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Smith+Nephew reported 4Q25 orthopedic sales of $1.15 billion, up 10% compared to the fourth quarter of 2024. For the full year, the company generated $4.15 billion in orthopedic sales, up 5.9% compared to the prior year.
The company delivered its strongest quarterly growth in over two years. This performance was driven by a third consecutive quarter of above-market growth in U.S. hips, improving knee performance and continued strong growth in the company’s Trauma and Extremities business. In 2025, 60% of the company’s growth came from products released in the last five years.
Last year was a record year for CORI placements worldwide, with continued growth in adoption and utilization.
“We’re pleased with increasing CORI placements in teaching institutes and with the percentage of CORIs deployed in competitive accounts,” said Smith+Nephew CFO John Rogers. “We also deployed 45% of CORIs in ASCs in the quarter. CORI deployment is important because Knee growth is 850 basis points higher in accounts where CORI is established, underscoring the potential for further improvement in Knee growth as penetration and utilization of CORI continues to grow.”
The impact of volume-based procurement in China annualized for sports medicine joint repair products, leading to stronger growth. There will be new tenders on sports medicine enabling technology in 2026 but Smith+Nephew expects less impact on that segment.
The company expects 6% underlying growth in 2026.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $480.7 | $442.5 | $38.3 | 8.6% |
| Knees | $283.3 | $260.4 | $22.9 | 8.8% |
| Hips | $174.3 | $161.3 | $13.0 | 8.1% |
| Extremities | $23.2 | $20.8 | $2.4 | 11.5% |
| Trauma | $152.3 | $141.5 | $10.8 | 7.6% |
| Sports Medicine | $485.0 | $439.9 | $45.1 | 10.2% |
| Enabling Technology | $34.4 | $24.0 | $10.4 | 43.2% |
| Total | $1,152.3 | $1,047.9 | $104.5 | 10% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,764.0 | $1,694.1 | $69.8 | 4.1% |
| Knees | $1,035.3 | $995.2 | $40.1 | 4% |
| Hips | $642.6 | $620.0 | $22.6 | 3.7% |
| Extremities | $86.1 | $79.0 | $7.1 | 9% |
| Trauma | $564.3 | $530.4 | $33.8 | 6.4% |
| Sports Medicine | $1,712.9 | $1,613.2 | $99.6 | 6.2% |
| Enabling Technology | $109.3 | $80.8 | $28.5 | 35.3% |
| Total | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
Orthopedic Sales by Geography
| Region | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $630.3 | $587.6 | $42.7 | 7.3% |
| OUS | $522.0 | $460.2 | $61.8 | 13.4% |
| EMEA | $297.0 | $259.9 | $37.1 | 14.3% |
| APAC | $101.8 | $90.6 | $11.3 | 12.5% |
| ROW | $123.2 | $109.8 | $13.4 | 12.2% |
| Total | $1,152.3 | $1,047.9 | $104.5 | 10% |
| Region | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,230.9 | $2,105.3 | $125.6 | 6% |
| OUS | $1,919.6 | $1,813.3 | $106.2 | 5.9% |
| EMEA | $1,072.6 | $999.5 | $73.1 | 7.3% |
| APAC | $372.1 | $361.3 | $10.7 | 3% |
| ROW | $474.9 | $452.5 | $22.4 | 5% |
| Total | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
Smith+Nephew reported 4Q25 orthopedic sales of $1.15 billion, up 10% compared to the fourth quarter of 2024. For the full year, the company generated $4.15 billion in orthopedic sales, up 5.9% compared to the prior year.
The company delivered its strongest quarterly growth in over two years. This performance was driven by a third...
Smith+Nephew reported 4Q25 orthopedic sales of $1.15 billion, up 10% compared to the fourth quarter of 2024. For the full year, the company generated $4.15 billion in orthopedic sales, up 5.9% compared to the prior year.
The company delivered its strongest quarterly growth in over two years. This performance was driven by a third consecutive quarter of above-market growth in U.S. hips, improving knee performance and continued strong growth in the company’s Trauma and Extremities business. In 2025, 60% of the company’s growth came from products released in the last five years.
Last year was a record year for CORI placements worldwide, with continued growth in adoption and utilization.
“We’re pleased with increasing CORI placements in teaching institutes and with the percentage of CORIs deployed in competitive accounts,” said Smith+Nephew CFO John Rogers. “We also deployed 45% of CORIs in ASCs in the quarter. CORI deployment is important because Knee growth is 850 basis points higher in accounts where CORI is established, underscoring the potential for further improvement in Knee growth as penetration and utilization of CORI continues to grow.”
The impact of volume-based procurement in China annualized for sports medicine joint repair products, leading to stronger growth. There will be new tenders on sports medicine enabling technology in 2026 but Smith+Nephew expects less impact on that segment.
The company expects 6% underlying growth in 2026.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $480.7 | $442.5 | $38.3 | 8.6% |
| Knees | $283.3 | $260.4 | $22.9 | 8.8% |
| Hips | $174.3 | $161.3 | $13.0 | 8.1% |
| Extremities | $23.2 | $20.8 | $2.4 | 11.5% |
| Trauma | $152.3 | $141.5 | $10.8 | 7.6% |
| Sports Medicine | $485.0 | $439.9 | $45.1 | 10.2% |
| Enabling Technology | $34.4 | $24.0 | $10.4 | 43.2% |
| Total | $1,152.3 | $1,047.9 | $104.5 | 10% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,764.0 | $1,694.1 | $69.8 | 4.1% |
| Knees | $1,035.3 | $995.2 | $40.1 | 4% |
| Hips | $642.6 | $620.0 | $22.6 | 3.7% |
| Extremities | $86.1 | $79.0 | $7.1 | 9% |
| Trauma | $564.3 | $530.4 | $33.8 | 6.4% |
| Sports Medicine | $1,712.9 | $1,613.2 | $99.6 | 6.2% |
| Enabling Technology | $109.3 | $80.8 | $28.5 | 35.3% |
| Total | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
Orthopedic Sales by Geography
| Region | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $630.3 | $587.6 | $42.7 | 7.3% |
| OUS | $522.0 | $460.2 | $61.8 | 13.4% |
| EMEA | $297.0 | $259.9 | $37.1 | 14.3% |
| APAC | $101.8 | $90.6 | $11.3 | 12.5% |
| ROW | $123.2 | $109.8 | $13.4 | 12.2% |
| Total | $1,152.3 | $1,047.9 | $104.5 | 10% |
| Region | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,230.9 | $2,105.3 | $125.6 | 6% |
| OUS | $1,919.6 | $1,813.3 | $106.2 | 5.9% |
| EMEA | $1,072.6 | $999.5 | $73.1 | 7.3% |
| APAC | $372.1 | $361.3 | $10.7 | 3% |
| ROW | $474.9 | $452.5 | $22.4 | 5% |
| Total | $4,150.4 | $3,918.6 | $231.8 | 5.9% |
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Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
