Smith & Nephew Plc (SN/), Europe’s biggest maker of artificial hips and knees, had the biggest drop in quarterly sales in at least seven years amid continued health- care price pressure in Europe.
Third-quarter sales fell to $952 million from $1.03 billion a year earlier, missing the $967.2 million average estimate of 10 analysts. Revenue was also reduced by the absence of revenue from the Biologics and Clinical Therapies business, which was spun out as Bioventus LLC in May. Smith & Nephew reports earnings in dollars, and the currency’s gains reduced revenue from business outside the U.S.
