The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I'll keep it to just 2. The first thing, I just wanted to clarify on your kind of expected performance in Q4. Obviously, with you having done 14% growth
in the first 9 months and guiding to 10% for the full year implies quite some significant deceleration in Q4, maybe even just slightly more than the
4 selling days would account for. So I just wanted to make sure there was nothing beyond comp effects and the selling days that gives you any
cause for concern across any of your franchises that would lead you to expect, perhaps looked out on an average daily sales basis, a deceleration
in Q4 versus Q3.
And then the second question was just on the sort of logistics and raw material issues that are affecting your business. To what extent do you think
these are things that are affecting everybody, and therefore, just the market that is kind of being restrained? Or are there some areas where you
think you're being disproportionately impacted by these issues, and perhaps as a result, losing a little bit of share? I'm just trying to kind of tease
out whether it's something that's affecting everybody equally, and therefore, unwind as and when these issues resolve. Or is this something specific
to Smith & Nephew that, unfortunately, is affecting you disproportionately?
Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes. Perfect. And maybe just a follow-up on the raw material side. If you had to kind of try and split the impact of the challenges you're seeing, how
much of it is kind of a price effect? And how much of it is just simply is unavailable? And it doesn't matter what you pay, you can't get a hold of it.
Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes. And maybe just one final question on this before I get back in the queue, pricing. It's been -- I think the general message is that there's not
much you can do on the pricing side. But is that starting to change at all? Or are there any areas of your business where you have been able to feed
these cost pressures through into higher prices?
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