Smith & Nephew sees unchanged full year after flat Q1

Smith & Nephew said its full year outlook for underlying revenue growth remained unchanged in the 3%-4% range after posting flat first quarter revenue of $1.14bn, flat on a reported basis after -2% impact from the disposal of its gynaecology business and -1% currency headwind.

Revenue was up 3% on an underlying basis for the period. Established markets, the US and other established markets revenue were all up 1%.

"In Europe we are making progress improving our execution, although the slight headwinds seen last year in some European countries continued,"Smith & Nephew said.

"Performance in the emerging markets was good, returning to double-digit growth, with China growing 14% in the quarter."

"On a reported basis, we expect 2017 revenue growth to be in the range of 1.6%-2.6% based on prevailing exchange rates at the end of April and reflecting the 80bps headwind from the disposal of the gynaecology business," the company said.