UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
November
06, 2025
Commission
File Number 001-14978
SMITH & NEPHEW plc
(Registrant’s
name)
Building 5, Croxley Park, Hatters Lane
Watford, England, WD18 8YE
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F ✔
Form 40-F
__
Smith+Nephew Third Quarter 2025 Trading Report
6 November 2025
Smith+Nephew (LSE:SN, NYSE:SNN) trading update for the third
quarter ended 27 September 2025.
Q3 Highlights1,2
●
Q3
revenue of $1,501 million (Q3 2024: $1,412 million), representing
5.0% underlying revenue growth. Reported growth was 6.3% including
130bps currency tailwind. There were the same number of trading
days as the prior year
●
Orthopaedics
underlying revenue growth was 4.1% (reported growth 5.1%), with
strong growth from US Hip Implants continuing to offset weaker US
Knee Implants
●
Sports
Medicine & ENT underlying revenue growth was 5.1% (reported
growth 6.4%), with strong growth outside of China and VBP headwinds
starting to abate
●
Advanced
Wound Management underlying revenue growth was 6.0% (reported
growth 7.8%), led by double-digit growth in Advanced Wound
Bioactives
●
Continued
higher cadence of product launches to underpin further
growth
Full Year Outlook: Revenue and Profit
Margin Unchanged; Free Cash Flow Guidance Raised1,2
●
We
continue to expect full-year underlying revenue growth to be around
5.0% (reported growth around 5.7%), and trading profit margin to
expand to between 19.0% and 20.0%
●
Outlook
includes an expected net impact of $15 to $20 million from tariffs
in 2025, based on announced measures, and mitigations, as
previously stated
●
Free
cash flow guidance raised to around $750 million (previously more
than $600 million), reflecting strong working capital discipline
and operational efficiency
●
$500
million share buyback completed, reflecting strong cash generation
and balance sheet
Capital Markets Days
●
Capital
Markets Days for institutional investors and financial analysts in
London and New York (8 and 11 December 2025 respectively)
introducing new strategy and mid-term priorities and financial
goals, and reviewing innovation portfolio
Deepak Nath, Chief Executive Officer, said:
"Our third quarter results again demonstrate how the 12-Point Plan
has improved Smith+Nephew's revenue growth profile, keeping us on
track to meet our full-year outlook for revenue growth and a
step-up in trading profit margin. Additionally, we are pleased to
be able to raise our guidance for improved free cash flow, which we
now expect to be around $750 million, a more than five-fold
increase since 2023.
"As we approach the end of the 12-Point Plan our business is
undoubtedly in a better place. We have embedded greater
accountability, faster decision making, better execution, and
increased customer focus. New products are demonstrably driving
higher levels of revenue growth, and our pipeline is full of
further exciting innovation."
Enquiries
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Investors
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Emily Heaven / Cora McCallum
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+44 (0) 1923 477433
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Smith+Nephew
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Media
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Charles Reynolds
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+44 (0) 1923 477314
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Smith+Nephew
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Susan Gilchrist / Ayesha Bharmal
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+44 (0) 20 7404 5959
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Brunswick
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Analyst Conference Call
A conference call to discuss Smith+Nephew's third quarter results
will be held today at 8.30am GMT / 4.30am EST, details of which are
available on the Smith+Nephew website at https://www.smith-nephew.com/en/who-we-are/investors.
Forward Calendar
We are hosting Capital Markets Days for
institutional investors and financial analysts in
London and New York on Monday 8 and Thursday 11 December 2025
respectively.
The full year results will be released on 2 March
2026.
Notes
1.
All numbers given are for the quarter or nine months ended 27
September 2025 unless stated otherwise.
2.
Unless otherwise specified as 'reported' all revenue growth
throughout this document is 'underlying' after adjusting for the
effects of currency translation and including the comparative
impact of acquisitions and excluding disposals. All percentages
compare to the equivalent 2024 period.
'Underlying
revenue growth' reconciles to reported revenue growth, the most
directly comparable financial measure calculated in accordance with
IFRS, by making two adjustments, the 'constant currency exchange
effect' and the 'acquisitions and disposals effect', described
below.
The
'constant currency exchange effect' is a measure of the
increase/decrease in revenue resulting from currency movements on
non-US Dollar sales and is measured as the difference between: 1)
the increase/decrease in the current year revenue translated into
US Dollars at the current year average exchange rate and the prior
year revenue translated at the prior year rate; and 2) the
increase/decrease being measured by translating current and prior
year revenues into US Dollars using the same exchange
rate.
The
'acquisitions and disposals effect' is the measure of the impact on
revenue from newly acquired material business combinations and
recent material business disposals. This is calculated by comparing
the current year, constant currency actual revenue (which includes
acquisitions and excludes disposals from the relevant date of
completion) with prior year, constant currency actual revenue,
adjusted to include the results of acquisitions and exclude
disposals for the commensurate period in the prior year. These
sales are separately tracked in the Group's internal reporting
systems and are readily identifiable.
Third Quarter 2025 Trading Update
Our third quarter revenue was $1,501 million (Q3 2024: $1,412
million), representing underlying revenue growth of 5.0%. Reported
revenue growth was 6.3% including a 130bps foreign exchange
tailwind. Q3 2025 comprised 63 trading days, in line with Q3
2024.
Orthopaedics underlying revenue growth was 4.1% (reported growth
5.1%), Sports Medicine & ENT underlying revenue growth was 5.1%
(reported growth 6.4%), and Advanced
Wound Management underlying revenue growth was 6.0% (reported
growth 7.8%).
Underlying revenue growth in our Established Markets was 4.9%
(reported growth 6.4%). Within this, in the US
we delivered underlying and reported revenue growth of 5.5%, and
in Other
Established Markets underlying revenue growth was 3.9% (reported
growth 8.0%). Emerging
Markets underlying revenue growth was 5.4% (reported growth
5.9%).
New Product Launches
Innovation has been a major contributor in our transformation to a
higher growth business, with more than half of our revenue growth
consistently coming from products launched within the previous five
years. We continued to deliver on our exciting pipeline of new
product launches and line extensions in the third
quarter.
In Orthopaedics we launched CORIOGRAPH◊ Pre-Op
Planning and Modeling Services for total shoulder arthroplasty.
This innovative software offers image-based planning capabilities
that enable surgeons to create a patient-specific plan for shoulder
replacement through advanced biomechanical simulation. This launch
completes the CORIOGRAPH Services portfolio which also includes
solutions for knee and hip arthroplasty.
In Sports Medicine we announced the release of the
Q-FIX◊ KNOTLESS
All-Suture Anchor for soft tissue-to-bone fixation indications
across multiple joint spaces including Shoulder, Hip, and Foot
& Ankle. This new option builds on the long-standing success
and performance of the best-in-class anchor fixation strength of
the Q-FIX Family.
In Advanced Wound Management we launched the CENTRIO
Platelet-Rich-Plasma (PRP) System, a biodynamic hematogel derived
from a patient's own platelets and plasma that, once applied, may
assist the natural healing process by maintaining a moist wound
environment. CENTRIO PRP System can help manage chronic exuding
wounds including diabetic foot ulcers (DFUs), venous leg ulcers
(VLUs) and pressure ulcers.
We also announced further clinical evidence during the quarter,
validating the strength of key products. In Orthopaedics a 2-year
randomised controlled trial demonstrated that the
JOURNEY◊ II
Total Knee Arthroplasty (TKA), when paired with Smith+Nephew's
handheld robotic system, resulted in sustained improvements in
clinical outcomes compared to conventional TKA. In Sports Medicine
we announced a Strong Recommendation for the
REGENETEN◊ Bioinductive
Implant in updated Clinical Practice Guidelines for the Management
of Rotator Cuff Injuries from the American Academy of Orthopaedic
Surgeons (AAOS). In Advanced Wound Management new data demonstrated
the pressure injury prevention mechanism of action of our new
ALLEVYN◊ COMPLETE
CARE Foam Dressing.
Consolidated Revenue Analysis for the Third Quarter
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27 September
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28 September
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Reported
|
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Underlying
|
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Acquisitions
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Currency
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|
|
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2025
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|
2024(i)
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growth
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|
growth(ii)
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/disposals
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impact
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Consolidated revenue by business unit by product
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$m
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$m
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%
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%
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%
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%
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Orthopaedics
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577
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549
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5.1
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4.1
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-
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1.0
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Knee
Implants
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235
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229
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2.6
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1.5
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-
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1.1
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Hip
Implants
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154
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146
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4.8
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3.7
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-
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1.1
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Other Reconstruction(iii)
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29
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26
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12.4
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9.7
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-
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2.7
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Trauma
& Extremities
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159
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148
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8.2
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7.5
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-
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0.7
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Sports Medicine & ENT
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469
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441
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6.4
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5.1
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-
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1.3
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Sports
Medicine Joint Repair
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255
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232
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10.0
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8.6
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-
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1.4
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Arthroscopic
Enabling Technologies
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157
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154
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1.5
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0.2
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-
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1.3
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ENT
(Ear, Nose and Throat)
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57
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55
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4.8
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4.3
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-
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0.5
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Advanced Wound Management
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455
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422
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7.8
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6.0
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-
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1.8
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Advanced
Wound Care
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197
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190
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3.8
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1.1
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-
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2.7
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Advanced
Wound Bioactives
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158
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140
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12.5
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12.2
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-
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0.3
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Advanced
Wound Devices
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100
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92
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8.8
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6.7
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-
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2.1
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Total
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1,501
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1,412
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6.3
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5.0
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-
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1.3
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Consolidated revenue by geography
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US
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789
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748
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5.5
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5.5
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-
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-
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Other Established Markets(iv)
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447
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414
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8.0
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3.9
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-
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4.1
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Total Established Markets
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1,236
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1,162
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6.4
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4.9
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-
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1.5
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Emerging
Markets
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265
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|
250
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5.9
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5.4
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|
-
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|
0.5
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|
Total
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1,501
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1,412
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6.3
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5.0
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|
-
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|
1.3
|
(i)
Restated for reclassification of robotics consumables revenue from
Other Reconstruction to Knee and Hip implants
(ii)
Underlying growth is defined in Note 2 on page 2
(iii)
Other Reconstruction includes robotics capital sales and
cement
(iv)
Other Established Markets are Europe, Japan, Australia, Canada and
New Zealand
Orthopaedics
In our Orthopaedics business unit, underlying revenue growth was
4.1% (reported growth 5.1%).
Knee Implants underlying
revenue growth was 1.5% (reported growth 2.6%). Within this, US
revenue declined -2.3% on both an underlying and reported basis as
growth continued to be held back by our ongoing
actions to rationalise our portfolio, as stated previously. While
this is the right strategy for the business, it has led to some
volume loss in the process. Outside
the US, Knee Implants delivered underlying revenue growth of 6.2%
(reported growth 8.7%), built upon the improved commercial
execution delivered through the 12-Point Plan.
Hip Implants underlying
revenue growth was 3.7% (reported growth 4.8%). Within this,
revenue grew strongly in the US, up 6.3% on
both an underlying and reported basis. The sustained good US
performance, which was above market again, reflects the successful
and on-going launch of the new CATALYSTEM◊ Primary
Hip System. Outside the US, Hip Implants underlying revenue growth
was 0.2% (reported growth 2.9%), with a weak quarter in China. We
are starting to expand the CATALYSTEM launch to other markets,
including launching in Japan in the quarter.
Other Reconstruction underlying
revenue growth was 9.7% (reported growth 12.4%) driven by sales of
our robotics-assisted CORI◊ Surgical
System, including placements in Ambulatory Surgery Centers (ASCs)
and Teaching Institutes.
Trauma & Extremities underlying
revenue growth was 7.5% (reported growth 8.2%), an acceleration in
performance over the first half of the year. We
delivered strong
growth from our EVOS◊ Plating
System, our limb restoration business, and from the
AETOS◊ Shoulder
System as we continue to expand its launch in the US. Our new
TRIGEN◊ MAX
Tibia nailing system is being well received following its launch in
the first half of the year.
Sports Medicine & ENT
Our Sports Medicine &
ENT business unit
delivered underlying revenue growth of 5.1% (reported growth 6.4%).
Underlying revenue growth was 8.9% excluding China (reported growth
ex-China 10.2%). The China headwind is reducing as we lap the start
of implementation of Volume Based Procurement (VBP) in Sports
Medicine Joint Repair. VBPs in Arthroscopic Enabling Technologies
and ENT are still to come, but we expect the headwinds to be much
smaller given the relative size of the businesses. We have taken
actions to manage our inventory ahead of
implementation.
Sports Medicine Joint Repair underlying
revenue growth was 8.6% (reported growth 10.0%), including the VBP
impact. Underlying revenue growth outside of China was 13.0%
(reported growth ex-China 14.4%) driven by double-digit growth from
our REGENETEN◊ Bioinductive
Implant. In October we announced that the American Medical
Association (AMA) CPT Editorial Panel had established
a Category I Current Procedural Terminology (CPT)
code for procedures involving our CARTIHEAL◊ AGILI-C◊ Cartilage
Repair Implant, effective January 1, 2027. The Category I CPT code
will streamline reimbursement processes for providers and payers,
supporting the integration of the CARTIHEAL Implant into standard
clinical practice. It also reflects the AMA's recognition of the
procedure's clinical efficacy, safety, and widespread physician
adoption.
Arthroscopic Enabling Technologies underlying
revenue growth was 0.2% (reported growth 1.5%). As previously
reported, performance reflects headwinds in China as the sector
prepares for a VBP process on mechanical resection blades and
COBLATION◊ wands.
Underlying revenue growth excluding China was 3.9% (reported growth
ex-China 5.2%), led by growth in COBLATION and patient positioning
systems that help provide unimpeded access for surgeons during
procedures.
ENT underlying
revenue growth 4.3% (reported growth 4.8%). As with last quarter,
performance was driven by our nose portfolio including double-digit
growth from our ARIS◊ COBLATION
turbinates business, while the US tonsils and adenoids market
continued to show volatility during the quarter. The ENT VBP
process is expected in the first half of 2026.
Advanced Wound Management
Our Advanced Wound
Management business unit
delivered underlying revenue growth of 6.0% (reported growth
7.8%).
Advanced Wound Care underlying
revenue growth was 1.1% (reported growth 3.8%). Good growth outside
the US was offset by some softness in the US ahead of our
ALLEVYN◊ COMPLETE
CARE product launch there in the fourth quarter. Outside the US our
foams portfolio performed well, including tender wins in the Middle
East.
Advanced Wound Bioactives underlying
revenue growth was 12.2% (reported growth 12.5%), with double-digit
growth from SANTYL◊.
On 31 October 2025, the US Centers for Medicare &
Medicaid Services (CMS) issued the final update to Medicare
reimbursement for skin substitutes in the physician office setting,
which was broadly in line with the initial proposed rate. We
continue to anticipate that this will be a headwind to Advanced
Wound Management sales and have a 25 to 50bps negative impact on
Group trading profit margin in 2026. However, there are still some
unknowns, including how it will impact clinical practice and
physician behaviour, which will only become clear after
implementation.
Advanced Wound Devices underlying
revenue growth was 6.7% (reported growth 8.8%), with strong growth
from our PICO◊ Single-Use
NPWT System, which is benefitting from targeted initiatives in the
surgical setting in the US, and from our LEAF◊ Patient
Monitoring System for pressure injury
prevention.
Share Buyback Completed
The share buyback to return $500 million to shareholders, announced
within our second quarter and half year results, was completed on 7
October 2025.
Full Year 2025 Outlook
We are on-track to meet our full year target of another year of
strong revenue growth and a significant step-up in trading profit
margin, notwithstanding the uncertainties around the imposition of
tariffs.
We expect underlying revenue growth to be around 5% (around 5.7%
based on exchange rates prevailing on 31 October
2025).
Full year trading profit margin is expected to be in the range of
19.0% to 20.0%, a significant step-up year-on-year (2024:
18.1%).
In addition, we are raising our guidance for
free cash
flow to around $750 million, driven by good working capital
discipline, particularly in Orthopaedics, and operational
efficiency over the life of the 12-Point Plan. This was previously
guided to be more than $600 million.
The impact of tariffs for 2025 remains a net headwind of around $15
to $20 million, as previously stated, and will compound further in
2026. We
will continue
to work to mitigate the impact.
We continue to expect to drive further margin expansion beyond 2025
through continued momentum and efficiency gains.
Capital Markets Days
We are hosting Capital Markets Days for institutional investors and
financial analysts in London and New York on Monday 8 and Thursday
11 December 2025 respectively.
The London event will introduce Smith+Nephew's new strategy
following the conclusion of the 12-Point Plan, including mid-term
priorities and financial goals.
The New York event will provide greater detail on Smith+Nephew's
innovative portfolio that will drive the next phase of growth. The
event will include insight from the following Smith+Nephew
customers and Key Opinion Leaders:
●
Ravi
Bashyal, MD, FAAOS, Director of Outpatient Hip and Knee Replacement
Surgery at NorthShore University in Chicago. Dr Bashyal specialises
in robotic minimally invasive hip and knee replacement and was an
early adopter of PICO to manage the risk of surgical site
complications. He has published extensively on reducing
surgical site infections and complications. Dr Bashyal will
talk about the impact of surgical site complications in orthopaedic
surgery for the patient, surgeon, and system. He will also
discuss how PICO has enabled him to manage the risk and improve
patient outcomes, and his work to educate other surgeons on
complication reduction, improving the standard of
care.
●
Anil Ranawat, MD, orthopaedic
surgeon at the Hospital for Special Surgery in New York
specialising in sports injuries of the hip, knee, and shoulder. Dr
Ranawat will talk about Smith+Nephew's comprehensive Sports
Medicine product portfolio, including how he uses REGENETEN and
CARTIHEAL to improve patient outcomes and the potential he sees for
advanced enabling technologies, such as Spatial Surgery (including
the TESSA◊ Spatial
Surgery System), to shape the future of arthroscopic
surgery.
●
Steven
Haas, MD, orthopaedic surgeon at the Hospital for Special Surgery
and New York-Presbyterian Hospital in New York City. He is also
Professor of Clinical Orthopaedic Surgery at Weill Cornell Medical
College and currently serves as President of The Knee Society. Dr
Haas chaired the Knee Service at HSS for 18 years. Dr Haas will
discuss the rise of robotic-assisted knee surgery and the
increasing transition of procedures from inpatient to
outpatient.
Both events will be led by Chief Executive Officer Deepak Nath,
accompanied by Chief Financial Officer John Rogers and members of
the Executive Committee. Each event will include product
demonstrations for those attending in person.
Participants are encouraged to attend both events, either in person
or virtually. In person attendance at these events requires
pre-registration via the investor section of the Smith+Nephew
website. The sessions will also be webcast and the presentations
made available via the website.
Consolidated Revenue Analysis for Nine Months to 27 September
2025
|
|
|
27 September
|
|
28 September
|
|
Reported
|
|
Underlying
|
|
Acquisitions
|
|
Currency
|
|
|
|
2025
|
|
2024(i)
|
|
growth
|
|
growth(ii)
|
|
/disposals
|
|
impact
|
|
Consolidated revenue by business unit by product
|
|
$m
|
|
$m
|
|
%
|
|
%
|
|
%
|
|
%
|
|
Orthopaedics
|
|
1,770
|
|
1,697
|
|
4.3
|
|
4.1
|
|
-
|
|
0.2
|
|
Knee
Implants
|
|
736
|
|
722
|
|
1.8
|
|
1.7
|
|
-
|
|
0.1
|
|
Hip
Implants
|
|
467
|
|
458
|
|
2.0
|
|
1.9
|
|
-
|
|
0.1
|
|
Other Reconstruction(iii)
|
|
93
|
|
70
|
|
32.1
|
|
30.8
|
|
-
|
|
1.3
|
|
Trauma
& Extremities
|
|
474
|
|
447
|
|
6.2
|
|
6.0
|
|
-
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sports Medicine & ENT
|
|
1,392
|
|
1,330
|
|
4.7
|
|
4.4
|
|
-
|
|
0.3
|
|
Sports
Medicine Joint Repair
|
|
764
|
|
715
|
|
6.9
|
|
6.6
|
|
-
|
|
0.3
|
|
Arthroscopic
Enabling Technologies
|
|
464
|
|
459
|
|
1.1
|
|
0.8
|
|
-
|
|
0.3
|
|
ENT
(Ear, Nose and Throat)
|
|
164
|
|
156
|
|
5.2
|
|
5.1
|
|
-
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Wound Management
|
|
1,299
|
|
1,212
|
|
7.2
|
|
6.8
|
|
-
|
|
0.4
|
|
Advanced
Wound Care
|
|
563
|
|
547
|
|
2.8
|
|
2.0
|
|
-
|
|
0.8
|
|
Advanced
Wound Bioactives
|
|
442
|
|
402
|
|
10.1
|
|
10.1
|
|
-
|
|
-
|
|
Advanced
Wound Devices
|
|
294
|
|
263
|
|
12.1
|
|
11.5
|
|
-
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
4,461
|
|
4,239
|
|
5.3
|
|
5.0
|
|
-
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
2,375
|
|
2,241
|
|
6.0
|
|
6.0
|
|
-
|
|
-
|
|
Other Established Markets(iv)
|
|
1,344
|
|
1,255
|
|
7.1
|
|
5.4
|
|
-
|
|
1.7
|
|
Total Established Markets
|
|
3,719
|
|
3,496
|
|
6.4
|
|
5.8
|
|
-
|
|
0.6
|
|
Emerging
Markets
|
|
742
|
|
743
|
|
-0.1
|
|
1.2
|
|
-
|
|
-1.3
|
|
Total
|
|
4,461
|
|
4,239
|
|
5.3
|
|
5.0
|
|
-
|
|
0.3
|
(i)
Restated for reclassification of robotics consumables revenue from
Other Reconstruction to Knee and Hip implants
(ii)
Underlying growth is defined in Note 2 on page 2
(iii)
Other Reconstruction includes robotics capital sales and
cement
(iv)
Other Established Markets are Europe, Japan, Australia, Canada and
New Zealand
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business focused on
the repair, regeneration and replacement of soft and hard tissue.
We exist to restore people's bodies and their self-belief by using
technology to take the limits off living. We call this purpose
'Life Unlimited'. Our 17,000 employees deliver this mission every
day, making a difference to patients' lives through the excellence
of our product portfolio, and the invention and application of new
technologies across our three global business units of
Orthopaedics, Sports Medicine & ENT and Advanced Wound
Management.
Founded in Hull, UK, in 1856, we now operate in more than 100
countries, and generated annual sales of $5.8 billion in 2024.
Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).
The terms 'Group' and 'Smith+Nephew' are used to refer to Smith
& Nephew plc and its consolidated subsidiaries, unless the
context requires otherwise.
For more information about Smith+Nephew, please
visit www.smith-nephew.com and follow
us on LinkedIn, Instagram, Facebook or X.
Forward-looking Statements
This document may contain forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading profit margins, market trends and our
product pipeline are forward-looking statements. Phrases such as
"aim", "plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith+Nephew, these factors include: conflicts
in Europe and the Middle East, economic and financial conditions in
the markets we serve, especially those affecting healthcare
providers, payers and customers; price levels for established and
innovative medical devices; developments in medical technology;
regulatory approvals, reimbursement decisions or other government
actions; product defects or recalls or other problems with quality
management systems or failure to comply with related regulations;
litigation relating to patent or other claims; legal and financial
compliance risks and related investigative, remedial or enforcement
actions; disruption to our supply chain or operations or those of
our suppliers; competition for qualified personnel; strategic
actions, including acquisitions and disposals, our success in
performing due diligence, valuing and integrating acquired
businesses; disruption that may result from transactions or other
changes we make in our business plans or organisation to adapt to
market developments; relationships with healthcare professionals;
reliance on information technology and cybersecurity; disruptions
due to natural disasters, weather and climate change related
events; changes in customer and other stakeholder sustainability
expectations; changes in taxation regulations; effects of foreign
exchange volatility; and numerous other matters that affect us or
our markets, including those of a political, economic, business,
competitive or reputational nature. Please refer to the documents
that Smith+Nephew has filed with the U.S. Securities and Exchange
Commission under the U.S. Securities Exchange Act of 1934, as
amended, including Smith+Nephew's most recent annual report on Form
20-F, which is available on the SEC's website at www. sec.gov, for
a discussion of certain of these factors. Any forward-looking
statement is based on information available to Smith+Nephew as of
the date of the statement. All written or oral forward-looking
statements attributable to Smith+Nephew are qualified by this
caution. Smith+Nephew does not undertake any obligation to update
or revise any forward-looking statement to reflect any change in
circumstances or in Smith+Nephew's expectations.
◊ Trademark
of Smith+Nephew. Certain marks registered in US Patent and
Trademark Office.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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Smith & Nephew plc
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(Registrant)
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Date:
November 06, 2025
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By:
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/s/
Helen Barraclough
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Helen
Barraclough
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Company
Secretary
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