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Share Name | Share Symbol | Market | Type |
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Biomet (MM) | NASDAQ:BMET | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
U.K. medical device maker Smith & Nephew PLC (SN.LN) Thursday reported a 42% rise in fourth-quarter net profit, and its adjusted earnings beat forecasts, aided by strong sales of its knee replacement products and further margin gains.
The company, which has been the subject of renewed takeover speculation in recent months, said it expects its orthopedic reconstruction business to grow at the same rate as the overall market in 2011 and its wound care unit to outpace its market growth rate.
Smith & Nephew said it is looking at an increasing number of investment opportunities, but didn't elaborate.
Smith & Nephew reported a net profit of $182 million for the final quarter of 2010, compared with $128 million a year earlier. Revenue was flat at $1.07 billion.
Earnings per share, excluding some items, rose to 21.6 cents from 20.3 cents, well ahead of analysts' average expectations of 18.9 cents, according to data compiled by the company.
It increased its dividend by 10% to 9.82 cents a share.
Speculation that Smith & Nephew was being stalked by a U.S. rival reached fever pitch at the beginning of 2011, pushing its share price to record highs, with Johnson & Johnson (JNJ) and Biomet Inc. named as likely suitors. Smith & Nephew said Jan. 14 it wasn't in any offer talks.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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