Investor Alert

Nov. 3, 2017, 3:40 a.m. EDT

Smith & Nephew shifts 2017 outlook to lower end

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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.

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