Smith+Nephew PLC (LSE: SN, NYSE: SNN), a global medical technology company with a market capitalization of $10.49 billion, announced today the appointment of Sybella Stanley as an independent Non-Executive Director effective February 1, 2025. Stanley will join the Remuneration Committee and is set to become its Chair on June 30, 2025, succeeding Angie Risley.
Stanley brings extensive experience from her tenure at RELX Plc, where she has been Director of Corporate Finance since 1997. Her previous roles include serving as an Independent (LON:IOG) Non-Executive Director and Chair of the Remuneration Committee at Tate & Lyle plc for nine years until December 2024 and fulfilling similar roles at Merchants Trust PLC until March 2024. Additionally, she is co-chair of the Development Board of Somerville College, Oxford.
Rupert Soames, Chair of Smith+Nephew, expressed confidence in Stanley's appointment, stating that her "broad experience in successful global businesses in both senior management and non-executive capacities will further strengthen the Board." Soames emphasized the company's commitment to effective succession planning and assembling a diverse range of talent.
Smith+Nephew, founded in Hull, UK, in 1856, now operates in over 100 countries and reported annual sales of $5.5 billion in 2023. The company, which boasts an impressive 70.33% gross profit margin and has maintained dividend payments for 48 consecutive years, is part of the FTSE100 Index.
InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available through their comprehensive Pro Research Report. The company specializes in the repair, regeneration, and replacement of soft and hard tissue, aiming to improve patients' lives through its products and technologies.
The announcement clarified that no disclosure obligations arise under the UK Listing Authority's Listing Rules in respect of Stanley's appointment. The company did not disclose any forward-looking statements related to this appointment in the filing. For deeper insights into Smith+Nephew's financial health and growth prospects, including exclusive ProTips and detailed valuation metrics, visit InvestingPro.
This news is based on a press release statement from Smith+Nephew PLC filed with the Securities and Exchange Commission.
In other recent news, Smith & Nephew reported a 4% underlying revenue growth in its third quarter, achieving $1.4 billion in revenue. However, the company faced challenges in China, particularly in its surgical businesses, leading to a downward revision of its full-year growth expectations to approximately 4.5%.
Berenberg downgraded Smith & Nephew shares from Buy to Hold following these developments. Similarly, Canaccord Genuity maintained a Hold rating but lowered its price target for Smith & Nephew, reflecting the updated financial forecasts and ongoing challenges in the Chinese market.
Despite these setbacks, Smith & Nephew anticipates a trading margin expansion of up to 50 basis points, with a long-term target of 19% to 20% by 2025. The company's innovative product launches are expected to contribute significantly to revenue growth. However, Smith & Nephew remains cautious about the Chinese market, expecting a recovery by 2025.
On the analyst front, concerns have been raised about market share loss in China due to local competition and lower-than-expected volume growth. Despite this, the company's trauma franchise is showing double-digit growth, driven by the EVOS system. Management remains confident in their 12-Point Plan, expecting significant margin expansion by 2025.
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