SNN - Smith & Nephew reports FY earnings; initiates FY23 guidance
- Smith & Nephew press release ( NYSE: SNN ): FY GAAP EPS of $0.26 misses by $0.14 .
- EPSA of $0.82.
- Revenue of $5.21B in-line (flat Y/Y).
- Cash generated from operations of $581M (2021: $1,048M) with trading cash flow of $444M.
- Outlook: For 2023, we are targeting: Underlying revenue growth expected in the range of 5.0% to 6.0% (5.0% to 6.0% reported); Trading profit margin expected to be at least 17.5%; Midterm targets updated: targeting 5%+ underlying revenue growth driven by return on innovation investments and execution of 12-point plan; and trading profit margin expansion to at least 20% in 2025 driven by productivity improvements.
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Smith & Nephew reports FY earnings; initiates FY23 guidance