Smith+Nephew on Feb. 21 posted revenue growth in the fourth quarter and full year of 2022 and plans to deploy a 12-point plan to bolster its orthopedics segment.
1. Fourth quarter revenue of $1.4 billion was a 1.4 percent increase year-over-year. For the full year of 2022, the company saw $5.2 billion in sales, a 4.7 percent increase year-over-year.
2. Fourth quarter orthopedic sales were $549 million, a 0.4 percent dip compated to the same time in 2021. Knee sales were $234 million, and hip sales were $150 million.
3. Orthopedic sales in 2022 overall reached $2.1 billion, a 2 percent decrease compared to 2021. Full-year knee sales were $899 million, and hip sales were $584 million.
4. Smith+Nephew is implementing a 12-point plan to support 2023 sales, including efforts to "regain momentum" in orthopedics.
"Through the 12-point plan we are focused on addressing these challenges, including improving logistics and updating our demand and supply planning process to bring a deeper level of specificity and collaboration between our operations and commercial teams," the company's report said.
5. Smith+Nephew expects to see 2023 revenue increase five percent to six percent.