Smith & Nephew
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| Type | Public limited company |
|---|---|
| Traded as | LSE: SN. NYSE: SNN |
| Industry | Medical devices |
| Founded | 1856 (Kingston upon Hull) |
| Headquarters | London, United Kingdom |
| Key people | John Buchanan, Chairman David Illingworth, CEO |
| Revenue | $3,962 million (2010)[1] |
| Operating income | $920 million (2010)[1] |
| Net income | $615 million (2010)[1] |
| Employees | 10,172 (2010)[1] |
| Website | Smith & Nephew plc |
Smith & Nephew plc (LSE: SN.) is a global medical devices company headquartered in London, United Kingdom. It is the world's largest producer of arthroscopy products, second-largest producer of advanced wound management products, third-largest producer of trauma and clinical therapy products and fourth-largest producer of orthopedic reconstruction products.[2] It has operations in 32 countries and its products are sold in over 90 countries.[1]
Its primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.
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[edit] History
The company was founded in 1856 by Thomas James Smith of Kingston upon Hull who went into business as a dispensing chemist.[3] A few months before his death in 1896, Smith was joined by his nephew, Horatio Nelson Smith, and the business became known as T.J. Smith and Nephew.[3]
In 1928 the company developed the wound management product Elastoplast. By 1977 the company acquired the pump manufacturer Watson-Marlow Pumps, before selling it to Spirax-Sarco Engineering in 1990.[4] In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.[3]
In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million.[5] It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.[6]
The company acquired Plus Orthopedics, a Swiss orthopedics business, for US$889 million in April 2007[7] and BlueSky, a US wound care business, for $110 million in May 2007.[8]
In September 2007 Biomet Inc., DePuy Orthopaedics Inc. (part of Johnson & Johnson), Smith & Nephew PLC and Zimmer Holdings Inc. entered into settlement agreements, under which they agree to pay $300 million in total, adopt industry overhauls and undertake corporate monitoring to avoid criminal charges of conspiracy.[9]
[edit] Operations
The company operates in three market segments through separate "global business units" under the Smith & Nephew brand name:
- Advanced wound management: advanced treatments for difficult wounds.
- Endoscopy: products for minimally invasive surgery, based in Andover, Massachusetts.
- Orthopaedics: hip and knee implants and trauma products, based in Memphis, Tennessee.
Smith & Nephew has a track record of bringing innovative new products to market that provide better clinical outcomes for patients and save costs for healthcare providers. This is the primary focus of its fourth business unit, Biologics.
The company's business strategy is based on researching, developing, manufacturing and marketing technically innovative and advanced medical devices. In 2008 it invested $152 million in its highly regarded research and development activities – a figure that is currently around 4% of sales. The Biologics business unit, headquartered in North Carolina in the US, has strategic responsibility for product innovation and development and serves the needs of the remaining business units. The company's direct contacts with healthcare providers are a vital link in the chain. Clinicians' views of their present and future needs provide essential impetus for Smith & Nephew's research work.
The company has three focus areas of cross-business research: novel bioresorbable polymers, tissue or cell engineering, and non-invasive stimulation. Scientific Review Boards, comprising eminent academic scientists and medical professionals, provide independent assessments of the quality of the science and engineering in Smith & Nephew's business unit programmes and guidance on emerging science as necessary.
[edit] Awards
Recent awards include:
- Manufacturer of the Year in 2007[10]
- Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006[11]
- ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology[12]
- Smith & Nephew's Landmark Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting[13]
[edit] References
- ^ a b c d e "Annual Report 2010". Smith & Nephew plc. http://annualreport2010.smith-nephew.com/downloads/annualreport.pdf#zoom=100. Retrieved 27 September 2010.
- ^ "Smith & Nephew at a glance". Smith & Nephew plc. http://global.smith-nephew.com/master/about_us_at_a_glance_1201.htm. Retrieved 27 September 2010.
- ^ a b c "Smith & Nephew History". Global.smith-nephew.com. http://global.smith-nephew.com/master/who_we_are_our_history_6182.htm. Retrieved 18 April 2011.
- ^ "Watson-Marlow profile". Watson-marlow.se. http://www.watson-marlow.se/wmb-gb/50years-profile.htm. Retrieved 18 April 2011.
- ^ Smith & Nephew to buy Oratec for $310mm in cash Windhover Information, February 2002
- ^ Smith & Nephew buys UK hip resurfacing business Biomedical Materials, 1 May 2004
- ^ Smith & Nephew buys Swiss company Plus Orthopedics Biomedical Materials, 1 April 2007
- ^ Smith & Nephew buys wound care firm BlueSky for $110m Independent, 12 May 2007
- ^ Biomet stays part of informal SEC probe Reuters, 11 October 2007
- ^ Smith & Nephew wins manufacturing award On Target, 2007
- ^ Oliver Wright
- ^ Smith & Nephew wins award for oxinium technology Bimedical Materials, 1 November 2005
- ^ North American Spine Society 2003 Annual Meeting Smith & Nephew Press Release
