Smith & Nephew

SNN

Market cap $13.9B

British medical products maker Smith & Nephew will buy U.S.-based Integrity Orthopaedics in a deal that could be valued at up to $450 million, the company said on Monday.

Smith & Nephew has outperformed peers, driven by strong sports medicine and wound care, despite ongoing ortho business challenges. SNN's major joints segment remains a sore spot, with ongoing underperformance in knees and threats from Stryker's increased focus on ASCs. Management's 6–7% annualized growth guidance through 2028 is ambitious; I expect 5%+ growth with 2-3 points of adjusted EBITDA margin improvement.

Smith & Nephew plc (SNN) Analyst/Investor Day Transcript

Smith & Nephew plc (SNN) Analyst/Investor Day Transcript

Smith & Nephew PLC's (LSE:SN) new strategic plan and 2028 outlook look ambitious, City analysts said, but have been received with some heavy dashes of scepticism. UBS, which kept its rating on the shares at 'neutral' and set a 1,290p price target versus a last close at 1,265p, said treating the targets with caution is warranted as the company has achieved growth of over 6% only six times in the past 20 years, "and only two times in the past 15 years (one of which was 2021 COVID recovery)".

Smith & Nephew PLC (LSE:SN) has launched a new corporate strategy designed to give stronger returns for shareholders, alongside issuing medium-term financial targets through to 2028, alongside updated guidance for 2025 and a provisional outlook for accelerating growth in 2026. The knee and hip replacement company named the strategy RISE, as it will drive improved financial and operational performance by focusing on four pillars: Reaching more patients, Innovation, Scaling through investment, and efficient Execution.

British medical products maker Smith & Nephew raised its 2025 free cash flow forecast to around $800 million and unveiled new medium-term targets ahead of its Capital Markets Day Event on Monday.

For a business built on orthopaedics and wound care, Smith & Nephew PLC (LSE:SN) has given investors a fair bit of whiplash. Its third-quarter update sent the shares down about 10% after organic revenue growth came in weaker than hoped and, crucially, slowed from the second quarter despite earlier guidance that it would accelerate.

Smith & Nephew plc ( SNN ) Q3 2025 Sales Call November 6, 2025 3:30 AM EST Company Participants Deepak Nath - CEO & Director John Rogers - CFO & Executive Director Conference Call Participants Jack Reynolds-Clark - RBC Capital Markets, Research Division Veronika Dubajova - Citigroup Inc., Research Division Hassan Al-Wakeel - Barclays Bank PLC, Research Division Graham Doyle - UBS Investment Bank, Research Division Kane Slutzkin - Deutsche Bank AG, Research Division Julien Dormois - Jefferies LLC, Research Division David Adlington - JPMorgan Chase & Co, Research Division Presentation Operator Good morning. Thank you for attending today's Smith & Nephew Quarter 3 2025 Trading Report.

Smith & Nephew PLC (LSE:SN) shares were the worst faller on the FTSE 100 on Thursday morning, down 12% after reporting lower revenues than expected Third-quarter revenue growth came in at 5.0%, below consensus expectations of 6.1%, with orthopaedics slower than forecast due to a weaker performance in US knee replacement surgeries, with sport medicine also softer than expected. UBS analysts said: "while guidance was reiterated, we think this will disappoint versus expectations".