British medical products company Smith+Nephew cut its full-year revenue growth forecast on Tuesday, as continued weakness in its orthopaedics unit in the U.S, its largest market, weighed on the business.
After a three-year effort to overhaul its U.S. and Orthopaedics division through cost cuts and sales initiatives, Smith+Nephew said it is counting on new product launches to cushion the hit from persistent weakness in U.S. knee implant demand, which has weighed on performance.
CEO Deepak Nath said in a statement, “Sports Medicine continued to perform strongly, but Orthopaedics was impacted by temporary headwinds in US Hip Implants and ongoing challenges in US Knee Implants ahead of new product introductions.”
The group now expects full-year revenue growth of around 4%, down from a previous forecast of about 6%.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
