Smith+Nephew reported a double-digit drop in 2020 revenue, but aims to return to top-line growth this year.
Five things to know:
1. Smith+Nephew reported $4.5 billion in 2020 revenue, an 11.2 percent drop from 2019. In the fourth quarter, revenue lagged 5.8 percent behind the fourth quarter of 2019.
2. Fourth-quarter knee implant revenue was down 15.1 percent, to $545 million, while hip revenue grew 1.2 percent to $162 million year over year. The company's sports medicine joint repair segment had 1 percent revenue growth, to $223 million.
3. Smith+Nephew invested $307 million in research and development, up 5.1 percent from 2019. The company also had several new product launches and grew its offerings in the ASC segment.
4. In 2021, Smith+Nephew reported its top priorities are:
· Returning to top-line growth
· Delivering operational improvement enterprisewide
· Effectively responding to COVID-19
"Our focus is to drive higher returns from our differentiated product portfolio. Our recent experience of launching innovative products demonstrates that our emphasis on commercial excellence can enhance growth. Many of our recent new product launches are at early stages, and there is considerable scope to expand them both to new customers and into new markets," the company states in a Feb. 18 news release.
5. Smith+Nephew said it expects to improve its revenue and profit margin in 2021.
More articles on orthopedic devices:
Globus Medical posts 10% jump in Q4 sales: 6 details
$108M raised by Mainstay Medical to support US launch of back pain implant
29 orthopedic devices receiving FDA clearance in January