Smith & Nephew's New Organizational Structure Holds Potential for Operating Leverage Gains
As new CEO Namal Nawana has ramped up organizational changes for Smith & Nephew, we’re intrigued by the possibility of increasing growth while holding costs level—something Nawana and CFO Graham Baker discussed in the quarterly earnings call. However, we’re reluctant to give the firm too much credit for improved operating leverage until we see more signs of progress, thus we’re leaving our fair value unchanged for now. As Smith & Nephew remains a midsize competitor in a field of much lar...Smith & Nephew is a global medical devices business operating in the markets for advanced surgical devices comprising orthopaedic reconstruction and trauma, sports medicine and advanced wound management. Co.'s advanced medical products and services include: Orthopaedic Reconstruction and Trauma (joint replacement systems for knees and hips and products to help repair broken bones); Advanced Wound Management (treatment and prevention products for hard-to-heal wounds); and Sports Medicine (implants and enabling technologies for minimally invasive repair of the joint).
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