Smith+Nephew (LON: SN; NYSE: SNN) saw its sales jump 48% in Q2, with the company reiterating its projection of 10–13% underlying revenue growth in 2021.
British medtech giant yesterday reported $1.335 billion in revenue for the quarter ended July 3, 2021. For the first half of 2021, the company saw a trading profit of $459 million and an operating profit of $239 million off of $2.599 billion in revenue — versus a trading profit of $172 million and an operating loss of –$5 million off of $2.035 billion in revenue a year before.
“Our performance in the first half of 2021 demonstrates the value of our continued investment in our portfolio, our pipeline and our people. This has put us in a strong position as COVID restrictions eased and levels of elective surgery began to return to normal, with new products and recently acquired assets performing well across the portfolio,” CEO Roland Diggelmann said in a news release.
“Looking ahead, we believe we are well-positioned to deliver on our guidance for this year,” Diggelmann said. “We also remain focused on setting ourselves up for sustainable success in the medium-term, prioritizing revenue growth from our R&D pipeline, unlocking further value from acquisitions, and driving commercial and operational excellence.”
Smith+Nephew also announced progress in a five-year operations and efficiency plan, announcing plans to close or sell five factories as it nears completion of a large-scale, high-technology facility in Malaysia. The Malaysia facility is expected to start production in 2022.