By Anthony O. Goriainoff

 

Smith & Nephew PLC said Thursday that revenue in the first quarter rose 3.3% on a reported basis, and backed its guidance for the year.

The London-listed medical-technology company said that for the quarter ended April 2 revenue rose to $1.31 billion compared with $1.26 billion for the first quarter of 2021.

The company said that established markets underlying revenue was up 4.1% as elective surgery volumes recovered from the impact of the Omicron coronavirus variant at the start of the quarter.

Emerging markets underlying revenue rose to 14% with double-digit growth across India, the Middle East and Africa, and Latin America.

The FTSE 100 company said that it was focused on its strategy for growth, and that this included work on productivity and commercial execution.

Last December, Smith & Nephew set a target for 4%-6% organic revenue growth a year through to 2024 and for an operating margin of 21%.

It also said at the time that the board plans to buy back between $250 million and $300 million of shares this year.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

April 28, 2022 02:50 ET (06:50 GMT)

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