Smith & Nephew – Profits Slip But Trading Improving
In 2022, Smith & Nephew’s (LON:SN) like for like revenues were up 4.7% to $5.2bn, ignoring currency movements. This was helped by improved trading in the final quarter across all divisions, with Sports Medicine & ENT (Ear Nose and Throat) performing particularly strongly. A 4.1% increase in fourth quarter Orthopaedics revenues was driven by a return to growth in hip implants and a 5.5% increase in knee implant sales, where momentum in new products continues to build. Q4 2022 hedge fund letters, conferences and more Despite the higher revenues, trading profit (underlying operating profit) was d...