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Money News

Smith+Nephew revenue lifted by recovery in elective surgery demand

(Reuters) - Smith+Nephew said on Thursday revenue recovered strongly in the third quarter from the second, as hospitals managed to carry out more elective surgeries after the initial wave of coronavirus infections.

Shares of the company were seen trading down nearly 3% ahead of market open, according to premarket indicators.

Smith+Nephew said its full-year forecast remains withdrawn due to uncertainty around potential new coronavirus-related restrictions.

Hospitals around the world had delayed non-emergency procedures earlier this year to accommodate COVID-19 patients, which weighed on demand for orthopaedic implants and prosthetics made by Smith+Nephew.

The company said global levels of elective surgery recovered and delivered a substantial improvement in performance over the previous quarter, led by growth in the United States and China.

Emerging markets, mainly China, have been key growth drivers for the company as patient population grows and medical expertise in the region improves.

The company said sales fell nearly 4% to $1.2 billion in the three months ended Sept. 26, recovering from a near 30% slump in the second quarter.

Reporting by Tanishaa Nadkar and Aakash Jagadeesh Babu in Bengaluru; Editing by Amy Caren Daniel

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