28 April 2022
Smith & Nephew (LSE:SN, NYSE:SNN) trading update for the first quarter ended 2 April 2022.
Highlights1,2
- Q1 revenue $1,306 million (2021: $1,264 million) up 3.3% on a reported basis (including -2.6% currency effect) and up 5.9% on an underlying basis
- Continued strong growth from Sports Medicine & ENT and Advanced Wound Management and improved performance from Orthopaedics
o Sports Medicine & ENT revenue up 8.6% underlying
o Advanced Wound Management revenue up 8.0% underlying
o Orthopaedics revenue up 2.6% underlying
- Established Markets revenue up 4.1% underlying as elective surgery volumes recovered from Omicron impact at the start of the quarter
- Emerging Markets revenue up 14.3% underlying, with double-digit growth across India, the Middle East and Africa, and Latin America
- Continued progress with new product development programme, including US regulatory clearance for cementless knee software on our robotics-assisted CORI◊Surgical System
- Focused on our Strategy for Growth, including work on productivity and commercial execution
- Full year 2022 guidance unchanged
Deepak Nath, Chief Executive Officer, said:
“We are pleased with this encouraging start to the year. 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. The growing contribution from recent product launches reflects the strength of our portfolio and innovation-led approach.
“Our Q1 performance puts us on track to deliver our guidance for this year. 2022 marks an important stepping-stone in our Strategy for Growth and towards achieving our medium-term financial performance commitments. I am excited by the prospect of driving delivery of the Strategy and bringing out the best in Smith & Nephew to realise the full potential of the business.”