-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：史密斯醫療（Smith & Nephew，股票代碼：SN）公佈了2026年第一季營收為15.01億美元，與市場預期一致，基本營收成長3.1%（按調整後的日銷售額計算為4.4%），但所有業務板塊的環比增速均有所放緩。由於美國膝關節植入物業務疲軟，骨科業務成長放緩至0.8%（第四季為7.9%），而運動醫學和耳鼻喉科業務則保持穩健，成長6.7%。 SN宣布了一項新的5億美元股票回購計劃，將在未來12個月內完成，並重申了2026年營收成長6%和交易利潤13億美元的預期。 2026年報告營收成長預期為7.7%，高於標普全球市場財智（S&P Capital IQ）目前約6.6%的共識預期。我們預計即將推出的產品以及新RISE策略的持續執行將支撐成長動能。儘管如此，美國膝關節植入物的執行情況仍需密切注意。我們認為，計劃於2026年第三季推出的LANDMARK膝關節系統無骨水泥版本，將是解決膝關節業務長期挑戰的重要催化劑。
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Research Alert: L: Q1 Revenue And Eps Miss, Though Results May Not Be Comparable To Consensus
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:L's Q1 revenue of CAD14.4B (+4% Y/Y) missed consensus by CAD90M, while adjusted EPS of CAD0.49 (+9% Y/Y) fell short of CAD0.52 estimates, though we think PC Financial's presentation in discontinued operations may affect comparability. Food retail same-store sales of 2.4% accelerated from Q4's 1.5%, with drug retail posting 4.1% growth. We view the solid same-store sales momentum as encouraging, particularly given internal food inflation remained well below the 4.4% CPI, indicating L's strong value proposition. Management reiterated 2026 guidance for high single-digit EPS growth and CAD2.4B in gross capex. Store expansion accelerated with 13 net openings, including five hard discount locations, aligning with consumer preference shifts toward value formats. Strong FCF of CAD621M (+189% Y/Y) supported aggressive share repurchases of CAD648M. We believe the pending PC Financial divestiture in Q3 2026 will simplify operations and provide additional capital flexibility for core retail growth.
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