Smith+Nephew , the global medical technology company, has announced its trading update for the first quarter ending 29 March 2025, reporting continued momentum across key business units and reaffirming confidence in its full-year guidance.

Key Financial Highlights:

• Q1 revenue of $1.41 billion, up 3.1% underlying (reported growth of 1.6%)

• Strong double-digit growth from key platforms including CORI◊ Surgical System, EVOS◊ Plating System, and REGENETEN◊ Bioinductive Implant

• Growth despite currency headwinds (-150bps) and one fewer trading day vs. Q1 2024

• Full-year 2025 revenue growth outlook unchanged at ~5.0% (reported ~5.4%)

• Trading profit margin expected between 19.0% and 20.0%

Segment Performance:

• Orthopaedics: Underlying growth of 3.2% with gains in US hip and knee implants; robotics (CORI◊) and shoulder systems drive momentum

• Sports Medicine & ENT: Underlying growth of 2.4%, led by joint repair (REGENETEN◊) and ENT innovation (ARIS◊ Wand)

• Advanced Wound Management: Underlying growth of 3.8%, driven by strong foam and Negative Pressure Wound Therapy (NPWT) performance

Deepak Nath Chief Executive Officer, Smith+Nephew said:

"We have delivered a good start to the year with the operational improvements delivered through the 12-Point Plan driving growth across our portfolio. Key platforms, such as CORI◊, EVOS◊, REGENETEN◊ and our Negative Pressure Wound Therapy portfolio all delivered strong double-digit growth in the quarter, and we are maintaining our high pace of innovation with a further wave of product launches this year. Headwinds from China remained an offsetting factor, but we believe have now passed their peak impact.
“Whilst uncertainties exist around the imposition of tariffs, we remain confident in our outlook for another year of strong revenue growth and a significant step-up in trading profit margin.

 Smith+Nephew Q1 2025

Steady Growth Across the Board
Smith+Nephew posted a 3.1% underlying revenue growth despite macroeconomic pressures and FX headwinds. Continued momentum in key franchises, especially orthopaedic robotics (CORI◊) and advanced wound devices, indicates effective execution of their innovation strategy.

Resilience Amid China Headwinds
Though China’s Value-Based Procurement (VBP) continued to weigh down Sports Medicine and Orthopaedics, growth excluding China rose 5.5%, highlighting Smith+Nephew’s global diversification and strength in mature markets.

Innovation Driving Market Differentiation
New launches like the CATALYSTEM◊ Hip System, LEGION◊ Medial Stabilized inserts, and REGENETEN clinical data support Smith+Nephew’s strategic focus on high-growth categories. This aligns with the company’s “12-Point Plan” to drive long-term operational improvement.

Full-Year Outlook Reaffirmed
Management held firm on full-year guidance, targeting 5% underlying growth and a profit margin of up to 20%. The company is closely watching US tariffs but is well-positioned with two-thirds of its US sales manufactured domestically.