Smith & Nephew Raises Revenue Growth Outlook After Strong 1H Performance, Sports Medicine and Wound Management Show Strength
Portfolio Pulse from Vandana Singh
Smith & Nephew PLC (NYSE:SNN) reported a 5.2% YoY increase in 1H revenue to $2.73 billion, with operating profit rising to $275 million. However, trading profit decreased to $417 million and adjusted EPS slipped to 34.9 cents. The company's CFO, Anne-Françoise Nesmes, will step down in Q2 2024. Despite the mixed results, the company raised its full-year underlying revenue growth guidance to 6.0%-7.0%. SNN shares are down 2.84% at $28.47.
August 04, 2023 | 2:08 pm
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Smith & Nephew reported increased revenue and operating profit but decreased trading profit and EPS. The company's CFO will step down in 2024. Despite this, the company raised its full-year revenue growth guidance.
The mixed financial results, along with the announcement of the CFO's departure, may create uncertainty among investors. However, the raised revenue guidance could offset some of these concerns. The stock price has already reacted negatively, indicating that the market may be focusing more on the negatives.
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