SMITH & NEPHEW Business Summary

Smith & Nephew PLC (SNN) is a global medical technology leader specializing in the repair, regeneration, and replacement of soft and hard tissue. The company operates through three primary business segments: Orthopaedics (41% of revenue), which includes hip and knee implants and trauma products; Sports Medicine & ENT (30%), focusing on arthroscopy and soft tissue repair; and Advanced Wound Management (29%), providing high-tech dressings and negative pressure wound therapy. Revenue is primarily generated through the direct sale of medical devices and instruments to hospitals and healthcare providers, with over 50% of total sales originating in the United States. Smith & Nephew competes directly with industry giants Stryker, Zimmer Biomet, and DePuy Synthes (a Johnson & Johnson subsidiary), maintaining a top-four global position in orthopaedics and the second-largest market share in advanced wound care. Originally founded in 1856 by pharmacist Thomas James Smith in Hull, UK, the company was later expanded by his nephew, Horatio Nelson Smith, who pivoted the business toward surgical dressings during World War I. The current leadership team is led by CEO Dr. Deepak Nath, a former President of Diagnostics at Abbott with a PhD in Theoretical Physics, and CFO John Rogers, who previously served as CFO of WPP and CEO of Sainsbury’s Argos. The board is chaired by Rupert Soames, the former CEO of Serco, and includes Senior Independent Director designate Thérèse Esperdy, a veteran of JPMorgan Chase. Notable institutional investors include Cevian Capital, which holds a significant activist stake, alongside major asset managers such as BlackRock and Norges Bank.