Smith & Nephew reported consensus-beating Q1 21 sales growth of 6.2%, driven by ‘sports medicine & ENT’ (+10.4%) and ‘advanced wound management’ (+9.3%). Regionally, growth was driven by emerging markets (+21.8%) and the US (+7.1%), which made up for the 1.8% decline in other established markets. The firm also reinstated the outlook and now expects FY21 underlying growth of 10-13% with a trading profit margin of 18-19%. We will raise our estimates and target price, following the strong perform ....