Smith & Nephew operating income up 28% in FY16; shares off 3% premarket

• Smith & Nephew (SNN) FY16 results: Revenues: $4,669M (+0.8%); Operating Income: $801M (+27.5%); Net Income: $784M (+91.2%); EPS: $0.88 (+91.3%); CF Ops: $849M (-17.6%).
• 2017 Guidance: Reported Revenue Growth: 1.2% - 2.2%; Underlying Revenue Growth: 3% - 4%.
• Shares are down 3.2% premarket.