Operator

Good morning. Thank you for attending today's Smith & Nephew Quarter 1 Trading Report. My name is Sarah, and I'll be your moderator today. [Operator Instructions]

I'd like to pass the conference over to our host, Deepak Nath, Chief Executive Officer. Please go ahead.

Deepak Nath
CEO & Director

Thank you. Good morning, and welcome to our Smith & Nephew First Quarter 2026 Trading Update. As just mentioned, I'm Deepak Nath, I'm the Chief Executive Officer. I'm joined today by John Rogers, who is our Chief Financial Officer.

We've made a good start to the year. In the first quarter, we delivered 3.1% underlying growth or 4.7% on an adjusted daily basis, which was in line with our expectations. Performance across the group was positive overall with growth across all business units and regions. We saw strong growth in Sports Medicine and resilient results in Advanced Wound Management despite the headwind from CMS changes to skin substitute reimbursement.

As expected, U.S. knees were softer in the quarter, reflecting deliberate trade-offs and continued focus on disciplined execution. The rest of Orthopaedics delivered solid performance, and this underscores the strength of having a well-balanced diversified portfolio.

Innovation continues to be