Smith & Nephew (LON:SN) has updated investors on its first-quarter performance this morning, posting growth in underlying revenue.
Highlights from the company statement:
Revenue $1,137 million, up 4% on an underlying basis. Reported growth of 3% includes effects of -3% currency headwind and 2% benefit from acquisitions.
Commenting on Q1, Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said:
"Many of the positive trends seen in the second half of 2015 continued to drive good performance in the first quarter of 2016. In particular, strong sales of the JOURNEY◊ II Knee System helped us deliver 9% growth in Knee Implants, and high demand for our shoulder repair portfolio underpinned 11% growth in Sports Medicine Joint Repair.
"Geographically, our Established Markets revenue growth of 6% reflects our success in the US, the Group's largest market, and the sustained improvements we have made in Europe. Good double-digit growth in most of our Emerging Markets businesses was overshadowed by China, as expected, and economic conditions in the Gulf region.
"The integration of Blue Belt Technologies, the robotics-assisted orthopaedic surgery business acquired at the start of the year, is going well. We are excited by the prospects for the existing partial knee reconstruction platform and the new product pipeline.
"Overall, we continue to expect good underlying revenue growth in 2016 as we benefit from our investments in existing businesses, acquisitions and pioneering technologies."