Smith & Nephew releases fourth-quarter 2020, year-end financial results
In its year-end 2020 financial statement, Smith & Nephew reported decreased revenue and operating profits throughout the fourth quarter and full year of 2020.
The company reported $1.326 million in revenue during the fourth quarter, a 5.8% decrease from the prior year period, and $4.56 million in revenue for the year, a 11.2% decrease from 2019.
Smith & Nephew also reported a decrease in full-year operating profit margin from 15.9% in 2019 to 6.5% in 2020; however, the company was able to distribute about $0.38 per share in full-year 2020 dividends, the same dividend payout as 2019. Additionally, the company reported increased investment in research and development.
“In 2020, we continued to strengthen Smith & Nephew through increased investment in research and development, new product launches and strategic acquisitions in our higher growth segments. We achieved this while also managing unprecedented disruption from COVID-19. The resilience of the business and strength of the balance sheet also meant we are able to maintain our progressive dividend policy,” Roland Diggelmann, CEO of Smith & Nephew, said in the release. “We start 2021 with three clear priorities: to return to top-line growth and recapture momentum; to drive further operational improvement; and to continue to respond effectively to COVID-19. We will build on the progress we are starting to make in areas where we have recently invested and introduced innovation. We will again invest more in research and development and I am excited by the pipeline of new technologies approaching launch, and by the potential of our recent acquisitions.”
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