Smith & Nephew announced a rather soft Q3 trading update (it provides only top-line numbers), with sales coming in below market expectations, mainly due to weak demand from China and the strengthening of the US dollar. Revenue was down 4% yoy to $1.1bn, as forex headwinds of 9% eclipsed underlying growth of 4%. As expected, the sharp decline in acquisition benefit (1ppt vs 6ppts in Q2 15) added to the muted results. While management has maintained its FY 15 guidance of a higher underlying
