The following is a summary of the Smith & Nephew Plc (SNN) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• Smith & Nephew reported Q3 revenue of $1.4 billion, marking a 4% underlying growth.

• Projected annual underlying revenue growth revised to 4.5%, with an anticipated trading margin expansion of up to 50 basis points.

Business Progress:

• Under the 12-Point Plan, significant operational improvements have been noted, particularly in the U.S. Recon business which has grown due to improved product supply and commercial execution.

• Implementation of robotics and innovation in orthopedics, such as the new CATALYSTEM in hips and advancements in the EVOS plating system, are enhancing Smith & Nephew's product portfolio.

• Advanced Wound Management experienced its best growth quarter, driven by increased adoption across regions and categories.

Opportunities:

• Growth momentum in established markets expected to continue with operational improvements and product innovations.

• Advanced robotics and innovative products like CATALYSTEM hip systems and the EVOS plating system represent key growth drivers.

Risks:

• Projected slower growth from the Sports Medicine Volume-Based Procurement (VBP) in China, along with delayed benefits from expected volume increases, likely contributing more to margin pressure in 2025.

• Persistent underperformance and low order expectations in China's recon business impacting near-term growth prospects.

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