Investors
Smith+Nephew is a portfolio medical technology company focused on the repair, regeneration and replacement of soft and hard tissue.
We are 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 operate in more than 100 countries worldwide. We are a constituent of the UK’s FTSE100 and our shares are traded in London and New York. We have a progressive dividend policy and have paid a dividend to shareholders every year since 1937.
We develop and produce pioneering products across our three business units: Advanced Wound Management, Sports Medicine & ENT and Orthopaedics.
In December 2021 we announced our Strategy for Growth. Through this we will compound our outperformance in Advanced Wound Management and Sports Medicine & ENT, and regain momentum in Orthopaedics. Our ambition is to transform to a structurally higher growth company.
Our Strategy for Growth is based on three pillars.
- First, we will Strengthen the foundations of Smith+Nephew. A solid base in commercial and manufacturing will enable us to serve customers sustainably and simply, and deliver the best from our core portfolio.
- Second, we will Accelerate our growth profitably, through more robust prioritisation of resources and investment, and with continuing customer focus.
- Third, we will continue to Transform ourselves for higher long-term growth, through investment in innovation and acquisitions.
The Strategy for Growth will be delivered through the key value builders of productivity, commercial execution, innovation and acquisitions.
The 12-point plan supports the first two pillars of the Strategy for Growth and will improve business performance by maximising the opportunities we have built, and addressing the challenges. Through the 12-point plan we are fundamentally changing the way we operate and deliver results.
The 12-point plan is focused on:
- Fixing Orthopaedics, to regain momentum across hip and knee implants, robotics and trauma, and win share with our differentiated technology;
- Improving productivity, to support trading profit margin expansion; and
- Further accelerating growth in our already well-performing Advanced Wound Management and Sports Medicine & ENT franchises.
We have embedded the teams and structures to drive this work, established internal KPIs to drive accountability, and we have made meaningful early progress in delivery. We expect to continue to accumulate operational and financial benefits as we progress through the two-year life of the plan during which we are changing how we approach our customers, overhauling our supply chain, managing costs differently and driving better accountability.
Global market size 2023
Smith+Nephew competes in global markets worth around $43 billion, which are driven by long term trends and were growing at approximately 4% annually prior to 2020 and the impact of COVID.
Global market size 2023
Smith+Nephew competes in global markets worth around $43 billion, which are driven by long term trends and were growing at approximately 4% annually prior to 2020 and the impact of COVID.
Advanced Wound Management
We are the second largest global Advanced Wound Management business in terms of revenue, with the broadest product range.
In the Advanced Wound Care sub-segment we compete with Mölnlycke (Sweden) and ConvaTec (UK). In Advanced Wound Devices, we are the primary challenger to Negative Pressure Wound Therapy incumbent 3M. In our Advanced Wound Bioactives franchise, we have leadership positions in our respective categories.
Orthopaedics
In our Orthopaedics franchise we are one of four leading players, competing against US-based companies Stryker, Zimmer Biomet and DePuy Synthes.
Sports Medicine
In Sports Medicine, Smith+Nephew holds a leading position behind Arthrex (US), and also competes against Stryker and DePuy Mitek.
Quarterly Results
Q1 2024 Results Webcast
We released our first quarter 2024 results on Wednesday 1 May 2024.
Webcast
The webcast is available to play back at the link below.
Financial calendar
Annual General Meeting
The Annual General Meeting (AGM) was held at 12:00pm on Wednesday 1 May 2024 at Smith+Nephew Academy London, Building 5, Croxley Park, Hatters Lane, Watford, WD18 8YE.
Reports + Presentations
News and Announcements
Analyst Coverage, Analyst Consensus + Credit Ratings
Capital Allocations Framework
1. Invest
- Innovation to drive organic growth
- Sustainability targets and further embed our ESG agenda
2. Acquire
- New technologies and expand in high growth segments with strong strategic fit and meet our financial criteria
3. Maintain
- Optimal balance sheet position:
- Investment grade credit ratings
- Leverage ratio of around 2x
- Dividend:
- 2024: Consistent with recent years at $37.5c for full year with an interim payment of $14.4c
- 2025 onwards: Progressive with a payout ratio of around 35% - 40%
- Interim payment of 40% of prior full year dividend
4. Return
- Surplus capital to shareholders through a regular annual buyback.
- Share buyback subject to balance sheet
