LONDON (dpa-AFX) - Medical technology company Smith & Nephew Plc on Thursday reported lower revenues in the third quarter mainly due to 600 bps FX headwind attributed to the strength of the US Dollar.
Revenue for the period stood at $1.25 billion as compared to $1.27 billion in the third quarter of the prior year, recording a decline of 1.2%. The underlying revenue growth stood at 4.8%.
Revenue for the 9 months stood at $3.85 billion as compared to $3.87 billion in the corresponding period of the prior year.
Full-year 2022 underlying revenue growth is currently expected in the middle of the previously guided range of 4.0% to 5.0%. (Around -0.8% to +0.2% on a reported basis, including a foreign exchange headwind of 480bps based on exchange rates prevailing on 28 October 2022).
The trading profit margin guidance of around 17.5% is kept unchanged.
Shares of Smith & Nephew closed Wednesday's trading at $22.98, down $0.89 or 3.73 percent from the previous close.
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