The company drastically reduced net debt over the past year, which went from $351 million during the first quarter of 2011 to $28 million over the same period in 2012. The company's knee implant business was up 6 percent over the first quarter last year, driven by the Legion Revision Knee System.
The company's hip implant business dropped 2 percent due to the continuing controversy surrounding metal-on-metal total hip implants. Sales of the company's Birmingham Hip Resurfacing system suffered. Its sports medicine joint repair business grew by 7 percent, and the arthroscopy enabling technologies business was up 1 percent.
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Smith & Nephew Q1 Revenue Up 3%, Report Slow Metal-on-Metal Hip Sales FeaturedWritten by Laura Miller | May 03, 2012
Smith & Nephew reported $1 billion in revenue for the first quarter of 2012, a 3 percent increase over the same period last year.
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