Smith & Nephew reported consensus beating Q2 21 sales growth of 40.3%, thanks to a strong recovery in Orthopaedics (+43.4%) and ‘sports medicine & ENT’ (+50.9%). Regionally, growth was driven by the established markets (+46.8%).
For H1, revenue growth came in at 27.8% with a trading margin of 17.6% (+920bps, 40bps ahead of consensus). Guidance of 10%-13% top-line growth and an 18%-19% trading margin was re-iterated.
Following the broadly in-line performance, we do not expect any significant ch
Companies: Smith & Nephew PLC
Smith & Nephew reported consensus-beating Q1 21 sales growth of 6.2%, driven by ‘sports medicine & ENT’ (+10.4%) and ‘advanced wound management’ (+9.3%). Regionally, growth was driven by emerging markets (+21.8%) and the US (+7.1%), which made up for the 1.8% decline in other established markets.
The firm also reinstated the outlook and now expects FY21 underlying growth of 10-13% with a trading profit margin of 18-19%.
We will raise our estimates and target price, following the strong perform
Smith & Nephew reported an in line Q4/FY20 top line (-7.1%/-12.1%). The Q4 decline was attributable to other reconstruction (-45.6%), knees (-16.2%) and ENT (-33.1%), while Hips surprised with a flattish performance (-0.5%) in a difficult operating environment.
The firm missed profit estimates, as trading profit fell 42% (margin -7.8pp to 15%). The dividend of 37.5c/share was unchanged from the prior year.
FY21 sales/profit outlook remains suspended due to COVID-19 uncertainties. We will lower
Smith & Nephew reported big declines in Q2 20 with sales down 29.3% on an underlying basis – driven by broad-based declines – and the H1 20 trading profit margin contracting by 12.9pp (to 8.5%). However, the company announced an interim dividend of $0.144 per share (flat).
FY 20 guidance remains withdrawn, thanks to the persistent pandemic uncertainty. In spite of the soft profit numbers, we will be raising our estimates to account for the faster than expected recovery in elective surgeries.
Smith & Nephew saw Q1 20 revenue decline by 7.6%, on an underlying basis – driven by broad-based weakness, as the COVID-19 outbreak hurt elective procedure volumes. With April revenue down 47%, there is more pain ahead before recovery. However, with procedure volumes returning in key markets, a recovery in H2 looks realistic. Following the Q1 update, we do not expect any significant change in estimates as the Q1 numbers as well as April trading were only marginally better than our estimates.
Smith & Nephew reported good Q4/FY 19 numbers – trumping estimates. Q4/FY 19 sales were up 5.6%/4.4% on an underlying basis – driven by broad-based momentum. For FY19, the trading profit margin came in at 22.8%. The company also announced a final dividend of $0.231 per share (+4%).
Management expects FY 20 revenue growth of 3.5-4.5% with a trading margin at or slightly above the FY 19 level (22.8%). Following the good performance, we will be raising our estimates and target price.
Smith & Nephew reported Q3 19 top-line growth of 4% on an underlying basis – driven by Sports Medicine Joint Repair (+12.2%), Advanced Wound Devices (+15.4%), Knee Implants (+4.6%) and ENT (+5.3%). This was partly offset by a decline in Advanced Wound care (-1.8%). Management upgraded FY 19 revenue expectations to 3.5-4.5% (vs 3-4% earlier), while lowering the trading margin expectation to 22.8% (vs 22.8-23.2%). Following the good Q3, we will be raising our estimates and target price.
Smith & Nephew reported a strong set of Q2 19 numbers. Sales were up 3.5% on an underlying basis, driven by Sports Medicine Joint Repair, Knee and Advanced Wound Devices. Regionally, emerging markets led the growth. H1 19 trading profit came in at $532m, with the associated margin at 21.4%. The company announced an interim dividend of 14.4c per share. Management raised FY 19 revenue guidance to 3-4%. Following the strong Q2, we will be raising our estimates.
Smith & Nephew (LSE:SN) acquires optical tracking technology company | Polarean Imaging (POLX): Trial update | Venn Life Science (VENN.L): Proposed Placing
Companies: POLX ORPH SN/
Smith & Nephew reported Q1 19 sales growth of 4.4% on an underlying basis – driven by Sports Medicine Joint Repair (+11%), Advanced Wound Devices (+16.4%), Knee Implants (+4.1%) and Trauma (+4.8%). In contrast, Arthroscopic Enabling Technologies (-1.1%) and Advanced Wound Bioactives (+0.4%) came in soft. Management upgraded revenue expectations to the higher end of earlier guidance (2.5-3.5%), while re-iterating the trading profit expectation (22.8-23.2%). Following the good start to Q1, we will
Smith & Nephew Q4/FY 2018 numbers were in line with estimates. Q4/FY 18 revenue was up by 3%/2% to $1,294m/$4,904m, driven by sports medicine joint repair, other surgical businesses and advanced wound devices. FY18 trading profit grew by 7% to $1,123m with the associated margin coming in at 22.9% and a dividend of $0.36 per share was announced. FY 19 guidance – revenue growth of 2.5-3.5% and trading profit margin of 22.8-23.2%. We do not expect any major change in our estimates.
Smith and Nephew recently announced its Q3 trading update. Revenue was in line with expectations, coming in at $1,169m, up 3% on an underlying basis. Growth was largely driven by sports medicine joint repair, other surgical businesses and advanced wound devices. On the other hand, arthroscopic enabling technologies and advanced wound bioactives weighed on growth. The big (positive) surprises, though, were the knee segment and the US region. Our recommendation remains unchanged in spite of margin
We had the opportunity to join Smith & Nephew’s (S&N) recent institutional investor roadshow and hear about the introspection that has emerged following the appointment of its new CEO. While endorsing its strategy as a portfolio medical device company, two strategic reviews have identified areas which, when the detail is announced at the Q3 and FY18 results, will enable investors to track S&N’s target of returning to market growth rates.
Smith & Nephew reported largely in line Q2 numbers – on both the top-line as well as the bottomline. The performance of the sports medicine joint repair, other surgical devices, knee implants and advanced wound devices segments were the key positives, while advanced wound bioactives, arthroscopic enabling technologies and trauma businesses posted sales declines. We do not expect any significant changes to our estimates/recommendation.
Smith and Nephew reported a weaker-than-expected Q1 trading performance. The performance of the sports medicine portfolio and continued momentum in China were the key positives, but the Bioactives business and the deepening seasonality/budget constraints in developed markets were concerning. We will be revising our estimates downwards while maintaining an Add recommendation.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Smith & Nephew PLC.
We currently have 0 research reports from 0
Full-year results were in line with the trading update of 21 July, with revenues of £31m (-2%), reflecting the impact of COVID-19 on out-patient procedure rates, resulting in 14% and 24% declines in adjusted EBITDA and pre-tax profit, respectively. Lower than expected procedure growth rates and the decision to discontinue non-core (non-chlorine dioxide products) reduces forecast revenues by c.£3m to £33m in FY 2022. However, higher gross profit and tight control of costs (+6%) results in an unch
Companies: Tristel Plc
No Joiners Today.
Cambria Autos has left the AIM following a takeover.
What’s cooking in the IPO kitchen?
Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and susta
Companies: VRS ORPH SNG MRL EBQ AVG
Companies: WAND SDX SEMP BMK LVCG MOS ACC
TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m.
NMCN Plc has left the Main Market (Premium) following the appointment of administrators.
What’s cooking in the IPO kitchen?
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive
Companies: SEE FST ORCP DNL FDBK 8091 IGP
IXICO has provided an upgraded trading statement for FY21E following its previous update in August 2021. Revenues are now expected to be £9.2m (vs £8.7m previously), broadly in line with FY20A, which we see as a strong result given the pandemic and Huntington's Disease (HD) trials de-scope. EBITDA is expected to be materially ahead of FY20A's £1.3m, supported by strong Q4/21 trading, cost control and positive one-offs. The company has ended FY21 with a strong order book (£18.8m) and cash positio
Companies: IXICO Plc
Today’s prelims are in line with management’s expectations with losses before tax in the period of £30.3m (vs. £29.4m prior year). Post-merger, 4D pharma is clearly a different beast with access to the largest global capital market for Pharma/Biotech, and supported by £25.2m (net) proceeds from corporate activity. The company has cash runway until Q2 2022 and is well placed to successfully execute its clinical development strategy with multiple shots on goal. Primary focus is on MRx0518 with two
Companies: 4d Pharma PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
SkinBioTherapeutics has announced it will launch its lead commercial product, AxisBiotix-Ps on World Psoriasis Day, 29 October 2021. To support the launch, the company has begun to receive, and store finished product in the Netherlands (close to its manufacturing partner) ahead of initial launches in the UK and US. Clearly the launch of its first product is a significant step for SkinBioTherapeutics, marking the transition from development company to commercial operation. We are encouraged by th
Companies: SkinBioTherapeutics Plc
Synairgen reported interim results to 30 June in which the adjusted net loss was £32.8m with period-end cash of £46.2m. Substantial pre-commercial progress and manufacturing activities have made in the half, although slower country approvals for trial sites will result in Phase III data readout slipping into Q1 2022. With increasing evidence of the need for a broad-spectrum antiviral delivered to the lungs and recognition that vaccines don’t provide complete protection against hospitalisations d
Companies: Synairgen plc
ANGLE reported an adjusted net loss of £7.2m (+58% vs. -£3.2m), with establishment revenues increasing 26% to £0.3m and costs rising 48% to £8.9m, reflecting the costs of opening its pharma services business and clinical laboratories in the US and UK. Net cash at 30 June was £21.0m, with a further £18.9m (net) placing proceeds after period-end. Evidence of momentum building within pharma services, backed by confirmation of three contract wins and multiple ongoing discussions (some of which are w
Companies: ANGLE plc
*A corporate client of Hybridan LLP
No joiners today.
Conduity Capital has left AIM.
What’s cooking in the IPO kitchen?
Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segm
Companies: SEN SEMP DNORD DNORD FAB MAST SAR CZA MRL
The current situation in the CDMO arena looks a bit like an arms race and Lonza seems to have firm plans to be part of it. The recently updated mid-term guidance is the explanation to do so, in our view. Management is strongly dedicated to staying with the extraordinary high EBITDA margin for the coming years.
Lonza’s hybrid investors day was well attended in Zurich, in which we participated.
Companies: Lonza Group (LONN:VTX)Lonza Group AG (LONN:SWX)
The positive market research results for Eroxon®, released this morning, provides further support for the company’s ongoing partnering efforts. We continue to believe that MED2002 is a differentiated product with significant potential in both prescription and OTC markets, and look forward to further PK data followed by Phase III start in H1 2018.
Companies: Futura Medical plc
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions yesterday announced it has entered into a partnership with Tabula Rasa HealthCare® (TRHC) (NASDAQ: TRHC), a healthcare technology Company advancing the field of medication safety. Through this initiative, Physiomics' personalised docetaxel model will be integrated into TRHC's market-leading precision dosing solution, DoseMeRx®. Both parties expect positiv
Companies: Physiomics Plc
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch
Companies: SYM ABDX NBI BPM TND BRCK PRES ENET CDGP