to warn that it expects a significant headwind from the strength of the dollar in 2015, and said that if current exchange rates prevail to the end of 2015, it would expect a full-year translation hit of around 8% on reported revenue.
Smith & Nephew maintained its guidance, continuing to expect high underlying revenue growth in 2015 compared to 2014 and an improvement in trading profit margin.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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