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Earnings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Smith & Nephew: Hip sales grew just 1% in the U.S., while knee growth was up 4% in the first quarter, hindered by an industry-wide slowdown in reconstructive procedures. "What we expect from the [economic] environment and the headwind is that we don't expect it to get any easier any time soon," Smith & Nephew CEO David Illingworth cautioned during an April 30 earnings call. "And it could potentially soften a little bit more," he added. Global orthopedic sales were up 4% on a constant currency basis to $508 million. The firm's endoscopy business, which includes capital equipment, also was impacted by the economy, with sales falling 4% in the U.S. Global endoscopy sales were flat at $179 million. Consolidated net revenue was $865 million, down 5% on a reported basis, or up 4% at constant currency
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