Revenues recover at listed medtech company as pandemic restrictions ease
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Hull-based medical equipment manufacturer, Smith+Nephew, says all its franchises delivered strong growth on 2020 as COVID restrictions eased and levels of elective surgery returned towards normal in many markets.
The firm has today published its second quarter and first half 2021 results, adding that it is starting to recapture pre-COVID momentum and is on-track to meet full-year guidance.
The business has recorded quarter two revenue of $1.3bn/£931,833 (2020: $901m/£645,832), up 48.2% on a reported basis and 40.3% on an underlying basis.
Half one revenue was $2.6bn/£1.9bn (2020: $2bn/£1.4bn), up 27.8% on a reported basis and 21.3% on an underlying basis.
Over the same period, the business made an operating profit of $239m/£171,400 (2020: operating loss of -$5m/£3.6m).
Smith+Nephew says it has seen significant contributions from recently launched products and acquired assets, while an operational improvement programme across manufacturing, warehousing and distribution is now underway.
Roland Diggelmann, chief executive officer, said: “Our performance in the first half of 2021 demonstrates the value of our continued investment in our portfolio, our pipeline and our people.
“This has put us in a strong position as COVID restrictions eased and levels of elective surgery began to return to normal, with new products and recently acquired assets performing well across the portfolio.
“Looking ahead, we believe we are well positioned to deliver on our guidance for this year.
“We also remain focused on setting ourselves up for sustainable success in the medium-term, prioritising revenue growth from our R&D pipeline, unlocking further value from acquisitions, and driving commercial and operational excellence.”