Smith & Nephew reports 2020 second quarter and first half results
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Smith & Nephew reports improving second quarter and first half results as elective surgeries restarted, according to a company press release.
The group reported a lower operating and trading profit margin year-on-year but saw gradual improvement in revenue declines of –47% in April, –27% in May and –12% in June. The company delivered $150 million of cost-saving measures and will deliver up to $200 million in 2020, according to the release.
Smith & Nephew also announced the strong performance of recently launched products, OR3O dual mobility hip system and EVOS in trauma.
“I am proud of the way all at Smith & Nephew [has] managed the pressure of the COVID-19 crisis. We have continued to serve our customers throughout, and were ready as lockdown restrictions eased, delivering an improving performance across the second quarter,” Roland Diggelmann, CEO of Smith & Nephew, said in the release. “At the same time, we have taken measures to ensure the group emerges from this crisis as strongly as possible. These include maintaining our [research and development] investment, launching new products, protecting jobs and managing our cost base. There remain many uncertainties as countries continue to battle COVID-19, but with our unique portfolio, proven strategy, strong balance sheet and motivated workforce we are ready to take advantage as markets recover,” he added.
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