26th Apr 2023 09:04
(Alliance News) - Smith & Nephew PLC on Wednesday reported a rise in revenue for its first quarter, ended on April 1, and backed its full-year guidance.
The London-based medical technology company said revenue rose 3.9% to USD1.36 billion in its first quarter, from USD1.31 billion a year earlier. It increased by 6.9% on an underlying basis.
S&N noted continued strong growth from Sports Medicine & ENT and Advanced Wound Management, as well as improved performance from Orthopaedics.
Sports Medicine & ENT was up 10% on an underlying basis. Advanced Wound Management revenue was up 7.9%, while Orthopaedics revenue was up 3.9%.
Chief Executive Officer Deepak Nath said: "I'm pleased with our revenue performance in the first quarter as we delivered growth across all three franchises, including improvement in Orthopaedics."
Looking ahead, the company backed its 2023 guidance.
In February, S&N reported a rise of 0.1% in revenue for 2022 to USD5.22 billion from GBP5.21 billion in 2021.
Shares were down 1.5% at 1,267.50 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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