UK's Smith+Nephew cuts annual revenue expectations on US orthopaedic unit pain
Smith+Nephew Lowers Revenue Forecast Amid US Orthopaedics Struggles
Aug 4 (Reuters) - British medical products company Smith+Nephew cut its full-year revenue growth forecast on Tuesday, as continued weakness in its orthopaedics unit in the U.S, its largest market, weighed on the business.
Challenges in the US Orthopaedics Division
After a three-year effort to overhaul its U.S. and Orthopaedics division through cost cuts and sales initiatives, Smith+Nephew said it is counting on new product launches to cushion the hit from persistent weakness in U.S. knee implant demand, which has weighed on performance.
Performance of Key Segments
"Sports Medicine continued to perform strongly, but Orthopaedics was impacted by temporary headwinds in US Hip Implants and ongoing challenges in US Knee Implants ahead of new product introductions," CEO Deepak Nath said in a statement.
Updated Revenue Growth Expectations
The group now expects full-year revenue growth of around 4%, down from a previous forecast of about 6%.
Reporting Credits
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Rashmi Aich)
