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Smith & Nephew Q4 revenue rises YOY; 2017 profit drops

Smith & Nephew plc said its fourth-quarter 2017 revenue rose 5% on a reported basis and set its guidance for full-year 2018.

The London-based medical device company said fourth-quarter revenue came in at $1.28 billion, up from $1.22 billion in the year-ago period.

For full-year 2017, the company booked attributable profit of $767 million, or 87.7 cents per share, down from $784 million, or 87.8 cents per share, in 2016.

Revenue for the full year came in at $4.77 billion, up 2% year over year on a reported basis.

The reduction in the company's 2017 reported tax rate to 12.7% from 26.2% in 2016 included a $32 million net benefit due to the U.S. tax reform as well as the impact from the disposal of its gynecology business in 2016.

For full-year 2018, the company expects revenue to grow 7% to 8% on a reported basis, and trading profit to improve by a further 30 to 70 basis points.

Smith & Nephew also expects the tax rate on its trading results for 2018 to be 20% to 21% due to the U.S. tax reform.