August 01, 2020
1 min read
Save

Smith & Nephew reports 2020 second quarter and first half results

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Smith & Nephew reports improving second quarter and first half results as elective surgeries restarted, according to a company press release.

The group reported a lower operating and trading profit margin year-on-year but saw gradual improvement in revenue declines of –47% in April, –27% in May and –12% in June. The company delivered $150 million of cost-saving measures and will deliver up to $200 million in 2020, according to the release.

Smith & Nephew also announced the strong performance of recently launched products, OR3O dual mobility hip system and EVOS in trauma.

“I am proud of the way all at Smith & Nephew [has] managed the pressure of the COVID-19 crisis. We have continued to serve our customers throughout, and were ready as lockdown restrictions eased, delivering an improving performance across the second quarter,” Roland Diggelmann, CEO of Smith & Nephew, said in the release. “At the same time, we have taken measures to ensure the group emerges from this crisis as strongly as possible. These include maintaining our [research and development] investment, launching new products, protecting jobs and managing our cost base. There remain many uncertainties as countries continue to battle COVID-19, but with our unique portfolio, proven strategy, strong balance sheet and motivated workforce we are ready to take advantage as markets recover,” he added.