Smith+Nephew saw year-over-year decreases in second-quarter revenue, according to financial results posted July 28.
Five things to know:
1. The company's total revenue was $1.3 billion, a 3.1 percent decrease from the same time last year.
2. Orthopedic sales were down 4.9 percent year over year at $530 million. The decrease reflected execution, supply chain challenges and value-based purchasing in China.
3. Knee implant sales were $223 million, and hip implant sales were $149 million. Quarterly sales for knees were down 1.3 percent year over year and hips fell 7.7 percent.
4. Sports medicine and ENT sales were $381 million, down 2.4 percent compared to the same period last year.
5. After only a few months at Smith+Nephew it is clear to me that we have many more opportunities than challenges," CEO Deepak Nath said in a news release. "Our fundamental competitive position is strong, and we have a clear right to win in all three franchises through product differentiation and proprietary platform technologies. And, importantly, delivery is well on track in two of the three franchises, providing 60 percent of our revenue."