Smith & Nephew reported decreased revenue growth in its second-quarter 2022 financial results, according to a company press release.
The company reported a second-quarter revenue of $1,293 million, a 3.1% decrease on a reported basis from $1,335 million in revenue for the second quarter of 2021. However, the company reported a 1.2% increase in underlying revenue growth for the second quarter of 2022. Reported orthopedics revenue declined 4.9% in the quarter, “reflecting execution and supply chain challenges,” according to the release.
“Orthopedics continues to be held back by execution and supply chain challenges. In the last three months, I have reviewed the business and, together with the team, we have developed a comprehensive plan to drive better execution at pace,” Deepak Nath, CEO of Smith & Nephew, said in the release.
“Our focus is on delivering our transformational strategy. We will drive operational benefits in orthopedics, as soon as this year, and build on our strong positions in advanced wound management and sports medicine and ear, nose and throat. I am confident in our ability to transform Smith & Nephew into a structurally higher-growth business delivering greater value for all our stakeholders,” Nath said.