(Corrects word to “fell” in second paragraph.)
Sales climbed 4.4 percent from a year earlier to $1.07 billion, the U.K.’s biggest medical-device maker said today in a statement. That matched the average of 12 analyst estimates compiled by Bloomberg. Trading profit, which excludes reorganization and acquisition costs, fell to $232 million from $234 million.
Smith & Nephew is looking for growth through bolt-on acquisitions and emerging markets as sales in Europe continue to be weak. It announced it would buy an Indian trauma business and start a share buyback program after first-quarter results missed analysts’ estimates. The company still expects profitability will decline this year.
“We generated stand-out contributions from our areas of focused investment in the emerging and international markets and negative pressure wound therapy,” Chief Executive Officer Olivier Bohuon said in the statement. “As expected orthopedic reconstruction had a slow quarter and we anticipate a better second half.”
Smith & Nephew rose 0.2 percent to 784.50 pence in London yesterday, giving the company a market value of 7.07 billion pounds ($10.7 billion.)
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