Medical technology business Smith+Nephew, which has large base in Hull, increases revenue

Smith+Nephew, the global medical technology business which has a large base in Hull, today said it was continuing to recapture its pre-COVID momentum.

The group said it had achieved a third quarter revenue of $1,266 million, which is an increase of 5.5% on a reported basis.

The company said that a range of actions were underway to address supply chain challenges and it was continuing to deliver an innovation pipeline.

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Roland Diggelmann, Chief Executive Officer, said: "I'm pleased to see Advanced Wound Management and Sports Medicine & ENT deliver a second consecutive quarter of growth above 2019 levels, driven by strong commercial execution, investment in innovation and high-quality acquisitions.

The group said it had achieved a third quarter revenue of $1,266 million, which is an increase of 5.5% on a reported basis.

"The performance of these franchises helped offset the near-term challenges in orthopaedics. As committed, we are addressing the gap in our orthopaedics portfolio, with the first surgeries taking place with our new cementless knee. In parallel we are making progress on supply chain.

"We see higher growth and more consistent execution opportunities from bringing our sports medicine and orthopaedics franchises under one leadership team, which we've announced today. This will build on our unique strengths to support customers looking for a combined portfolio approach, while continuing to serve those focused on just one surgical discipline. We believe this change is another important step as we continue to recapture our pre-COVID momentum."

Smith+Nephew was founded in Hull in 1856. Since 2011, the company has invested £50 million in capital projects at its Hull site.

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