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Smith&Nephew sees 'encouraging start' to 2021
StockMarketWire.com
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Smith&Nephew has reported an 11.5% rise in Q1 revenue to $1.2billion as all three of its global franchises return to growth.
Orthopaedics revenue was up 1.6% on an underlying basis, with strong growth in hip implants and trauma & extremities offset by anticipated weaker performance in knee implants.
Sports medicine & ENT revenue was up 10.4% underlying, driven by the return of elective surgeries in an outpatient setting, while advanced wound management revenue increased 9.3% underlying, benefitting from improved commercial execution.
The company said that underlying revenue from established markets rose 3.4% in Q1. The US was up 7.1% offset by a -1.8% decline from Other Established Markets, mainly due to COVID impact in Europe
Emerging Markets underlying revenue was up 21.8%, with China rebounding strongly from COVID impact in prior year
Roland Diggelmann, chief executive officer at Smith&Nephew, said: 'Our first priority for 2021 is to return to growth and recapture our pre-COVID momentum, and we are encouraged by our early progress through Q1. This was driven not only by surgery volumes moving towards more normal levels in many markets, but also the benefits from better commercial execution, acquired assets, and recent product launches.
'Looking ahead, there is improving visibility as vaccine programmes roll out and healthcare systems reopen. Our approach through 2020 to maintain investment is already demonstrating value and I look forward to seeing further evidence of this as the recovery continues.'
At 8:26am: (LON:SN.) Smith Nephew PLC share price was 0p at 1495.5p
Story provided by StockMarketWire.com
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