By Carlo Martuscelli
Smith & Nephew PLC (SN.LN) on Thursday lowered its full-year guidance after reporting that first-quarter revenue was flat on an underlying basis in what it called a mixed performance for the period.
The medical-equipment manufacturing company said reported revenue rose 5% on currency tailwinds to $1.20 billion for the quarter ended March 31, compared with $1.14 billion the previous year.
Revenue from its established markets declined 2% on an underlying basis, impacted by softer market conditions. Emerging markets revenue expanded by 9% on an underlying basis.
In 2018, Smith & Nephew expects underlying revenue to increase by 2% to 3%. The company previously guided for underlying growth in the range of 3% to 4%.
Its trading profit margin is expected to be at, or above, the same level recorded in 2017, it said.