Smith & Nephew
|Public limited company|
|Traded as||LSE: SN|
FTSE 100 Component
(Kingston upon Hull)
|Headquarters||Watford, United Kingdom|
|Revenue||$5,138 million (2019)|
|$815 million (2019)|
|$600 million (2019)|
Number of employees
Smith & Nephew plc is a British multinational medical equipment manufacturing company headquartered in Watford, United Kingdom. It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopaedic reconstruction products. Its products are sold in over 120 countries. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company was founded in 1856 by Thomas James Smith of Kingston upon Hull who went into business as a dispensing chemist. 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.
In 1928 the company acquired the licence to market and produce the Elastoplast range of bandages. By 1977 the company acquired the pump manufacturer Watson-Marlow Pumps, before selling it to Spirax-Sarco Engineering in 1990. In 1986 it went on to acquire Richards Medical Company, a US specialist in orthopaedic products for £201 million.
In 2002 the company acquired Oratec Interventions, a surgical devices business, for $310 million. It went on to buy Midland Medical Technologies, a hip resurfacing business, for £67 million in 2004.
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.
The company acquired Healthpoint Biotherapeutics, a specialist in the bioactives area of advanced wound management, for $782 million in December 2012.
In February 2014, Smith & Nephew announced the purchase of ArthroCare for US$1.7 billion in cash. This was seen as a move to broaden the company's sports medicine range for minimally invasive surgery moves the company into the Ear, Nose & Throat market.
In October 2015 Smith & Nephew announced the acquisition of Blue Belt Technologies (led by Eric Timko) for USD $275 million, securing a leading position in the fast-growing area of orthopaedic robotics-assisted surgery.
In June 2019 Smith & Nephew acquired Atracsys Sàrl, the Switzerland-based provider of optical tracking technology used in computer-assisted surgery.
In October 2019, Smith & Nephew announced Nawana would stand down "because his requests for higher pay, in line with the packages awarded by US medical device-makers, could not be met under UK corporate governance standards". He is replaced by Roland Diggelman.
- Advanced wound management: advanced treatments for difficult wounds.
- Endoscopy: products for minimally invasive surgery, based in Andover, Massachusetts, USA.
- Orthopaedics: hip and knee implants and trauma products, based in Memphis, Tennessee, USA.
In February 2012 Smith & Nephew plc agreed to pay US$22.2 million to settle multiple US Foreign Corrupt Practices Act (FCPA) offenses committed by its US and German subsidiaries. Under the new agreements Smith & Nephew PLC paid $5.4 million in restitution and interest to settle the SEC's civil charges. Its US subsidiary Smith & Nephew Inc. paid a $16.8 million criminal fine. The company admitted to having bribed government-employed doctors in Greece to use its medical equipment over the past decade. The company entered into a deferred prosecution agreement with the US Department of Justice (DOJ) and agreed to retain a compliance monitor for 18 months.
- Manufacturer of the Year in 2007
- Smith & Nephew Advanced Wound Management won Logistics and Supply Chain Manufacturer Award 2006
- ASM International 2005 Engineering Materials Achievement Award for Smith & Nephew's trademarked oxinium technology
- Smith & Nephew's Back Pain Study Receives Outstanding Paper Award at North American Spine Society 2003 Annual Meeting
- "Annual Results 2019" (PDF). Smith & Nephew plc. Retrieved 28 February 2020.
- "About us". Smith & Nephew. Retrieved 10 March 2019.
- "SNN Profile | Smith & Nephew SNATS, Inc. Comm Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 5 September 2012.
- "Smith & Nephew History". Global.smith-nephew.com. Retrieved 2 April 2013.
- "Watson-Marlow profile". Watson-marlow.se. Retrieved 18 April 2011.
- "Smith & Nephew to buy Oratec for $310mm in cash". Windhover Information. February 2002. Archived from the original on 18 July 2011. Retrieved 8 March 2009.
- "Smith & Nephew buys UK hip resurfacing business". Biomedical Materials. 1 May 2004. Archived from the original on 23 October 2012. Retrieved 8 March 2009 – via Highbeam.
- "Smith & Nephew buys Swiss company Plus Orthopedics". Biomedical Materials. 1 April 2007. Archived from the original on 23 October 2012. Retrieved 8 March 2009 – via Highbeam.
- "Smith & Nephew buys wound care firm BlueSky for $110m". Independent. 12 May 2007. Retrieved 8 March 2009.
- "Biomet stays part of informal SEC probe". Reuters. 11 October 2007. Retrieved 2 August 2008.
- "Smith & Nephew to Buy Healthpoint for $782 Million". Bloomberg. 28 November 2012. Retrieved 18 March 2013.
- "Smith & Nephew to Buy ArthroCare for $1.7 Billion in Cash". Bloomberg. 3 February 2014. Retrieved 27 March 2014.
- "Smith & Nephew makes strategic investment in surgical robotics with acquisition of Blue Belt Technologies | Smith & Nephew". www.smith-nephew.com. Retrieved 11 September 2019.
- "Smith & Nephew Acquires Brainlab Orthopaedic Joint Reconstruction Business". Brainlab. Retrieved 11 September 2019.
- "Smith & Nephew expands digital surgery ecosystem with acquisition of innovator in optical tracking technology". OrthoFeed. 12 June 2019. Retrieved 11 September 2019.
- Kollewe, Julia. "Smith & Nephew chief executive to stand down after pay row". The Guardian. Retrieved 28 October 2019.
- "Smith & Nephew". The Telegraph. Retrieved 12 April 2017.
- The FCPA Blog (6 February 2012). "Smith & Nephew Reaches $22 Million Settlement". The FCPA Blog. Retrieved 10 April 2012.
- "Smith & Nephew to pay $22.2M in US settlements". 6 February 2012. Retrieved 17 June 2013.
- Andrew Jack (6 February 2012). "Smith & Nephew in $22m bribes fine". The Financial Times. Retrieved 10 April 2012.
- Office of Public Affairs (6 February 2012). "Medical Device Company Smith & Nephew Resolves Foreign Corrupt Practices Act Investigation". The United States Department of Justice. Retrieved 10 April 2012.
- "Smith & Nephew wins manufacturing award". On Target. 2007. Archived from the original on 5 February 2008. Retrieved 2 August 2008.
- "Oliver Wright". Archived from the original on 6 January 2009. Retrieved 7 October 2010.
- "Smith & Nephew wins award for oxinium technology". Bimedical Materials. 1 November 2005. Archived from the original on 4 November 2012. Retrieved 7 October 2010.
- "North American Spine Society 2003 Annual Meeting" (Press release). Smith & Nephew. Archived from the original on 2 December 2013. Retrieved 2 April 2013.
- J Foreman-Peck, Smith & Nephew in the Health Care Industry, Edward Elgar 1995