Smith & Nephew released largely in line Q4/FY 22 numbers but slashed its mid-term margin outlook to reflect the macro-economic uncertainty. Q4/FY growth was attributable to a broad-based recovery in Orthopaedics supporting the ex-orthopaedics momentum. The performance was overshadowed by the encouraging growth outlook – for FY23 as well as for the mid-term – which was cheered by investors, who ignored the softer than expected margin outlook, sending the stock 4.2% higher in trade.