Smith & Nephew posted Q2/H1 16 results marginally below consensus expectations (both top-line and profitability). Q2 revenue growth slowed a tad sequentially (+2% vs. +3% in Q1 16) and represented underlying growth of 2% and an acquisition benefit of 1%, offset by a 1% currency headwind (persistent issues in China and the Gulf shaved off 1.5ppt from the growth). Positive highlights (all growth figures presented on an underlying basis) during the quarter included continued strength in spor ....