Smith & Nephew Plc - Trading Statement October 2019
Smith+Nephew Third Quarter 2019 Trading Report
Positive momentum across all three global franchises
31 October 2019
Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology business, announces its trading report for the third quarter ended 28 September 2019.
Strong Q3 revenue growth, building on the progress made in the first half
- Q3 revenue up 4.0% on an underlying basis; reported growth was 6.5% as 390bps benefit of acquisitions outweighed 140bps currency headwind
- Orthopaedics delivered 3.4% revenue growth, maintaining good momentum established in the first half
- Sports Medicine & ENT accelerated from strong first half, delivering 6.9% revenue growth
- Advanced Wound Management revenue up 2.1%, an improvement from second quarter
- Continued mid-teens growth from the Emerging Markets, led by another quarter of strong growth in China
- Osiris delivered a second quarter of double-digit growth following acquisition
Full year guidance updated
- Underlying revenue growth expected to be in the range 3.5% to 4.5%
- Trading profit margin expected to be around 22.8%
Change of Chief Executive Officer
- On 21 October 2019 it was announced that Roland Diggelmann has been appointed Chief Executive Officer, effective 1 November 2019, replacing Namal Nawana
Graham Baker, Chief Financial Officer, said:
"We're pleased to have delivered organic revenue growth of 4% in the third quarter, a further step towards growing at or above our markets.
"We've built momentum across the first nine months of the year and, at the same time, continued to invest behind our commercial teams and acquisitions to support sustained success over the medium-term. As a result, we're confident to increase 2019 revenue guidance again."