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May 3, 2018, 2:20 a.m. EDT

Smith & Nephew cuts guidance on mixed performance

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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.

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