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HEALTHCARE: Smith & Nephew (SNLN: Baa2/BBB+): 4Q 24

HEALTHCARE
Credit BulletsUKCEEMEABullet

A small beat but Cevian, activist investor, is still in the background.

  • 4Q revenue $1.57bn +8.3% organic
  • FY Revenue $5.81bn +5.3% organic
  • Op Profit $657m up from $425m FY23
  • Margin improvement to 11.3% from 7.7%
  • FCF $551m up from $129m
  • Co says that 60% of revenue growth came from products launched in last 5 years. 50 new products have been launched in the last 3 years
  • As with all MedTech, China was a drag but USA saw 5.4% in Knees and 7.6% in Hips
  • Guiding for 5% revenue growth in 2025 with trading margins of 19-20% range.
  • We wrote yesterday that the 2029 bonds have no protection against selling assets (apart from a substantial full sale of the business).
  • Back in October, Dragoneye accused the company of inflating profit-margins.
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A small beat but Cevian, activist investor, is still in the background.

  • 4Q revenue $1.57bn +8.3% organic
  • FY Revenue $5.81bn +5.3% organic
  • Op Profit $657m up from $425m FY23
  • Margin improvement to 11.3% from 7.7%
  • FCF $551m up from $129m
  • Co says that 60% of revenue growth came from products launched in last 5 years. 50 new products have been launched in the last 3 years
  • As with all MedTech, China was a drag but USA saw 5.4% in Knees and 7.6% in Hips
  • Guiding for 5% revenue growth in 2025 with trading margins of 19-20% range.
  • We wrote yesterday that the 2029 bonds have no protection against selling assets (apart from a substantial full sale of the business).
  • Back in October, Dragoneye accused the company of inflating profit-margins.