Smith & Nephew tops 2023 goals, projects continued growth

Medical device manufacturer Smith & Nephew (LSE: SN) surpassed both internal targets and analyst expectations, reporting strong annual results for 2023.

Revenue climbed 6.4% to $5.55 billion, exceeding guidance and analyst estimates. Trading profit also jumped 7.7% to $970 million, surpassing projections. The company maintained its annual dividend at 37.5 cents per share.

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Looking forward, Smith & Nephew forecasts 5.0% to 6.0% underlying revenue growth for 2024, with a targeted trading profit margin of at least 18.0%, exceeding 2023’s 17.5%.

CEO Deepak Nath attributed the success to strategic initiatives and innovation, with nearly half of 2023 growth stemming from new products launched in the past five years.

The company’s share price rose 2.5% following the announcement.