Smith & Nephew PLC 6-K, filed Oct 31, 2024
Smith & Nephew PLC (SNN)
6-K
2024-10-31
For: 2024-10-31
View Original
Added on
April 07, 2026
About this 6-K
Smith & Nephew PLC filed this 6-K on October 31, 2024.
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
October
31, 2024
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 a
Form 40-F
__
Smith+Nephew Third Quarter 2024 Trading Report
31 October 2024
Smith+Nephew (LSE:SN, NYSE:SNN) trading update for the third
quarter ended 28 September 2024.
Q3 Highlights1,2
●
Q3
revenue of $1,412 million (Q3 2023: $1,357 million), representing
4.0% revenue growth (underlying and reported)
o
Excluding
China, Group growth was 5.9% (underlying and reported). China
impacted by worse than expected headwinds across our surgical
businesses
o
Operational
and commercial improvements from 12-Point Plan on track across the
rest of the business, with financial improvements coming
through
●
Orthopaedics
revenue up 2.3% (2.4% reported), with US Hip and Knee Implants both
delivering revenue growth
●
Sports
Medicine & ENT revenue up 3.9% (3.7% reported), with strong
growth from Sports Medicine across Established Markets partially
offset by VBP-related headwind in China
●
Advanced
Wound Management revenue up 6.5% (underlying and reported), an
acceleration over the first half
Outlook1,2
●
For the full year 2024, underlying revenue growth
is now expected to be around 4.5% (previously 5.0% to 6.0%),
primarily due to the impact of China headwind. For trading profit
margin in 2024, we are now expecting growth
of up to 50bps compared
to last year's 17.5% (previously at least 18.0%), reflecting the
reduced operating leverage from slower revenue
growth
●
For
2025, given the updated 2024 outlook and, in particular,
uncertainty around ongoing China headwinds, we now expect to expand
our trading profit margin significantly to between 19.0% and 20.0%,
driven by the continued delivery of the 12-Point
Plan improvements
Deepak Nath, Chief Executive Officer, said:
"We delivered encouraging growth in most segments and markets in
the third quarter as the 12-Point Plan drove further financial
improvements. We are making progress in both Hip and Knee Implants
in the US, although there is more to do. China VBP was a
significant headwind that masked Sports Medicine's strong
performance across the rest of the world. Advanced Wound Management
delivered its best quarter this year, with all segments performing
well.
"We continue to deliver on longer term growth drivers, including
robotics adoption and product innovation, as well as improving
productivity. While the revised outlook reflects the headwinds
across our surgical businesses in China, we remain convinced that
our transformation to a higher growth company, with the ability to
drive operating leverage through to the bottom line, is on the
right course."
Enquiries
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Investors
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Andrew Swift
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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 EDT, details of which are
available on the Smith+Nephew website at https://www.smith-nephew.com/en/who-we-are/investors.
Forward calendar
The full year results will be released on 25 February
2025.
Notes
1.
All numbers given are for the quarter or nine months ended 28
September 2024 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 2023 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 prior year closing
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 2024 trading update
Our third quarter revenue was $1,412 million (Q3 2023: $1,357
million), representing underlying revenue growth of 4.0%. Reported
revenue growth was also 4.0% with no foreign exchange impact. Q3
2024 comprised 63 trading days, in line with the comparable Q3
period in 2023.
Orthopaedics revenue was up 2.3% (2.4% reported), Sports Medicine
& ENT up 3.9% (3.7% reported), and Advanced
Wound Management up 6.5% (6.5% reported).
Revenue growth in our Established Markets was 5.0% (5.2% reported).
Within this, in the US
we delivered 4.0% revenue growth on
both an underlying and reported basis, and Other
Established Markets revenue was up 6.8% (7.5%
reported). Emerging
Markets revenue was down -0.1% (-1.2%
reported).
We continued
to make progress delivering against the 12-Point
Plan. Hip
Implants and Knee Implants both delivered revenue growth in the US
reflecting the operational progress in product supply and sharper
commercial execution. However, there is still more to do in what
was an area of significant weakness identified during the
diagnostic phase of the 12-Point Plan. Reconstruction maintained
its good momentum in Other Established Markets, with growth
accelerating over the first half.
Sports Medicine continued to deliver strong growth across the
Established Markets, and Advanced Wound Management delivered its
best quarter this year, with all segments
contributing.
Emerging Markets performance reflected a weaker
than expected quarter in China across our surgical businesses. In
Sports Medicine, we saw the expected price impact
of the
Volume Based Procurement (VBP) programme, but with the related
volume benefits yet to come through. In Orthopaedics, slower
in-market demand and consequent impact on our channel were also a
headwind. We expect both
these China headwinds will continue into 2025. Excluding
China, Group growth for the quarter was 5.9% on both an underlying
and reported basis.
New product launches
We maintained our high cadence of innovation in the quarter,
expanding our portfolio with launches that address unmet clinical
needs and support our higher growth ambitions.
We announced 510(k) clearance and completed the first cases for the
CATALYSTEM◊ Primary
Hip System. The system is designed to address the evolving demands
of primary hip surgery including the increased adoption of anterior
approach procedures and the expanding role of Ambulatory Surgery
Centers (ASCs).
We also continued to build our portfolio of tools to support
surgeons. We
introduced TOTAL ANKLE◊ Patient-Matched
Guides to help surgeons plan and perform total ankle replacement
procedures. Total ankle replacements are historically uncommon, but
this is a high-growth market bolstered by the rising prevalence of
osteoarthritis in adults and influenced by growing patient
preference for joint preservation and
restoration. After
quarter end we announced a co-marketing agreement with JointVue for
its patented OrthoSonic™ 3D Surgery Planning Technology,
offering surgeons using our CORI◊ Surgical
System for robotic-assisted knee arthroplasty opportunities to
improve patient satisfaction and operating room
efficiency.
Consolidated revenue analysis for the third quarter
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28 September
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30 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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2024
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2023
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growth
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growth(i)
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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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549
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536
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2.4
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2.3
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-
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0.1
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Knee
Implants
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222
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223
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-0.9
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-0.9
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-
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-
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Hip
Implants
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146
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141
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4.1
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4.0
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-
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0.1
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Other Reconstruction(ii)
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33
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29
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13.8
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13.7
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-
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0.1
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Trauma
& Extremities
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148
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143
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3.5
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3.3
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-
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0.2
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|
|
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|
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Sports Medicine & ENT
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441
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425
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3.7
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3.9
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-
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-0.2
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Sports
Medicine Joint Repair
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232
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232
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-0.2
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0.1
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-
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-0.3
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Arthroscopic
Enabling Technologies
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154
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134
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15.0
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15.0
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-
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-
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ENT
(Ear, Nose and Throat)
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55
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59
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-6.7
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-6.8
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-
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0.1
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Advanced Wound Management
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422
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396
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6.5
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6.5
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-
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-
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Advanced
Wound Care
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190
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183
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3.5
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3.4
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-
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0.1
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Advanced
Wound Bioactives
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140
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130
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7.9
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8.0
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-
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-0.1
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Advanced
Wound Devices
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92
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83
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11.0
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11.0
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-
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-
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Total
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1,412
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1,357
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4.0
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4.0
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-
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-
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Consolidated revenue by geography
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US
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748
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719
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4.0
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4.0
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-
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-
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Other Established Markets(iii)
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414
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385
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7.5
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6.8
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-
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0.7
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Total Established Markets
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1,162
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1,104
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5.2
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5.0
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-
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0.2
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Emerging Markets(iv)
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250
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253
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-1.2
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-0.1
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-
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-1.1
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Total
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1,412
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1,357
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4.0
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4.0
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-
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-
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(i)
Underlying growth is defined in Note 2 on page 2
(ii)
Other Reconstruction includes robotics capital sales, our joint
reconstruction business and cement
(iii)
Other Established Markets are Europe, Japan, Australia/New Zealand
and Canada
(iv)
Emerging Markets include China, Latin America, Middle East, South
Africa and Korea
Orthopaedics
In our Orthopaedics business unit, revenue was up 2.3% (2.4%
reported).
Knee Implants declined
-0.9% (-0.9% reported) and Hip
Implants grew 4.0% underlying (4.1%
reported).
US Knee Implants returned to growth, up 0.7% (0.7% reported), and
US Hip Implants grew 3.2% (3.2% reported), as our 12-Point Plan
actions to improve product and set availability and commercial
execution start to deliver the expected improvements.
Outside the US, Knee Implants declined -2.8% (-2.9% reported) and
Hip Implants grew 5.0% (5.3% reported). Other Established Markets
continued their recent good momentum, with growth ahead of the
first half. However, overall performance was held back by China,
where we have seen a period of reduced end-customer demand. As a
result, orders from our distribution partners significantly slowed
as they reduced their stock-levels in response, particularly
towards the end of the quarter, and our expectation is that orders
will remain low through the fourth
quarter.
Overall, across our Established Markets, Knee Implants growth was
driven by our JOURNEY II◊ Total
Knee System with its proprietary OXINIUM◊ bearing
surface, and by our cementless and revision systems. Hip growth was
led by our POLAR3◊ Total
Hip Solution and R3◊ Acetabular
System.
Other Reconstruction revenue
grew 13.7% (13.8% reported) driven by sales of our
robotics-assisted CORI◊ Surgical
System and consumables, with approaching one-third of US knee
procedures utilising the system by quarter end.
Trauma & Extremities grew
3.3% (3.5% reported). We delivered double-digit
growth from our EVOS◊ Plating
System offset by a slower quarter for some legacy systems and, in
particular, lower sales of whole surgical sets. The launch of the
new AETOS◊ Shoulder
System continued to progress well. We expect higher growth to
return in the fourth quarter.
Sports Medicine & ENT
Our Sports Medicine &
ENT business unit
delivered revenue growth of 3.9% (3.7% reported). Excluding China,
Sports Medicine & ENT grew 7.9% (7.7% reported). The third
quarter was the
first full quarter since VBP implementation, and the new pricing is
now in place across all provinces. The scale of the headwind
reflects the expected price impact, but with the anticipated volume
benefits from higher utilisation yet to come
through.
Sports Medicine Joint Repair growth
of 0.1% revenue growth (declined -0.2% reported), which reflects
the China VBP impact. Growth was strong across all other regions,
with double-digit growth from our REGENETEN◊ Bioinductive
Implant.
Arthroscopic Enabling Technologies revenue
was up 15.0% (15.0% reported) with strong growth across all
categories of the arthroscopic tower, and from the
WEREWOLF◊ FASTSEAL
6.0 Hemostasis Wand used in orthopaedic reconstruction. The quarter
also benefitted from a relatively soft prior year
comparator.
Revenue from ENT declined -6.8% (-6.7% reported), with the
growth rate reflecting the strong 2023 comparator, as flagged last
quarter. The underlying demand for tonsil and adenoid procedures
remained solid.
Advanced Wound Management
Our Advanced Wound
Management business unit
delivered revenue growth of 6.5% (6.5%
reported), a
significant improvement over the first half across all three
segments.
Advanced Wound Care revenue
was up 3.4% (3.5% reported), driven by strong performances in foam
dressings and infection management categories.
Advanced Wound Bioactives revenue
was up 8.0% (7.9% reported), with double-digit growth from our skin
substitutes following the launch of GRAFIX PLUS◊ in
the second quarter, an easier-to-handle new version in our lead
product family, targeting the growing post-acute market.
SANTYL◊ revenue
declined slightly in the quarter as we continued to see
quarter-to-quarter variability, a long-term feature of SANTYL, as
previously stated.
Advanced Wound Devices revenue
was up 11.0% (11.0% reported), with strong growth from both our
traditional RENASYS◊ NPWT
System and PICO◊ Single-Use
NPWT System, and from our LEAF◊ Patient
Monitoring System as we continue to expand the market in Pressure
Injury Prevention.
Full year 2024 outlook
We expect to finish 2024 strongly, with an acceleration in revenue
growth driven by ongoing improvements in Orthopaedic
Reconstruction, a return to stronger growth for Trauma &
Extremities and continued good growth from Sports Medicine outside
of China and Advanced Wound Management. We will also benefit from
two extra trading days, although we expect that benefit to be less
than proportional given when they fall. We expect China to remain a
headwind for the reasons described above.
As a result, we now expect underlying revenue growth of around 4.5%
for the full year 2024 (previously 5.0% to 6.0%). This equates to
around 4.1% on a reported basis based on exchange rates prevailing
on 25 October 2024.
We continue to expect to deliver year-on-year expansion in our
trading profit margin, driven by productivity gains under the 12
Point Plan and operating leverage, which together should more than
offset headwinds from input cost inflation and VBP. However, the
impact of China in the second half is expected to reduce the
operating leverage gain. As a result, we now expect year-on-year
trading margin growth of up to 50bps compared
to last year's 17.5% (previously
at least 18.0%).
2025 targets
We continue to expect the Group to make significant progress in
2025, both sustaining the levels of revenue growth above pre-Covid
levels, and in significantly expanding
our trading profit margin through
operating leverage, productivity improvements and cost
reductions.
For 2025, given the updated 2024 outlook and, in particular,
uncertainty around ongoing China headwinds, we now expect to expand
our trading profit margin significantly to between 19.0% and 20.0%,
driven by the continued delivery of the 12-Point Plan
improvements.
Consolidated revenue analysis for nine months to 28 September
2024
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|
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|
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|
|
|
|
|
|
28 September
|
|
30 September
|
|
Reported
|
|
Underlying
|
|
Acquisitions
|
|
Currency
|
|
|
|
|
2024
|
|
2023
|
|
growth
|
|
Growth(i)
|
|
/disposals
|
|
impact
|
|
|
Consolidated revenue by business unit by product
|
|
$m
|
|
$m
|
|
%
|
|
%
|
|
%
|
|
%
|
|
|
Orthopaedics
|
|
1,697
|
|
1,638
|
|
3.6
|
|
4.2
|
|
-
|
|
-0.6
|
|
|
Knee
Implants
|
|
701
|
|
698
|
|
0.4
|
|
1.0
|
|
-
|
|
-0.6
|
|
|
Hip
Implants
|
|
457
|
|
444
|
|
3.0
|
|
3.8
|
|
-
|
|
-0.8
|
|
|
Other Reconstruction(ii)
|
|
92
|
|
80
|
|
16.0
|
|
16.4
|
|
-
|
|
-0.4
|
|
|
Trauma
& Extremities
|
|
447
|
|
416
|
|
7.3
|
|
7.6
|
|
-
|
|
-0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sports Medicine & ENT
|
|
1,330
|
|
1,268
|
|
4.9
|
|
5.6
|
|
-
|
|
-0.7
|
|
|
Sports
Medicine Joint Repair
|
|
715
|
|
689
|
|
3.8
|
|
4.6
|
|
-
|
|
-0.8
|
|
|
Arthroscopic
Enabling Technologies
|
|
459
|
|
428
|
|
7.2
|
|
8.1
|
|
-
|
|
-0.9
|
|
|
ENT
(Ear, Nose and Throat)
|
|
156
|
|
151
|
|
3.2
|
|
3.7
|
|
-
|
|
-0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Wound Management
|
|
1,212
|
|
1,185
|
|
2.2
|
|
2.6
|
|
-
|
|
-0.4
|
|
|
Advanced
Wound Care
|
|
547
|
|
539
|
|
1.4
|
|
2.0
|
|
-
|
|
-0.6
|
|
|
Advanced
Wound Bioactives
|
|
402
|
|
404
|
|
-0.5
|
|
-0.5
|
|
-
|
|
-
|
|
|
Advanced
Wound Devices
|
|
263
|
|
242
|
|
8.6
|
|
9.2
|
|
-
|
|
-0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
4,239
|
|
4,091
|
|
3.6
|
|
4.2
|
|
-
|
|
-0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
2,241
|
|
2,191
|
|
2.3
|
|
2.3
|
|
-
|
|
-
|
|
|
Other Established Markets(iii)
|
|
1,255
|
|
1,191
|
|
5.3
|
|
6.1
|
|
-
|
|
-0.8
|
|
|
Total Established Markets
|
|
3,496
|
|
3,382
|
|
3.4
|
|
3.7
|
|
-
|
|
-0.3
|
|
|
Emerging Markets(iv)
|
|
743
|
|
709
|
|
4.7
|
|
6.7
|
|
-
|
|
-2.0
|
|
|
Total
|
|
4,239
|
|
4,091
|
|
3.6
|
|
4.2
|
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-0.6
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(i)
Underlying growth is defined in Note 2 on page 2
(ii)
Other Reconstruction includes robotics capital sales, our joint
reconstruction business and cement
(iii)
Other Established Markets are Europe, Japan, Australia/New Zealand
and Canada
(iv)
Emerging Markets include China, Latin America, Middle East, South
Africa and Korea
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 18,000 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 $5.5 billion in 2023.
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 X, LinkedIn, Instagram or Facebook.
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:
October 31, 2024
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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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