Smith & Nephew (SNN) reported fiscal Q1 revenue Wednesday of $1.50 billion, up from $1.41 billion a year earlier.

Four analysts surveyed by FactSet expected $1.50 billion.

Smith & Nephew said its full-year outlook is unchanged, with the company on track to deliver underlying revenue growth of about 6%.

Smith & Nephew also announced a share buyback of $500 million, to be completed within the next 12 months.

The company's shares were down 1.6% in premarket activity.