Smith & Nephew: Q2 2026 - thoughts into the results

研报英文原文证据摘录

Smith & Nephew: Q2 2026 - thoughts into the results

C A Z E N O V E Europe Equity Research

31 July 2026

Smith & Nephew Overweight

SN.L, SN/ LN

Q2 2026 - thoughts into the results Price (30 Jul 26):1,188p

Price Target (Dec-27):1,438p

We set out our latest thoughts and a consensus comparison ahead of Q2 results (4 European Medical Technologies &

August). After a slow start and management commentary of H2 loaded growth, Services

sell-side and buy-side expectations into the quarter are low with a sizeable part of David Adlington AC

the market expecting a downward adjustment to FY26 guidance. So far this (44-20) 7134-5828

reporting season, following an initial scare on procedure volumes from HCA, david.adlington@jpmorgan.com

commentary elsewhere has generally been more upbeat. The latest datapoint after Anchal Verma

the close last night was Stryker (covered by Robbie Marcus) which was supportive (44-20) 3493-6144

of continued stable procedure volume (after some recent commentary of a anchal.verma@jpmorgan.com

slowdown). Nonetheless, Stryker’s shares are indicated -8% in after-market Philip S Omnou

(44-20) 3493-5648

trading despite a raise to FY guidance as numbers were in line and there were hopes philip.omnou@jpmorgan.com

for a beat. J.P. Morgan Securities plc

• Focus on procedure volumes. Following the HCA pre-release, there has been Specialist Sales contact details:

much discussion around procedure volumes post the ACA subsidy expiry. Marjan Daeipour - Specialist Sales -

Since HCA, commentary from other companies has been more positive, European Healthcare

although if there has been any slowdown it has been skewed to more elective (44 20) 7134-1329

procedures. Having said that, Stryker posted results after the US close last night marjan.daeipour@jpmorgan.com