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Smith & Nephew sales decline eases in June as more elective surgeries begin

Hip and knee reconstruction, sports injuries, and ENT businesses were hit hardest by the impact of the pandemic.

Smith & Nephew PLC (LON:SN.) said sales have declined progressively less in May and June as coronavirus lockdowns were eased in most countries.

Having already revealed that underlying revenue declined 47% in April, the hip and knee replacement specialist said sales were down 27% year on year in May and around 12% lower in June.

Overall, that means revenue in the second quarter of the year was down around 29% after an 8% decline in the first, with trading profit margins “substantially down” across the first half.

“Nevertheless, there continues to be significant uncertainty and geographical variation,” the company said in a short statement ahead of first-half results on July 29.

Lower levels of elective surgery in the quarter meant hip and knee reconstruction, sports injuries, and ear, nose and throat businesses were hit hardest by the impact of the pandemic. 

S&N said its Advanced Wound Management and Trauma businesses have been more resilient.

Source – Proactive Investor

Image – Photo © Ian S (cc-by-sa/2.0)