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Smith & Nephew PLC said Thursday a strong first quarter of 2022 has put it on track to deliver on its full-year guidance.
The Watford, Hertfordshire-based medical devices company said revenue in the first quarter was $1.31 billion, up 3.3% year-on-year from $1.26 billion.
‘Sports Medicine & ENT and Advanced Wound Management continued to deliver strong growth and Orthopaedics produced an improved performance as elective procedure volumes rebounded across our segments,’ explained Chief Executive Officer Depak Nath.
Sports Medicine & ENT revenue increased 8.6% on an underlying basis, with Advanced Wound Management and Orthopaedics rising by 8.0% and 2.6% respectively.
Shares in Smith & Nephew were up 2.8% to 1,304.50 pence each in London on Thursday morning.
The performance in the year so far has provided confidence in its previously announced full-year guidance, with expectations of underlying revenue growth between 4.0% to 5.0%, or 1.3% to 2.3% on a reported basis.
‘For trading profit margin we are targeting around 50bps of expansion in 2022. This will be driven by efficiencies from operating leverage and productivity and improvement in the margin of acquired assets that will more than offset significant anticipated headwinds from input cost inflation and China VBP implementation,’ the company said.
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