By Adam Clark
Smith & Nephew PLC (SN.LN) said Friday that it expects its full-year performance to come in at the lower end of its guidance range after recording 3% revenue growth for the third quarter.
For the quarter ended Sept. 30, the medical equipment company's revenue increased to $1.15 billion from $1.12 billion the year before--reflecting rises of 3% on both an underlying and reported basis.
Smith & Nephew said that it achieved 1% revenue growth in its established markets, while revenue from emerging markets increased 9%.
The company has shifted its outlook for 2017 to the lower end of the guidance it provided with its half-year results, in which it forecast underlying revenue growth of 3% to 4%, as well as a trading profit margin improvement of 20 to 70 basis points for the full year.
Smith & Nephew also said that it has begun a review of its cost base to simplify and improve its operating model that it aims to finalize in time for its year-end results in February.