Stock Track | Smith & Nephew Shares Plummet After Slashing Guidance on China Woes

Stock Track10-31

Shares of British medical technology firm Smith & Nephew PLC (SNN) plummeted over 13% on Wednesday, marking their worst single-day decline in nearly four decades. The steep sell-off was triggered by the company's warning of persistent headwinds in the Chinese market, forcing it to slash its full-year guidance for revenue and profit margins.

In its third-quarter update, Smith & Nephew revealed that its revenue growth in China was significantly weaker than expected, prompting the company to lower its underlying revenue growth guidance for 2024 to around 4.5%, down from the previous range of 5-6%. The lackluster performance in the Chinese market also led the company to cut its trading profit margin outlook for the current year. Smith & Nephew now expects margin growth of up to 50 basis points from last year's 17.5%, compared to its earlier forecast of at least 18%.

Looking ahead to 2025, the company anticipates its trading profit margin to be between 19-20%, lower than the previous estimate of at least 20%. The downward revisions underscore the continued challenges Smith & Nephew is facing in China, a key market for its surgical products and orthopedic implants.

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