LONDON: Smith & Nephew PLC (SN.LN) Thursday reported first-quarter revenue of $1.14 billion, up 3% on the same period last year, and backed its full-year guidance. The global medical technology company said the 3% growth in revenue includes the effects of adverse currency headwinds and a 2% benefit from acquisitions. For the period ended April 2, revenue in established markets grew by 6%, while revenue in the U.S. rose by 8%, Smith & Nephew said.
However, revenue in emerging markets fell 6%, the company said. There was a double-digit growth in most countries, but it was offset by continued weakness in China and significant slow-down in tendering and sales in oil-dependent Gulf states.
The sports medicine joint repair division recorded revenue growth of 11%, Smith & Nephew said. But the trauma and extremities division saw a 7% fall in revenue, as China and the Gulf states offset strong U.S. growth, Smith & Nephew added. The advanced wound management business was flat, the company said. Shares closed at 1164 pence on Wednesday. They have risen 1.8% in the past 12 months.
