Smith+Nephew

Smith+Nephew is a British medical technology company. It has three business units. Orthopaedics sells knee and hip implants and related products. Sports Medicine & ENT sells implants and instruments for joint repair, such as shoulder anchors and the REGENETEN implant, and equipment for arthroscopic surgery.

Advanced Wound Management sells dressings, negative pressure wound therapy such as PICO, and bioactive products such as SANTYL and skin substitutes. Revenue was $4.65 billion in the first nine months of 2026. Surgeons train on its systems and hospitals keep its instruments and implant sets, which makes it costly for them to change suppliers. The company trades on the London Stock Exchange, and its American depositary shares (SNN) trade on the NYSE.

The market prices Smith+Nephew for weak growth in its Orthopaedics business and for doubt that its turnaround can continue. The company cut its 2026 revenue growth outlook two times: to about 4% in August 2026 and to about 3% on November 4, 2026. In November, it also cut its 2026 guidance for trading profit growth to about 4% from about 8% and for free cash flow to about $750 million from about $800 million, because U.S. hip and knee sales stay weak. Underlying revenue grew 3.4% in Q3 2026.

Sports Medicine & ENT grew 7.9%, but U.S. knee implant revenue fell 7.3%. The company said that it held talks with Johnson & Johnson about its Orthopaedics business, that these talks ended, and that it continues to examine all options for that business. The CFO left on September 30, 2026, and the company has not named a successor. For the gap to close, three things must be true.

Orthopaedics must grow again in 2027 with new products such as the cementless LANDMARK knee, the CATALYSTEM hip and CORI Hip. Sports Medicine & ENT must keep its fast growth, and Advanced Wound Management must grow again. The company must meet its new 2026 guidance of about $1.25 billion of trading profit and about $750 million of free cash flow, and give a 2027 outlook with faster growth. The full-year results on March 1, 2027, give the next test.

If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a longer weakness in U.S. Orthopaedics, where larger competitors are strong.

1. Nov 4, 2026Failed

   Q3 2026 trading report: return to faster growthUnderlying revenue growth near 5% with better U.S. Orthopaedics and SANTYL growth, and the 2026 guidance kept, pass; growth near 2% or a cut to profit guidance fails.Outcome: Underlying revenue growth was 3.4%, below the 5% test, U.S. knee implant revenue fell 7.3%, and the company cut its 2026 trading profit growth guidance to about 4% from about 8%.
2. Mar 1, 2027Pending

   Full-year 2026 results and 2027 outlookTrading profit near the new guidance of about $1.25 billion, free cash flow near $750 million and a 2027 outlook for Orthopaedics growth pass; a miss or a weak outlook fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Smith+Nephew published its Q3 2026 trading report. Revenue was $1,551 million, with underlying growth of 3.4%. Sports Medicine & ENT grew 7.9%, Orthopaedics grew 2.5% and Advanced Wound Management fell 0.2%, and U.S. knee implant revenue fell 7.3%. The company cut its 2026 guidance to underlying revenue growth of about 3%, trading profit growth of about 4%, or about $1.25 billion, and free cash flow of about $750 million. It said that it approached Johnson & Johnson about its Orthopaedics business earlier in 2026 and that the talks have ended. By the end of Q3, $250 million of the $500 million buyback was complete. Full-year results are due on March 1, 2027.
• October 8, 2026Smith+Nephew said it will publish its Q3 2026 trading report on November 4, 2026.
• October 5, 2026Smith+Nephew redeemed all of its $350 million of 5.150% notes due 2027, at 100.245% of their principal amount.

Last earnings

November 4, 2026

Next earnings

March 1, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 27, 2026Filed August 14, 2026 · snn-20260627x6k
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 16, 2026 · snn-20251231x20f
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 10, 2025 · snn-20241231x20f

Every filing on SEC EDGAR (CIK 845982)

• Orthopaedics growth is weak. In Q3 2026, U.S. knee implant revenue fell 7.3% and U.S. hip implant revenue fell 1.0%, and the company expects this weakness to continue in Q4 2026. If the new knee and hip products do not win surgeons in 2027, the company loses more share to larger competitors.
• Lower U.S. sales of skin substitutes reduce revenue in Advanced Wound Bioactives. The company expects this headwind to be near the top of its range of $20 million to $40 million in 2026.
• The CFO left on September 30, 2026, and the company has not named a successor. Changes in the leadership team can slow the turnaround plan.
• The board examines strategic options for Orthopaedics, after talks with Johnson & Johnson ended in 2026. A sale, a combination or a long review can bring costs and take the attention of management.
• Tariffs on medical devices can raise costs. The company expects the net effect of tariffs to be broadly neutral in 2026 only because of tariff refunds.

Smith+Nephew funds itself with corporate bonds, private placement notes and bank facilities. At June 27, 2026, borrowings were $3.59 billion: $2.67 billion of corporate bonds, $410 million of private placement notes and $508 million of current bank borrowings and loans. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.6% (last 12 months, at today’s price of $31.04)

Paid per share

$0.794 in the last 12 months (2 payments)

Current annual rate

$0.794 (the last two payments)

Latest ex-dividend date

October 2, 2026, $0.312 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 0.3% a year. From 2015 to 2025, the dividend grew by about 2.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.