By Anthony O. Goriainoff 



  Smith & Nephew PLC said Thursday that it expects underlying revenue in the third quarter to fall around 4%. 


  The global medical-technology company said that its three franchises showed a significant recovery during the period following a 29% fall in underlying revenue--a metric that strips out exceptional and other one-off items--during the second quarter. 


  "Monthly group growth rates were broadly stable through the quarter, with some seasonality and monthly variation across both franchises and regions, reflecting the continuing impact of Covid-19," the company said. 


  Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com