May 6, 2020 / 6:19 AM / 23 days ago

BRIEF-Smith+Nephew April sales nearly halve; Q1 sales drop 7.6%

May 6 (Reuters) - Smith & Nephew PLC:

* Q1 REVENUE FELL 7.6 PERCENT TO 1.134 BILLION USD

* SMITH & NEPHEW - Q1 REVENUE $1,134 MILLION (2019: $1,202 MILLION), DOWN -7.6% ON AN UNDERLYING BASIS, CONSISTENT WITH 30 MARCH TRADING UPDATE

* SMITH & NEPHEW QTRLY REPORTED GROWTH DOWN -5.7% INCLUDING A 3.4% BENEFIT FROM ACQUISITIONS AND -1.5% FOREIGN EXCHANGE HEADWIND

* SMITH & NEPHEW - COST CONTROL MEASURES TO REALISE SIGNIFICANT SAVINGS OF UP TO $200 MILLION UNDERWAY IN RESPONSE TO COVID-19

* SMITH & NEPHEW - APRIL REVENUE DOWN AROUND -47% ON AN UNDERLYING BASIS, REFLECTING SUSPENSION OF ELECTIVE PROCEDURES IN MOST MARKETS

* SMITH & NEPHEW - ELECTIVE SURGERIES STARTING TO RETURN IN SOME MARKETS, INCLUDING US IN APRIL

* SMITH & NEPHEW - 2020 GUIDANCE REMAINS WITHDRAWN DUE TO CONTINUING UNCERTAINTY REGARDING IMPACT OF COVID-19

* SMITH & NEPHEW - Q2 REVENUE AND FIRST HALF TRADING MARGIN EXPECTED TO BE SUBSTANTIALLY DOWN ON PRIOR YEAR, AS PREVIOUSLY ANNOUNCED

* SMITH & NEPHEW - RECOVERY IN CHINA IS ENCOURAGING, AS IS RESTART OF ELECTIVE SURGERIES IN MANY OTHER COUNTRIES, AND ESPECIALLY WITHIN US

* SMITH & NEPHEW - SMITH+NEPHEW HAS FINANCIAL STRENGTH TO WITHSTAND THIS PERIOD

* SMITH & NEPHEW - NO JOBS HAVE BEEN LOST AMONGST OUR 17,500 STRONG WORKFORCE AS A RESULT OF COVID-19

* SMITH & NEPHEW - IN UK WE HAVE BEEN WORKING WITH UNIVERSITY OF OXFORD AND KING’S COLLEGE LONDON TO DEVELOP A LOW-COST VENTILATOR

* SMITH & NEPHEW - IN APRIL, EXTENDED COST CONTROL MEASURES TO INCLUDE TEMPORARILY REDUCING PRODUCTION AT SOME MANUFACTURING FACILITIES TO MANAGE STOCK

* SMITH & NEPHEW - AT END OF Q1, GROUP HAD NET DEBT OF $1.8 BILLION (EXCLUDING LEASE LIABILITIES)

* SMITH & NEPHEW - GROUP HAS NO DEBT MATURING IN 2020 Source text for Eikon: Further company coverage:

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