Smith & Nephew plc filed a Form 6-K trading update on November 4, 2026, covering the third quarter ended 26 September 2026, disclosing Q3 revenue of $1,551 million and revised full-year guidance reflecting slower growth in Orthopaedics.

Key Highlights

  • Q3 revenue of $1,551 million (Q3 2025: $1,501 million), representing 3.4% revenue growth on both an underlying and reported basis, according to the filing.
  • Full-year revenue growth guidance revised to around 3% on an underlying basis, down from prior guidance, reflecting the company's outlook for US Hips and Knees in Q4.
  • Trading profit now expected to be around $1,250 million, with trading profit growth of around 4% for the full year.
  • Free Cash Flow now expected to be around $750 million, with trading cash conversion of around 95%, the filing stated.
  • $250 million of a previously announced $500 million share buyback was completed by the end of Q3, the company disclosed.
  • Cementless LANDMARK Knee received 510(k) clearance from the FDA, with first US surgical cases completed during the quarter.
  • Discussions with Johnson & Johnson regarding a possible combination with its DePuy Synthes business "have now ended," according to the filing.

Smith+Nephew Q3 2026: Revenue Growth, Guidance Revision, and Orthopaedics Strategic Review

According to the filing, Smith & Nephew (LSE:SN, NYSE:SNN) reported Q3 revenue of $1,551 million for the quarter ended 26 September 2026, compared with $1,501 million in Q3 2025. The company disclosed 3.4% revenue growth on both an underlying and reported basis, with 63 trading days in the quarter, in line with Q3 2025. The company attributed the quarter's performance to strong Sports Medicine & ENT results, improved Advanced Wound Management, and a return to growth in Orthopaedics, despite what it described as "soft market conditions and continued weak performance in US Hips and Knees."

Sports Medicine & ENT revenue reached $507 million (Q3 2025: $469 million), representing 8.0% reported growth and 7.9% underlying growth. Within this segment, Sports Medicine Joint Repair grew 11.1% on a reported basis to $283 million. Advanced Wound Management revenue was $454 million (Q3 2025: $455 million), with Advanced Wound Devices growing 10.7% on both a reported and underlying basis to $110 million, while Advanced Wound Bioactives declined 8.7% reported to $144 million. The filing noted that more than 50% of Q3 growth came from products launched in the last five years, attributing this to Chief Executive Officer Deepak Nath's statement included in the update.

On Orthopaedics, the company's board confirmed it had "approached Johnson & Johnson earlier in the year" regarding a possible combination with DePuy Synthes, and that "discussions did take place, but those conversations have now ended." The filing stated the company "will continue to actively explore the full range of strategic options." Separately, the company disclosed that the cementless LANDMARK Total Knee System received 510(k) FDA clearance and that the TESSA Spatial Surgery System completed its first femoral cases, with a submission made to the FDA for tibial tunnel placement approval. Full-year guidance was revised to reflect slower US Orthopaedics growth expected to continue through Q4.

What Was Disclosed

Smith & Nephew filed a Q3 2026 trading update reporting $1,551 million in quarterly revenue, revised full-year guidance for revenue growth of around 3% and trading profit of around $1,250 million, $250 million of a $500 million buyback completed, and the end of discussions with Johnson & Johnson about a possible DePuy Synthes combination.