Smith & Nephew PLC (NYSE:SNN)
$ 24.74 0.45 (1.85%) Market Cap: 10.56 Bil Enterprise Value: 13.42 Bil PE Ratio: 34.10 PB Ratio: 2.00 GF Score: 84/100
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Half Year 2024 Smith & Nephew PLC Earnings Call Transcript

Aug 01, 2024 / 07:30AM GMT
Release Date Price: $30.76 (+6.88%)

Key Points

Positve
  • Smith & Nephew PLC (SNN) reported a solid set of numbers with 5.6% revenue growth in the quarter.
  • The Sports Medicine business continued its good momentum across categories and regions.
  • Advanced Wound Management returned to growth with improvements in both bioactives and AWC.
  • Orthopedics saw strong performance in Trauma & Extremities, Robotics, and ex-US Recon.
  • Profitability improved with a 140 basis points expansion, translating into double-digit profit growth and 60% trading cash conversion.
Negative
  • US Recon remains behind for the quarter, although there are signs of progress.
  • Foreign exchange presented a 100 basis points headwind on reported revenue growth.
  • The company faces a significant margin headwind from China VBP pricing in the second half.
  • There is ongoing variability in quarter-to-quarter growth for products like SANTYL.
  • The company is still addressing challenges around execution and culture, which have historically held back its full potential.
Deepak Nath
Smith & Nephew PLC - Chief Executive Officer, Executive Director

Good morning, and welcome to the Smith & Nephew second-quarter and half-year results presentation. I'm Deepak Nath, I'm the Chief Executive Officer; and joining me is Chief Financial Officer, (Trades, Portfolio).

I'm pleased to report a solid set of numbers that represents a good step towards our full year guidance and further progress on our strategy to transform Smith & Nephew. On revenue, we delivered the acceleration that we expected with 5.6% growth in the quarter. The Sports Medicine business continued its good momentum across categories and regions. Advanced Wound Management will return to growth with a better quarter in both bioactives and in AWC.

In Orthopedics, all of Trauma & Extremities,

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