Smith & Nephew reported a soft Q3 21 as sales growth of 2.3% missed estimates. Momentum in wound management (+10.9%) and sports medicine & ENT (+6.5%) was more than offset by the decline in Orthopaedics (-5.9%), which was hurt by the spread of the Delta variant and supply-chain issues.
The firm now expects FY21 growth at the lower end of its 10-13% range with a trading profit margin at 18-19%.
Following the soft showing, we will trim our estimates and target price.
17 Nov 2021
Q3 21: Orthopaedics weakness arrests momentum
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Q3 21: Orthopaedics weakness arrests momentum
Smith & Nephew plc (SN:LON) | 964 -48.2 (-0.5%) | Mkt Cap: 8,430m
- Published:
17 Nov 2021 -
Author:
Virendra Chauhan -
Pages:
3
Smith & Nephew reported a soft Q3 21 as sales growth of 2.3% missed estimates. Momentum in wound management (+10.9%) and sports medicine & ENT (+6.5%) was more than offset by the decline in Orthopaedics (-5.9%), which was hurt by the spread of the Delta variant and supply-chain issues.
The firm now expects FY21 growth at the lower end of its 10-13% range with a trading profit margin at 18-19%.
Following the soft showing, we will trim our estimates and target price.