Smith & Nephew is a medical technology company that makes products used to repair, regenerate, and replace soft and hard tissue in the body. The company sells implants, instruments, and consumables to hospitals, surgery centers, and clinicians across roughly 100 countries, with the US accounting for approximately half of revenue. Smith & Nephew operates through three segments: Orthopaedics (~40% of revenue), Sports Medicine & ENT (~31%), and Advanced Wound Management (~29%). Orthopaedics covers hip, knee, and shoulder implants, trauma fixation products, and the CORI handheld robotic surgery platform. Sports Medicine focuses on minimally invasive soft tissue repair, with key products including the REGENETEN bioinductive implant for rotator cuff repair and AGILI-C for cartilage repair. Advanced Wound Management sells foam dressings, SANTYL (the only FDA-approved enzymatic debrider in the US), skin substitutes, and negative pressure wound therapy systems. A key feature of the business model is that Smith & Nephew places capital equipment — like the CORI robotic system — in hospitals and then generates recurring revenue from consumables used in each procedure. Innovation is central to sustaining growth and pricing power, with over 60% of revenue growth in recent years coming from products launched in the prior five years. China's government-mandated pricing program has materially compressed pricing across orthopaedics and sports medicine, with China now representing roughly 2% of revenue, down from approximately 7% before the program took effect.