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March 30, 2020, 2:39 a.m. EDT

Smith & Nephew withdraws guidance

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By Matteo Castia

Smith & Nephew PLC said Monday that it expects first-quarter and first-half results to be hit by the coronavirus pandemic, and that it is withdrawing its guidance for the full year as it deems it to early to quantify the damages associated with it.

The medical-technology group said it forecasts first-quarter underlying-revenue growth to be 8% lower compared with the same period a year earlier. Similarly, half-year results are estimated to be "substantially down" year-on-year.

Still, the company said that it can leverage a strong balance sheet to navigate the crisis, including a combined value of $2.15 billion from committed facilities and senior notes.

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