October 31, 2019 / 8:09 AM / 2 months ago

UPDATE 1-Smith+Nephew raises revenue growth view again on emerging markets strength

(Adds outlook, revenue, estimate, background)

Oct 31 (Reuters) - Artificial hip and knee maker Smith+Nephew on Thursday raised its full-year forecast for underlying revenue growth for the third time this year and beat quarterly sales expectations, less than two weeks after appointing a new top boss.

The company expects the underlying revenue to grow in the range of 3.5% to 4.5%, up from prior forecast of 3% to 4% issued in July.

Emerging markets, mainly China, have been a bright spot for the company as patient populations grow and medical expertise in the region improves.

The company reported a 16% rise in emerging markets revenue for the third quarter ended Sept. 28. Overall revenue rose 4% to 1.25 billion pounds ($1.62 billion) on an underlying basis, higher than analyst estimate of $1.24 billion.

Shares in the bluechip company were seen rising 2% to 3% according to premarket indicators.

The company appointed former Roche Diagnostics head Roland Diggelmann as its chief executive officer last week in place of Namal Nawana, who will step down just 17 months after taking up the role.

The medical device maker said it expects trading profit margin to be around 22.8% for the year, which is at the lower end of its prior view of 22.8% to 23.2% because of investments, dilution from acquisitions and a small foreign exchange headwind in the second half of 2019.

($1 = 0.7732 pounds)

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Arun Koyyur

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