Smith+Nephew Plc announced a 2.9% rise in its first quarter revenue, growing from $1.356 billion to $1.386 billion. This increase reflects a solid performance in the fields of Orthopaedics, Sports Medicine and ENT, despite a slight slump in Advanced Wound Management. The 2.9% increase is on an underlying basis, though this figure drops slightly to 2.2% upon consideration of foreign exchange headwinds—a 70 basis point reduction, in fact.
Deepak Nath, the CEO of Smith+Nephew Plc, attributed this growth to their aforementioned medical specialities. Nath remains optimistic about the future, projecting that the company's annual revenue will grow between 5.0% and 6.0% in fiscal year 2024. According to Nath, the trading profit margin is expected to be at least 18.0%. Confidence is high in the company's ability to sustain, and even exceed, the year's promising start. He anticipates continued contribution and growth in all three of their primary business units in the year ahead.