Source AP ©

Smith & Nephew profit drops 86 percent

Smith & Nephew PLC, a British maker of orthopedic treatments, third-quarter profit slumped 86 percent as expenses rose.

Net income for the three months through Sept. 30 dropped to US$13 million (€9 million) from US$92 million in the same period a year earlier, the company said in a statement. Sales rose 24 percent to US$845 million (€584.9 million).

Smith & Nephew bought Plus Orthopedics Holding AG in May for US$887 million (€614 million) and BlueSky Medical Group Inc. in the same month for up to US$95 million (€65.8 million).

"Global market conditions continue to be driven favorably by underlying demographic trends which are creating strong demand for our innovative products," the company said.

In September, four companies including Smith & Nephew agreed to accept U.S. government monitoring and pay US$310 million in fines. The companies were accused of giving money and trips to surgeons who used their products.

More than half of the total fine would be paid by Zimmer Holdings Inc., with the rest coming from DePuy Orthopaedics Inc., Smith & Nephew and Biomet Orthopedics Inc.

If the companies comply with government oversight for 18 months, the charges against them will be dropped and they would not have to pay the fine.

Smith & Nephew shares dropped 6.9 percent to 605 pence (US$12.53; €8.67) on the London Stock Exchange.

Comments
Russian woman killed when hanging out naked of moving car in Dominican Republic
Pilot shares his impressions after flying Su-57 fifth-generation fighter
Russian government prepares to get rid of US dollar in economy
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
US-Russian confrontation: War is peace, freedom is slavery
Details of Putin-Merkel surprise meeting unveiled
Russia's long-range Bastion system follows USS Carney in Black Sea waters
The insane idea in Germany: "pedophilia normal love"
US sanctions to kill Russian banks and sovereign debt?
Will Smith tells of his trip to Russia in a video
Why Russia continues investing in US public debt
USA and Turkey: The elephant kicks the barking pug aside
In Ukraine, human organs don't stink
US-Russian confrontation: War is peace, freedom is slavery
US-Russian confrontation: War is peace, freedom is slavery
US-Russian confrontation: War is peace, freedom is slavery
Castro sued over alleged torture
Castro sued over alleged torture
Castro sued over alleged torture
Aretha Franklin: A colossus, a woman, a lady, a light and a soul
Ukraine dreams of what it can do to Crimea after winning war with Russia