Company Overview

Smith & Nephew is a portfolio medical technology business focused on the repair, regeneration, and replacement of soft and hard tissue. The company's 18,000 employees deliver this mission every day, making a difference to patients' lives through the excellence of their product portfolio across three global business units: Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management.

Founded in Hull, UK, in 1856, the company now operates in around 100 countries and generated annual sales of $5.8 billion in 2024. Smith & Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).

Business Segments

Orthopaedics

The company offers knee implant products for knee replacement procedures; hip implants for revision procedures; trauma and extremities products that include internal and external devices used in the stabilization of severe fractures and deformity correction procedures; and other reconstruction products. In the Orthopaedics franchise, Smith & Nephew is one of four leading players, competing against US-based companies Stryker, Zimmer Biomet, and DePuy Synthes.

Sports Medicine & ENT

The company provides sports medicine joint repair products comprising instruments, technologies, and implants to perform minimally invasive surgery, as well as treating soft tissue injuries and degenerative conditions of the shoulder, knee, hip, and small joints. It also offers arthroscopic enabling technologies comprising fluid management equipment for surgical access, cameras, digital image capture, scopes, light sources, and monitors to assist with visualization inside the joints; radio frequency, electromechanical, and mechanical tissue resection devices; and hand instruments for removing damaged tissue. Additionally, it provides ear, nose, and throat solutions.

Advanced Wound Management

The company offers advanced wound care products for the treatment and prevention of acute and chronic wounds, leg, diabetic, and pressure ulcers, burns, and post-operative wounds. It also provides advanced wound bioactives, such as biologics and other bioactive technologies for debridement and dermal repair/regeneration, and regenerative medicine products, including skin, bone graft, and articular cartilage substitutes. Furthermore, it offers advanced wound devices like traditional and single-use negative pressure wound therapy and hydrosurgery systems.

Financial Performance and Market Position

2024 Financial Results

Group revenue in 2024 was $5,810 million (2023: $5,549 million), reflecting underlying revenue growth of 5.3%. More than 60% of revenue growth in 2024 came from products launched in the last five years.

Key Financial Highlights for 2024:

- Reported growth of 4.7% reflected a -60bps headwind from foreign exchange, primarily due to the strength of the US Dollar.

- Two years of margin expansion reflecting operating leverage and efficiency savings which have more than offset major headwinds.

- Near 9% net reduction in total workforce since the start of the 12-Point Plan, with more than 1,000 role reductions in 2024.

Q3 2024 Performance

Q3 revenue was $1,412 million (Q3 2023: $1,357 million), representing 4.0% revenue growth (underlying and reported). Excluding China, Group growth was 5.9% (underlying and reported).

Strategic Transformation: The 12-Point Plan

Smith & Nephew's transformative 12-Point Plan is delivering revenue growth consistently above historical levels, improved trading profit margin in the face of significant headwinds, strong and substantially improved cash generation, and increased ROIC. Much of the 12-Point Plan is complete, and the company has addressed the structural weaknesses that were holding back the Group.

Revenue growth is consistently above historical levels, built on improved product supply and better commercial execution. For 2025, given the updated 2024 outlook and, in particular, uncertainty around ongoing China headwinds, the company now expects to expand trading profit margin significantly to between 19.0% and 20.0%, driven by the continued delivery of the 12-Point Plan improvements.

Market Capitalization and Stock Information

As of August 2025, Smith & Nephew has a market capitalization of $13.79 Billion USD. This makes Smith & Nephew the world's 1428th most valuable company by market cap.

The stock trades on both the London Stock Exchange under ticker SN and the New York Stock Exchange under ticker SNN. As of September 2024, Smith & Nephew's market cap was $11.83 Billion. The Smith & Nephew EPS (TTM) is 0.56.

Innovation and Technology

Smith & Nephew continues to invest heavily in innovation and technology. During 2023, the company announced the acquisition of CartiHeal, the developer of the CARTIHEAL AGILI-C Cartilage Repair Implant, a novel sports medicine technology for cartilage regeneration in the knee. The acquisition was completed on January 10, 2024, for $180 million, with up to a further $150 million contingent on future financial performance. CARTIHEAL AGILI-C is an off-the-shelf one-step treatment for osteochondral (bone and cartilage) lesions with a broader indication than existing treatments.

Market Position and Competition

In Sports Medicine, Smith & Nephew holds a leading position behind Arthrex (US), and also competes against Stryker and DePuy Mitek. The company maintains competitive positions across its three main business segments, benefiting from its global reach and comprehensive product portfolio.

Smith & Nephew's strong financial performance, strategic transformation through the 12-Point Plan, and continued investment in innovation position it as a leading player in the global medical technology industry. The company's focus on operational excellence and market expansion continues to drive sustainable growth across its diversified portfolio of medical devices and solutions.