Incisive Surgeon Insights

研报英文原文证据摘录

Incisive Surgeon Insights

EUROPE | Medical Supplies & Devices

Smith & Nephew EquityJuneResearch9, 2026

FLASH NOTEIncisive Surgeon Insights

Key Takes from S&N's Surgeon Event: 1/ infection costs weighing on HC RATING BUY

systems yet still underappreciated by surgeons; 2/ PICO remains a key PRICE 1,154.50p^

differentiator in NWPT; 3/ Sports Med should benefit from CPT1 Code and PRICE TARGET | % TO PT 1,500.00p | +30%

portfolio breadth; 4/ Landmark fills the gap in SN's Knee biz; 5/ ASCs represent 52W HIGH-LOW 1,442p - 1,050p

a structural growth driver where SN has a right to win. FLOAT (%) | ADV MM (USD) 95.3% | 47.63

MARKET CAP £10.1B | $13.4B

Infection costs still underappreciated by surgeons. Such costs seem structurally TICKER SN/ LN

underappreciated by surgeons, despite their material burden on the HC system. KOLs highlight ^Prior trading day's closing price unless otherwise

noted.

complex, multi-step revision pathways and re-failure risks for some surgeries, driving recurring

costs for HC systems, inefficiencies for hospitals, and patient dissatisfaction. SN solutions (PICO,

ALLEVYN) reduce complications and Length Of Stay (LOS), supporting clear system-wide cost

savings beyond upfront dressing costs.

PICO remains a key differentiator. PICO stands out as a highly differentiated platform in AWM,

supported by deep clinical evidence (>300 studies incl. 60 RCTs) and sustained DD growth.

KOLs report systematic use across procedures, driven by strong clinical rationale (infection risk)

and tangible LOS reduction (~1.75d). Despite clear cost benefits, adoption remains currently

constrained by surgeons' behavioral inertia rather than product limitations.

Further strengthening Sports Med. Sports Med is emerging as a credible growth engine, with