Smith & Nephew PLC (LON:SN.) said it expects third-quarter underlying revenue to decline by 4%.
The orthopaedic, sports injury and wound management group said it was a significant recovery following an overall underlying revenue decline of 29.3% for the second quarter.
Orthopaedics saw the strongest improvement thanks to global levels of elective surgery slowly returning to pre-pandemic figures.
Monthly group growth rates were broadly stable through the quarter, with some seasonality and monthly variation across both franchises and regions, reflecting the continuing impact of COVID-19.
"Clearly there remains a lot of uncertainty around COVID-19 and we look for further colour at the third-quarter results, particularly noting whether the Group is confident enough to issue any further guidance looking forward," analysts at Shore Capital commented.
"Any 'second wave' of the virus in the winter would likely stunt growth in elective procedures and so we expect the uncertainty to remain, particularly heading into the critical winter period in its key markets."
Shares rose 2% to 1,549.5p early on Thursday.
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