In position to deliver FY16 targets
Smith & Nephew (S&N) reported Q3 results in line with consensus. Following slower revenue growth than expected by management in H1, Q3 results indicate an improvement, particularly in emerging markets, which reported 6% revenue growth as the outlook in China improves. Significant revenue contributions continue to come from Sports Medicine Joint Repair and Knee Implants, although Wound Care remains weak. S&N’s 3% premium rating on 2016e P/E to the average of its global orthopaedic peers is underpinned by evidence of improving growth prospects.Smith & Nephew is a global medical devices business operating in the markets for advanced surgical devices comprising orthopaedic reconstruction and trauma, sports medicine and advanced wound management. Co.'s advanced medical products and services include: Orthopaedic Reconstruction and Trauma (joint replacement systems for knees and hips and products to help repair broken bones); Advanced Wound Management (treatment and prevention products for hard-to-heal wounds); and Sports Medicine (implants and enabling technologies for minimally invasive repair of the joint).
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