Smith+Nephew Q3 Revenue Up, Now Sees FY23 Revenue At Higher End Of Forecast; Names John Rogers CFO

(RTTNews) - Medical technology company Smith+Nephew (SN.L, SNN) on Thursday reported that its third-quarter revenue increased 8.5 percent to $1.36 billion from last year's $1.25 billion. Underlying revenue growth was 7.7 percent.

In its trading update for the third quarter, the company said Orthopaedics revenue went up 8.8 percent, partly as product launches and 12-Point Plan-led improvements drove higher growth from Trauma & Extremities.

Sports Medicine & ENT revenue grew 11.3 percent, with continued good growth across most markets offsetting weakness in China.

Advanced Wound Management revenue went up 5.4 percent, with double-digit growth from negative pressure portfolio but a slower quarter from Advanced Wound Bioactives.

Revenue growth in Established Markets was up 9 percent. The US, its largest market, recorded 7.2 percent revenue growth.

Emerging Markets revenue was up 6.4 percent.

Looking ahead for fiscal 2023, the company now expects underlying revenue growth to be towards the higher end of guided range of 6.0 percent to 7.0 percent.

Trading profit margin is now expected to be around 17.5 percent, reflecting headwinds from China.

Separately, Smith+Nephew announced that John Rogers will succeed Anne-Françoise Nesmes as Chief Financial Officer. He will join the company as Chief Financial Officer-designate on December 1.

Following a period of induction, he will join the Board as Chief Financial Officer in the first quarter of 2024.

Rogers is former Chief Financial Officer of WPP plc.

Anne-Françoise, whose intention to step down as CFO was announced in August, has agreed to remain on the Board to finalise the 2023 Annual Report and Accounts and support an effective transition.