By Sabela Ojea
Smith & Nephew PLC said Monday that underlying revenue fell 7% in the fourth quarter of the year and it expects a steeper decline in full-year revenue.
The FTSE 100-listed medical-technology said underlying revenue for 2020 is anticipated to fall by 12% compared with the prior year, adding that its trading profit margin will be significantly hit on a year-on-year basis.
The company also said that sales were negatively affected by increased rates of Covid-19 from mid-October onwards, particularly in the U.S. and Europe, where more procedures were postponed due to the reintroduction of restrictions.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
01-11-21 0236ET