Smith & Nephew (LSE: SN) shares rose 2.5% after the medical technology company reported in-line first-quarter sales despite weakness in its Advanced Wound Management unit.
Overall sales rose 2.9% on an underlying basis to $1.39 billion, with growth in Orthopaedics and Sports Medicine & ENT offsetting a 2.0% decline in Advanced Wound Management.
Orthopaedics revenue rose 4.4%, driven by strong growth outside the US. Sports Medicine & ENT revenue rose 5.5%, supported by recent product launches.
The company reiterated its full-year outlook for 5.0% to 6.0% underlying revenue growth and a trading profit margin of at least 18.0%.
CEO Deepak Nath said: “We are confident in our outlook and look forward to all three of our business units contributing as we deliver another year of strong revenue growth.”
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