Smith & Nephew Q1 revenues grow, reiterates FY guidance

Medical equipment manufacturer Smith & Nephew reiterated its full-year guidance on Wednesday after seeing revenues improve in the first quarter.

Smith & Nephew stated revenues had grown 6.9% on an underlying basis, or 3.8% on a reported basis, to $1.35bn. Sports medicine and ENT revenue was up 10%, while advanced wound management and orthopaedics revenues were 7.9% and 3.9% higher, respectively.

Established markets revenue was 10.0% higher on an underlying basis as procedure volumes strengthened, offsetting emerging markets, where revenue was down 7.3% due to the impact in China of volume-based procurement and Covid-19 on trading.

The London-listed group added that its full-year 2023 guidance was unchanged, underpinned by the ongoing delivery of its "12-point plan".

Chief executive Deepak Nath said: "I'm pleased with our revenue performance in the first quarter as we delivered growth across all three franchises, including improvement in orthopaedics.

"We saw strong elective procedure volumes in our established markets early in the quarter, which our surgical businesses are now better placed to benefit from. We are consistently seeing accelerated adoption of robotics and the new CORI Digital Tensioner adds further differentiation to our platform and will support better outcomes for patients."

As of 0825 BST, S&N shares were up 1.69% at 1,295.50p.

Reporting by Iain Gilbert at Sharecast.com