Smith+Nephew reports $5M operating loss in 2020 so far, Q2 revenue drops 30%: 5 things to know

Spinal Tech

Smith+Nephew reported a nearly 30 percent drop in second quarter revenue amid the COVID-19 pandemic.

Five things to know:

1. Smith+Nephew recorded $901 million in second quarter revenue, a 30 percent drop from the $1.2 billion recorded over the same period last year. Half-year revenues dropped 18 percent to $2 billion.

2. The company reported a $5 million operating loss for the first half of the year, compared to a $419 million profit in the same period last year. In April, revenue was down 47 percent; in May, revenue dropped 27 percent; and in June, revenue was down 12 percent.

3. The pandemic led to lower volumes of orthopedic surgeries in the U.S. and Europe during the first half of the year, but elective procedures had resumed by the end of the second quarter in most areas. China returned to growth during the second quarter.

4. Second quarter knee implant sales were down 47.8 percent to $137 million. Hip implant revenue dropped 28.1 percent to $112 million and trauma revenue was down 12.8 percent to $103 million.

5. Smith+Nephew's sports medicine joint repair revenue dropped 33.6 percent to $129 million and arthroscopic enabling technologies revenue was down 22.8 percent to $96 million.

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