Smith+Nephew Q1 Revenue Up 2.9% On Underlying Basis

(RTTNews) - Smith+Nephew Plc (SN.L, SNN), on Wednesday, issued a trading update for the first quarter and reported revenue growth of 2.9% on an underlying basis.

First-quarter revenue amounted to $1.386 billion versus $1.356 billion last year, up 2.9% on an underlying basis, and 2.2% on a reported basis including a -70bps foreign exchange headwind.

Further, the company continues to project FY24 underlying revenue growth in the range of 5.0% - 6.0%, and the trading profit margin is still expected to be at least 18.0%.

Deepak Nath, Chief Executive Officer, said, "Revenue growth in the first quarter was driven by solid performance in our Orthopaedics and Sports Medicine & ENT businesses, partially offset by some anticipated softness in Advanced Wound Management… We are confident in our outlook and look forward to all three of our business units contributing as we deliver another year of strong revenue growth."