No Surprises in Smith & Nephew's Abbreviated 1Q Performance
After the release of Smith & Nephew’s abbreviated first-quarter results, we’re leaving our fair value estimate unchanged. After adjusting for divestitures, Smith & Nephew posted 3% quarterly organic growth, which is consistent with our expectations. As we’ve seen in previous quarters, knee growth was decent at 4%, though it continues to trail the market, and hips generally remain in decline. The firm now has enough product lines that the waxing product cycles can often offset those wani...
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