Smith & Nephew (NYSE:SNN) shares dipped today after the British orthopedics and wound care giant reported 3rd-quarter sales that just met expectations.
Revenues were up 1.3% to $1.12 billion for the 3 months ended Oct. 1. Analysts were looking for a range of $1.12 billion to $1.15 billion, the company said. Smith & Nephew no longer reports quarterly profit or earnings numbers.
“The 3rd quarter saw a continuation of many of the trends seen in the previous period. Underlying revenue was up 2%, led by strong global growth of 8% in sports medicine joint repair and 4% in knee implants. We drove revenue up 6% in the emerging markets, with China returning to growth,” CEO Olivier Bohuon said in prepared remarks. “We are greatly encouraged by the positive customer reaction to recent product launches, such as new camera and Coblation systems in sports medicine and the extension of our Journey II total knee system. The expansion of our Navio robotics platform is progressing at pace and it promises to be another successful acquisition.”
London-based Smith & Nephew said it inked a deal during the quarter with the U.S. Internal Revenue Service that it expects to bring a 1-time gain on a “tax provision release,” bringing its full-year expected tax rate to 24.5%.
SN shares dropped to a 4-month low of £11.15 today in early trading in London and were down -0.9% at £11.44 as of about 12:45 local time. In New York SNN shares ticked up 0.9% to $28.87 apiece in pre-market trading.
Material from Reuters was used in this report.
