Global

‡ In these countries please contact our distributor

Reinforce our position in the Established Markets

Our strategy is to build upon existing strong positions, win market share through greater innovation and drive efficiencies to liberate resources.

("Established Markets" for Smith & Nephew are the US, Europe, Japan, Australia, New Zealand and Canada.)

Performance

In 2013, our businesses in the Established Markets grew by 5% in the US and was flat in the Other Established Markets, where the macro-economic environment in Europe continues to be weak.

Revenue from Established Markets1

 +2%   $3,788m

By franchise, our performance relative to estimated global segment growth was slightly below in hip and knee reconstruction and trauma, around market in the higher growth joint repair segment of sports medicine and well above in advanced wound management. Hip and Knee Implant performance in 2013 was held back by our relatively high exposure to the weak European market, our position in the product cycle and metal-on-metal hip headwinds.

Our performance in the second half of 2013 was better than the first half, as a result of our investments in marketing, medical education and new products.

Global outlook

In these markets we expect the challenging economic conditions to continue, requiring realigned business models and focused investment, albeit that there are some signs of improvement in the US.

Notes

2011 includes Clinical Therapies revenue of $237m
2012 includes Clinical Therapies revenue of $107m
1 The underlying percentage increases/decreases are after adjusting for the effect of currency translation and the inclusion of the comparative impact of acquisitions and exclusion of disposals.
2 Explanations of these non-GAAP financial measures are provided on pages 161 to 163 of our 2013 Annual Report