By Matteo Castia
Smith & Nephew PLC said Thursday that third-quarter underlying revenue strongly recovered from the previous quarter's steep decline caused by the coronavirus pandemic, although it remained down year-on-year.
The FTSE-100 medical-technology group said quarterly underlying revenue, which strips out exceptional and other one-off items, fell 4.2% on the year, compared with 4% growth posted in the year-earlier period. This compares with a 29% underlying revenue fall in the second quarter.
At the beginning of this month, the company had guided for a 4% fall in underlying revenue for the third quarter, as its three franchises had been showing significant recovery during the period.
Revenue in the period fell 3.7% year-on-year to $1.2 billion.
Smith & Nephew said that growth in its Chinese and U.S. market has been offset by a continued hit from the pandemic in India and Latin America.
Write to Matteo Castia at email@example.com
(END) Dow Jones Newswires