Financial GuidanceDowngraded trading profit margin guidance for 2024 and 2025 indicates low conviction in the company returning to margins sustainably above 20% in the medium term.
Market ChallengesThe slow pace of recovery in the US Hip and Knee businesses remains well below the market growth rate, indicating doubts that the company will narrow the gap with peers in the next 12 months.
Regional PerformanceChina headwind (Recon destocking and Sports Medicine VBP) continued to impact sales, highlighting ongoing challenges in that region.