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Smith & Nephew Inc. (SNN) 2013 Q4 And Full Year Results


2/6/2014 11:46:14 AM

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6 February 2014 -- Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, announces its results for the Fourth Quarter and Full Year ended 31 December 2013.

Financial highlights

- Strong Q4 underlying growth - revenue up 6% to $1,175 million, trading profit up 8% to $292 million
- Full Year underlying growth - revenue up 4% to $4,351 million, trading profit up 5% to $987 million; trading profit margin of 22.7% in-line with expectations
- Proposed Final Dividend of 17.0¢

Q4 strategic highlights

- Advanced Surgical Devices makes further progress led by US Knee Implants and Sports Medicine
- Advanced Wound Management strongly outperformed its segment, driven by Bioactives and NPWT
- Continued strong double digit growth in the Emerging and International Markets
- Completion of acquisitions in Turkey, India and Brazil further builds platform
- Agreement to acquire ArthroCare Corp. for approximately $1.7 billion announced on 3 February 2014

Commenting, Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said:
“Smith & Nephew finished the year strongly. Our Orthopaedic Reconstruction business confirmed its improved dynamic, in particular delivering 11% growth in US Knees. Sports Medicine Joint Repair and Advanced Wound Management also delivered double digit sales growth. We had another successful quarter in the Emerging & International Markets and completed acquisitions in Turkey, India and Brazil.

“For the Full Year we generated good underlying revenue and trading profit growth and met our margin expectations. As planned we made targeted investments in research & development and the emerging markets. We also returned significant value to shareholders through increased dividends and a share buy-back programme.

“Looking to 2014, we will continue to invest where we see higher growth opportunities and focus on improving our efficiency. We built momentum across the Group through 2013 and expect to make further progress in the year ahead.”

Analyst presentation and conference call

An analyst presentation and conference call to discuss Smith & Nephew’s fourth quarter and preliminary results will be held at 9.00am GMT/4.00am EST today, Thursday 6 February. This will be broadcast live on the company’s website and will be available on demand shortly following the close of the call at http://www.smith-nephew.com/Q413. During the presentation a listen-only service will be available by calling +44 (0)20 3427 1906 in the UK or +1 646 254 3365 in the US (passcode 8030771). Analysts should contact Jennifer Heagney on +44 (0) 20 7960 2255 or by email at jennifer.heagney@smith-nephew.com for conference call details.

Notes

1 Unless otherwise specified as ‘reported’ all revenue growths throughout this document are underlying increases/decreases after adjusting for the effects of currency translation, inclusion of the comparative impact of acquisitions and exclusion of disposals. See note 3 to the financial statements for a reconciliation.

2 A reconciliation from operating profit to trading profit is given in note 4 to the financial statements. The underlying growth in trading profit is the growth in trading profit after adjusting for the effects of currency translation, inclusion of the comparative impact of acquisitions and exclusion of disposals.

3 Adjusted earnings per ordinary share (“EPSA”) is our reported trend measure and is stated before acquisition related costs, restructuring and rationalisation costs, amortisation of acquisition intangibles, profit on disposal of net assets held for sale and taxation thereon. See note 2 to the financial statements.

4 Earnings per share for the three month period and year ended 31 December 2012 have been restated following the adoption of the revised IAS 19 Employee Benefits standard. As a result of the restatement, basic and adjusted basic earnings per share for the three months ended 31 December 2012 were both reduced by 0.2¢ and for the year ended 31 December 2012 both reduced by 0.9¢. See note 1 to the financial statements.

5 All numbers given are for the quarter ended 31 December 2013 unless stated otherwise.

6 References to market growth rates are estimates generated by Smith & Nephew based on a variety of sources.

Enquiries

Investors

Phil Cowdy

+44 (0) 20 7401 7646

Smith & Nephew

Media

Charles Reynolds

+44 (0) 20 7401 7646

Smith & Nephew

Andrew Mitchell / Justine McIlroy

+44 (0) 20 7404 5959

Brunswick

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