Smith & Nephew reported 2017 third quarter revenue increased 3 percent, driven by growth in the knee implants and emerging markets.
Here are five things to know:
1. Smith & Nephew's third quarter revenue reached $1.1 million, a 3 percent increase over the same period last year. The company divested its gynecology business in August 2016 and reduced reported growth by 1 percent.
2. Sports medicine and joint repair revenues increased 9 percent to $153 million while arthroscopic-enabling technologies dropped 2 percent to $144 million in revenue. The trauma and extremities business revenue also decreased 2 percent to $120 million. Advanced wound care management revenues were up 3 percent to $322 million.
3. The reconstruction business revenue grew 4 percent to $368 million, with knee implant revenue increasing 7 percent to $228 million and hip implant revenue up 2 percent to $140 million.
4. In the U.S., revenue increased 1 percent to $545 million for the quarter, while jumping 9 percent to $195 million in emerging markets. The company's other established markets revenue increased 3 percent to $412 million. Recent natural disasters including two major hurricanes delayed procedures and had an impact on U.S. revenue.
5. Smith & Nephew CEO Olivier Bohuon announced he would step down at the end of 2018, but not before the company signed an agreement to acquire Rotation Medical, which developed tissue regeneration technology for rotator cuff repair.
"Looking ahead, our focus on accelerating the top-line is unchanged and we are also starting the next stage in our continuing drive to improve efficiency across the group. I am as determined as ever to keep pushing for further success, and to leave Smith & Nephew an even better company," said Mr. Bohuon.