Smith & Nephew plc (NYSE:SNN) Q4 2023 Earnings Call Transcript February 28, 2024 Smith & Nephew plc isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Deepak Nath: Good morning and welcome to the Smith & Nephew Q4 and Full Year ‘23 […]
· Full Year revenue $4,560 million, down -11.2% reported and -12.1% underlying · Trading profit margin 15.0% reflected lower gross margins, negative leverage from SG&A costs and increased R&D investment · Operating profit margin of 6.5% included restructuring costs related to efficiency programmes · Cash generated from operations $972 million (2019: $1,370 million), trading cash flow $690 million (2019: $970 million), trading profit to cash conversion ratio 101% (2019: 83%) · Increased R&D investment, with recent product launches performing well · Delivered acquisitions in extremities, ENT and ASC segments, securing new innovation to support sustainable growth · Full Year 2020 dividend distribution of 37.5¢ per share, unchanged from 2019, reflecting confidence in the business and strength of the balance sheet