Smith+Nephew saw a slight revenue uptick in the first quarter of 2022; however, its sports medicine and joint repair segment jumped with double-digit growth.
Five things to know:
1. Total revenue in the first quarter reached $1.3 billion, an increase of 3.3 percent year over year, according to financial results posted April 28.
2. The orthopedic segment saw less than 1 percent growth year over year netting $541 million in revenue. The hip segment saw 9.3% growth with $231 million, and the knee segment dipped 3.3 percent with $149 million.
3.Knee implant growth was credited to recovery in elective surgery. The decline in hip sales "reflects a strong comparative period and a market that had been more resilient than knees in 2020 and 2021."
4. Sports medicine and ENT business grew 6.1 percent. The sports medicine and joint repair unit leaped 10.9 percent year over year with $220 million. ENT product sales grew 20.7 percent with $35 million.
5. "We are pleased with this encouraging start to the year," Smith+Nephew CEO Deepak Nath said in a news release. "Sports medicine & ENT and advanced wound management continued to deliver strong growth, and orthopedics produced an improved performance as elective procedure volumes rebounded across our segments. The growing contribution from recent product launches reflects the strength of our portfolio and innovation-led approach."