Smith & Nephew : FY review - solid finish, outlook as expected, medium-term targets lowered
>Q4 review – good finish to 2022 - Q4 2022 revenues of $ 1,365m (+1.4% y-o-y) were 2%/1% ahead of ODDO BHF/consensus. Underlying growth was 6.8% (vs 4.5%/6.1% expected). Forex headwinds accounted for 540bp. FY trading profit reached $ 901m (-3.8% y-o-y/margin 17.3%), in line with our forecast but 5% below the consensus. EPSA of $ 0.818 was +4%/5% vs expectations. Segmental view - sports medicine & EN T with strongest growth - In the last quarter, ort...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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