Smith & Nephew reports revenue growth in second quarter, first half of 2023
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Smith & Nephew reported a 6.6% increase in revenue year-over-year for its second quarter of 2023 and a 5.2% increase for the first half of 2023, according to a company press release.
The company reported $1.379 billion in revenue in the second quarter of 2023, which was 6.6% higher than the prior year period on a reported basis and 7.8% higher on an underlying basis.
In the first half of 2023, the company reported $2.734 billion in revenue, a 5.2% increase on a reported basis and 7.3% increase on an underlying basis compared with the first half of 2022.
Orthopedics revenue was up 5.8%; sports medicine and ear, nose and throat revenue were up 12%; and advanced wound management revenue was up 6.2%, according to the release.
“I am pleased to report strong first half revenue growth across our business,” Deepak Nath, CEO of Smith & Nephew, said in the release. “The continued outperformance in sports medicine and advanced wound management – representing 60% of our business – has continued. In orthopedics, our actions to improve product supply and execution have increased our ability to benefit from strong elective procedure volumes. Overall, these results have given us the confidence to increase our full-year revenue growth guidance.”
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