• Smith & Nephew first-quarter 2026 trading update call attended by CEO Deepak Nath, CFO John Rogers.
• Q1 revenue USD 1.5 billion; underlying growth 3.1% or 4.7% on adjusted daily sales basis; full-year guidance unchanged at about 6% organic revenue growth, about 8% organic trading profit growth, about USD 1.3 billion trading profit, about USD 800 million free cash flow.
• USD 500 million share buyback announced for completion over next 12 months, funded from free cash flow and existing cash balances; management cited balance sheet capacity versus 2x net debt-to-EBITDA target.
• US knees fell about 10% in Q1, described as trough; management pointed to deliberate set-placement trade-offs ahead of LANDMARK launch, with cementless version expected in Q3 2026, then cemented version in Q2 2027, with improvement expected quarter by quarter.
• Advanced Wound Management outlook maintained despite CMS skin substitute reimbursement changes; management reaffirmed USD 20 million to USD 40 million full-year trading profit headwind, with Q1 pricing down less than prior 20% to 25% assumption, volumes down modestly.

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