Smith and Nephew confirms progress in Q1 2014

Smith and Nephew has announced its financial results for the first quarter of 2014, during which it generated a revenue total of $1.07 billion (637.26 million pounds).

This reflected year-on-year growth of one percent on an underlying basis, while trading profit came to $229 million, reflecting a profit margin of 21.3 percent, in line with the company's expectations.

During the quarter, the firm successfully carried out multiple new product launches, including the next iteration of its Journey II Total Knee System. Strong performance in emerging markets helped to offset the difficult conditions seen in established territories.

Meanwhile, the organisation continues to make progress with its business restructuring efforts, which incorporate the integration of the recently-acquired ArthroCare. The $1.7 billion deal is intended to greatly strengthen its global sports medicine business.

Smith and Nephew anticipates that this takeover will be completed midway through 2014.

Olivier Bohuon, chief executive officer of Smith and Nephew, said: "We remain confident in our 2014 outlook as we roll out our strong pipeline of new products, benefit from recent investments in marketing and the salesforce and see an increasing contribution from acquisitions."