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According to a company press release, Smith & Nephew reported a decline in revenue growth in its financial results for the second quarter of 2022.
The company reported revenue of $1.293 billion in the second quarter, a decrease of 3.1% from revenue of $1.335 billion in the second quarter of 2021. However, the company reported an increase of 1.2% in underlying revenue growth in the second quarter of 2021. 2022. Orthopedics reported revenue declined 4.9% in the quarter, “reflecting execution and supply chain challenges “, according to the statement.
“Orthopaedics continues to be held back by execution and supply chain challenges. Over the past three months, I have reviewed the business and, together with the team, developed a comprehensive plan to drive better execution at pace,” said Deepak Nath, CEO of Smith & Nephew, in the statement.
“Our focus is to deliver on our transformational strategy. We will achieve operating profit in orthopedics as early as this year and leverage our strong positions in advanced wound care and sports medicine and ear, nose and throat . I am confident in our ability to transform Smith & Nephew into a structurally higher growth business that delivers greater value to all of our stakeholders,” said Nath.
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