Smith+Nephew (LSE:SN, NYSE:SNN) today reported that Q1 revenue was up 11.5% year-over-year, to $1.264 billion.
The British medtech giant saw year-over-year revenue growth for all three franchises:
- Orthopaedics was up 1.6%, with strong hip implants and trauma and extremities devices growth offset by weaker-than-anticipated knee implant sales.
- Sports Medicine & ENT was up 10.4% underlying, driven by the return of elective surgeries as vaccines help the U.S., U.K., and some other developed countries better manage the COVID-19 pandemic.
- Advanced Wound Management grew 9.3% amid improved commercial execution.
S+N has reinstated full-year 2021 guidance, projecting 10–13% revenue growth. The company assumes that COVID-19 will mostly not affect surgery volumes in the second half of the year.
“Our first priority for 2021 is to return to growth and recapture our pre-COVID momentum, and we are encouraged by our early progress through Q1. This was driven not only by surgery volumes moving towards more normal levels in many markets, but also the benefits from better commercial execution, acquired assets and recent product launches,” S+N CEO Roland Diggelmann said in a news release.
“Looking ahead, there is improving visibility as vaccine programs roll out and healthcare systems reopen. Our approach through 2020 to maintain investment is already demonstrating value, and I look forward to seeing further evidence of this as the recovery continues.”
Smith+Nephew shares were up 5.6% to 1,568 pence apiece on the London exchange by the close of trading today and were up more than 3% to $43.13 on the Nasdaq by the afternoon in New York. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, is down slightly.