Smith & Nephew (NYSE:SNN) today updated on corporate tax rate adjustments taking into account legislative changes in the US, saying it expects to see a reduction of 4% to 5% off its previous tax guidance.
The company said it has adjusted its expected corporate tax to between 20% and 21% for the medium term, “barring any changes to tax legislation or other one-off items,” down from previous guidance of around 25%.
Smith & Nephew said that one-time effects of the full year tax rate on 2017 trading results are not expected to be material, but that the full year tax rate on 2017 trading results will be lower than its previous guidance of around 22% due mainly to one-off provisions and revisions to open tax issues, according to a press release.
Earlier this month, Smith & Nephew touted a 97.3% decrease in readmission rates for joint arthroplasties using its Episode of Care Assurance Program, a bundled payment option designed to reward good patient outcomes.
