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Smith & Nephew Inc. (SNN) Q3 Results


10/31/2013 10:11:04 AM

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31 October 2013 -- Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, announces its results for the third quarter ended 28 September 2013.

* Q3 2013 comprises 63 trading days (2012: 63 trading days)

** Underlying change includes the like-for-like Healthpoint growth and excludes impacts of the Bioventus transaction and currency translation

Q3 Financial Highlights

? Revenue of $1,027 million, up 5% on an underlying basis

? Trading profit of $222 million, up 10% on an underlying basis, giving a trading profit margin of 21.6%

? EPSA at 17.1 cents, up 4%

? Improved performance in Hip and Knee Implants and continued strong growth from Advanced Wound Management and Sports Medicine Joint Repair

? Emerging and International Markets delivered 20% revenue growth

? $300 million share buy-back programme on-track with $151 million spent to date

Commenting, Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said:

“Smith & Nephew had a strong third quarter, delivering 5% growth in revenue and 10% growth in trading profit on an underlying basis. Our global performance in Hip and Knee Implants improved following successful new product introductions and increased investment. We generated 20% revenue growth across our Emerging and International Markets. Advanced Wound Management significantly outperformed its segment with another excellent quarter from Healthpoint Biotherapeutics, which we have now rebranded as Smith & Nephew.

“Our markets remain tough, but through implementing our strategic priorities we are meeting these challenges, investing where we see the greatest opportunities for growth, and successfully reshaping the Group for long-term success.”

Analyst conference call

An analyst conference call to discuss Smith & Nephew’s third quarter results will be held at 12.30pm GMT/8.30am EST today, Thursday 31 October. 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/Q313. During the presentation a listen-only service will be available by calling +44(0)20 3427 1907 in the UK or +1212 444 0895 in the US (passcode 3655939). Analysts should contact Jennifer Heagney on +44 (0) 20 7960 2255 or by email at jennifer.heagney@smith-nephew.com for conference call details.

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

2 A reconciliation from operating profit to trading profit is given in note 4 to the interim 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”) growth 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 interim financial statements.

4 Earnings per share for the three month and nine month periods ended 29 September 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 29 September 2012 decreased by 0.3¢ and 0.2¢ respectively and for the nine month period ended 29 September 2012 decreased by 0.7¢ and 0.7¢ respectively. See note 1 to the interim financial statements.

5 All numbers given are for the quarter ended 28 September 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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