Confident outlook for medtech group as it forecasts rise in revenues
Hull-based med tech group, Smith+Nephew, says it anticipates a year of revenue growth as it publishes a trading update for the first quarter ended 30 March 2024.
It reports quarter one revenue of $1.4bn/£1.1bn, up 2.9% on an underlying basis, and 2.2% on a reported basis.
Underlying revenue in the group’s Orthopaedics and Sports Medicine & ENT operations was up 4.4% and 5.5% respectively, but down 2% in the group’s Advanced Wound Management arm.
Deepak Nath, chief executive officer, said: “Revenue growth in the first quarter was driven by solid performance in our Orthopaedics and Sports Medicine & ENT businesses, partially offset by some anticipated softness in Advanced Wound Management.
“Our 12-Point Plan is on-track and the progress in Orthopaedics was again evident from the strong growth across most segments, and we expect the remainder to improve as the year progresses.
“We are confident in our outlook and look forward to all three of our business units contributing as we deliver another year of strong revenue growth.”
Smith+Nephew adds that its full year 2024 guidance is unchanged. It expects underlying revenue growth in the range of 5% to 6% (4.3% to 5.3% reported), along with a trading profit margin of at least 18%.
