Smith & Nephew (NYSE:SNN) today saw its stock price rise more than 7% after reporting 2019 results that met or beat the consensus forecast.
The London-based orthopedics and wound care giant saw improved underlying revenue growth of 4.4% in 2019 — at the top end of its guidance — boosting annual sales past the $5 billion mark for the first time, to $5.14 billion.
Trading profit was up 4% to $1.17 billion. The company’s GAAP earnings per share in 2019 was $1.37.
Smith & Nephew’s adjusted earning per share was $2.04 — in line with expectations, according to Seeking Alpha.
“We’ve continued investing to drive mid-term growth, both increasing our R&D spend, and also bringing in innovative technologies and expertise through acquisitions,” CEO Roland Diggelmann said in a news release.
Smith & Nephew expects underlying 2020 revenue growth to be in the 3.5% to 4.5% range (around 4.0% to 5.0% reported) — assuming that the coronavirus outbreak in China normalizes by the spring.
“For 2020, our focus is on sustaining the positive momentum and our strategic imperatives remain the right path to value creation,” Diggelmann said. “Within these, we will focus on delivering a consistent and excellent customer experience, maximizing the impact from our increased investment in innovation, and continuing to improve our operational agility and efficiency.”
Smith & Nephew shares were up 7.3$, to 1,979 pence apiece, by the close of trading in London today.