Smith & Nephew - No distractions from the search for growth
Smith & Nephew's Q317 results featured 9% revenue growth in emerging markets that continued the trend of previous quarters. A further efficiency review looks likely to focus on reducing complexity in manufacturing and warehousing, improving the G&A ratio and continued salesforce efficiency. A narrowing of the FY revenue and profit growth expectations towards the lower end of the previously guided range may have disappointed some, but this close to the year-end there should be confidence that the revised FY ranges will remain intact. Management does not comment on M&A speculation, but with the recently announced retirement of its CEO, S&N’s continued strength in the attractive emerging markets and rumoured activist interest look likely to stoke further media speculation.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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