Smith+Nephew reports first‑quarter trading in line with expectations, has left its full‑year 2026 guidance unchanged and announced a new $500m share buyback.
Group revenue in Q1 was $1,501m, up 3.1% underlying and up 6.6% reported including a 350bps FX tailwind, with one fewer trading day and adjusted daily sales growth of 4.7%.
"For the first time, Sports Medicine is now larger than Orthopaedic Reconstruction and Robotics," said Deepak Nath, Chief Executive Officer.
Management said growth was broad‑based across regions and product platforms, with more than half coming from innovations launched in the last five years, and that strong Sports Medicine and Advanced Wound Management performance was offset by a 10.3% decline in US Knee Implants.
Smith+Nephew reiterated full‑year targets of around 6% underlying revenue growth, around 8% trading profit growth (around $1.3bn including Integrity Orthopaedics), about $800m free cash flow and greater than 10% adjusted ROIC (ex‑Integrity).
The group flagged around $60m of tariff headwinds and $20-40m incremental impact from the skin‑substitutes reimbursement reset, said the Integrity Orthopaedics acquisition will be marginally dilutive in 2026, neutral in 2027 and accretive in 2028, and confirmed the buyback will be financed from free cash flow and existing cash and completed within 12 months.
Smith+Nephew will release second‑quarter and first‑half results on 4 August.
