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Smith & Nephew Plc Management Discusses Q4 2011 Results - Earnings Call Transcript

Smith & Nephew plc (SNN)

Q4 2011 Earnings Call

February 02, 2012 4:00 am ET

Executives

Olivier Bohuon - Chief Executive officer, Director and Chairman of Disclosures Committee

Adrian Hennah - Chief Financial Officer, Executive Director, Member of Disclosures Committee and Member of Risk Committee

Analysts

Navid Malik - Cenkos Securities plc., Research Division

Martin Brunninger - Nomura Securities Co. Ltd., Research Division

Unknown Analyst

Matthew S. Miksic - Piper Jaffray Companies, Research Division

Veronika Dubajova - Goldman Sachs Group Inc., Research Division

Jason Wittes - Caris & Company, Inc., Research Division

Presentation

Olivier Bohuon

Good morning, everybody. So as you know, I'm Olivier Bohuon. I'm the Chief Executive Officer of Smith & Nephew, and I welcome you to our fourth quarter and my first full year result presentation. I will speak about our results for the fourth quarter and then hand over to Adrian to take you through the numbers. When Adrian is finished, I will come back and update you on the progress we're making against our new strategic priorities and some thoughts for 2012. As usual, we'll take questions at the end of the formal presentation.

So we finished 2011 well. For the year, our revenues were up 8% reported and 4% underlying to nearly $4.3 billion. All our business units contributed to this growth. In Orthopaedics, we led the market in mid-growth and delivered a solid performance from our traditional hip portfolio. Trauma had a more mixed performance. I will talk more about what we're doing to change this in a few slides. Our Endoscopy business performance reinforced my belief that minimally invasive joint repair is a good market to be in and a great market to lead. It offers scope for more innovation and obvious benefits to patients and payers. For the third year in a row, Advanced Wound Management is our fastest-growing business, exceeding this year $1 billion in revenues for the first time. Our successful entry into negative pressure market is a major driver, but we should not forget that our larger advanced wound care business contributes also significantly.

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