Smith & Nephew: Expert Surgeon Insights Event feedback

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Smith & Nephew: Expert Surgeon Insights Event feedback

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Smith & Nephew

Expert Surgeon Insights Event feedback

Reiterate Rating: BUY | PO: 1,450 GBp | Price: 1,161 GBp

LANDMARK to drive knee share recovery into 2027 11 June 2026

We attended S&N’s Expert Surgeon Insights event in London, where KOLs reviewed key Equity

innovation platforms. While investor focus remains on the Knee turnaround, the event

reinforced that S&N’s broader portfolio is central to the 6–7% growth ambition. In

Key ChangesOrtho, LANDMARK gives a more credible knee platform to defend share and even regain

lost ground. KOLs highlighted JOURNEY kinematics, LEGION ease of use and a (US$) Previous Current

patellofemoral design matching 90% of patients’ anatomy versus 40% for other 2026E EPS 1.13 1.11

implants, aimed at delivering a more natural-feeling knee. The cementless launch in 3Q 2027E EPS 1.28 1.26

should help retain JOURNEY users and slow share loss, but we see the cemented launch, 2028E EPS 1.48 1.46

expected in 2Q27, as the more important catalyst for competitive conversions and 2026E DPS 0.26 0.25

broader knee share recovery. CORI also looks well suited to ASCs, given its compact

footprint, lower tray burden and potential to improve room turnover. Julien Ouaddour >>

Research Analyst

Sustained growth in Sports Medicine and sNPWT BofASEjulien.ouaddour@bofa.com(France)

In Sports Med, S&N’s key products remain REGENETEN, TENDON SEAM, CARTIHEAL James Nin >>

and TESSA (see Sports Med report). REGENETEN is the most mature asset, with KOLs Research Analyst

BofASE (France)

highlighting broader adoption beyond shoulder, while TENDON SEAM should be james.nin@bofa.com

complementary by improving repair strength. CARTIHEAL and TESSA add mid- to long- Anna Ractliffe >>

term optionality.