Smith+Nephew saw $1.3 billion in third-quarter revenue; however, its orthopedic sales dipped, according to financial results posted Nov. 4.
Four things to know:
1. Total revenue was up 5.5 percent year over year. The company's advanced wound management and sports medicine and ENT segments saw 12.1 percent and 8.3 percent growth, respectively.
2. Orthopedic sales were $508 million, down 0.7 percent from the same time last year. Knee sales decreased 5.6 percent year over year at $207 million, and hip sales fell 6.7 percent at $145 million.
3. Underlying causes for the orthopedics sales dip include the effects of the COVID-19 delta variant and U.S. supply chain constraints, the report said. CEO Ronald Diggelman said in a statement the company is addressing the gap and making progress with the supply chain.
4. Highlights from Smith+Nephew's orthopedics segment include the launch of Sync performance instruments for joint replacements and the introduction of the Concelec cementless knee system.