Stock Track | Smith & Nephew Plunges on China Headwinds, Profit Warning

Stock Track10-31

Shares of medical equipment maker Smith & Nephew PLC (SNN) plummeted over 10% in pre-market trading on Wednesday, after the company issued a profit warning and lowered its earnings guidance for the year.

The British company cited worse-than-expected headwinds in the Chinese market as the primary reason for the guidance cut. It now expects underlying revenue growth for 2024 to be around 4.5%, significantly lower than the previous guidance of 5% to 6% growth.

Furthermore, Smith & Nephew slashed its profit margin outlook for the current year. The company now expects margin growth of "up to 50 basis points" compared to last year's 17.5%, versus its earlier guidance of at least 18% margin growth.

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