Geopolitical And Tariff ImpactsSNN continues to expect a $15–$20 million 2025 headwind due to potential US tariff impacts, with impacts compounding further in 2026.
Market ChallengesSNN delivered a mixed quarter, modestly beating top-line expectations but coming in below consensus, with underlying growth of +5% in what was a challenging quarter for US knee performance.
Price Target AdjustmentThe price target for Smith & Nephew Snats was slightly lowered to $34 to align with the current share price and account for a 25% discount to the large cap MedTech comparison group median.