Smith & Nephew Surgeon insights event feedback: incremental colour on the pipeline

Research evidence excerpt

Smith & Nephew Surgeon insights event feedback: incremental colour on the pipeline

David Adlington AC Europe Equity Research

(44-20) 7134-5828 09 June 2026 C A Z E N O V E

david.adlington@jpmorgan.com

expansion as a key driver of growth.

• Tendon Seam is an easy to use biomechanical repair system and in combination

with Regeneten is changing the standard of care in rotator cuff repair.

• Cartiheal is an implant system promoting cartilage repair - an under-served area

currently, and now ships with a single use kit. A new CPT 1 reimbursment code

will be effective from 1 January 2027 and is expected to accelerate uptake.

• Tessa is an AI-enabled guidance system intially approved for improved

placement of the channel in ACL repairs, where 34% of failures are caused by

technical error. The company plans to expand use of the technology into a number

of different indications.

• Orthopaedics

• The LANDMARK Knee System (launching in Q3) will allow further reduction in

SKUs (targeted at 40%, and already reached 10%) as well as reducing the number of

instrument trays by up to 50% (important for ASCs). One of the surgeons noted that

the product is differentiated on its design which promotes more natural patella (knee

cap) tracking - one of the key complaints for patients. He expected other companies

to work on similar designs, where he noted that many of the competitor systems were

now quite old (launched 2006-13). He also noted that S&N’s robotic tensioner was

novel.

• ASC Value Proposition

• The migration from hospital to ASCs continues at pace, with the ASC market now

worth >$12bn p.a. in the US and growing DD. There were three ASCs 10 years ago

- now there are 603, driven by the increased productivity (potential for c4x the

capacity vs 3-day hospital stays).