Voluntary Market Withdrawal of Hip Component
Smith & Nephew (LSE: SN; NYSE: SNN), the global medical technology business, has decided to initiate a voluntary market withdrawal of the optional metal liner component of its R3* Acetabular System. This does not impact other R3 System liners.
This action does not change the current practice for patient follow-up care for this component.
Andy Weymann MD, Smith & Nephew's Chief Medical Officer, said: "We regularly review the effectiveness of our products and are not satisfied with the clinical results of this component. As with all medical devices, anyone experiencing unusual symptoms should contact their surgeon." Approximately 7,700 metal liners have been implanted since the component was introduced in 2007 and launched globally in 2009. The majority of these have been used in stemmed total hip replacements.
In 2011, procedures using this component accounted for less than 1% of Smith & Nephew's global hip implant revenue.
About Smith & Nephew Smith & Nephew is a global medical technology business dedicated to helping improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma, Smith & Nephew has almost 11,000 employees and a presence in more than 90 countries. Annual sales in 2011 were nearly $4.3 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
Forward-looking Statements This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payors and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions, our success in integrating acquired businesses, and disruption that may result from changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business or competitive nature. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20-F, for a discussion of certain of these factors.
Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.
* Trademark of Smith & Nephew. Registered US Patent and Trademark Office.
SOURCE Smith & Nephew -0- 06/01/2012 /CONTACT: Media: Charles Reynolds, Smith & Nephew, +44 (0)20 7960 2212; Andrew Burns, Smith & Nephew, +1-901-399-5739; Justine McIlroy, Brunswick Group, +44 (0)20 7404 5959; Investors/Analysts: Phil Cowdy, Smith & Nephew, +44 (0)20 7960 2296 /Web Site: http://www.smith-nephew.com (NYSE:SNN / LSE:SN) / CO: Smith & Nephew ST: England IN: HEA MEQ SU: RCL PRN -- CL17032 -- 0000 06/01/2012 10:00:00 EDT http://www.prnewswire.c