Knee-jerk reaction sticks boot into S&N shares
Thursday 18 September 2003
Smith & Nephew has had to stop selling its most innovative artificial knees after dozens of patients in the US needed a second operation to correct the implant.
The company's shares were among the worst performers in the FTSE 100 yesterday when the setback emerged.
S&N says it has voluntarily withdrawn two products, launched last year in its much-heralded range of artificial knees made from a robust new material, oxinium. The products will be off the market for at least three months as the company examines whether faulty design or poor surgeon training is to blame for an unexpectedly high revision rate. More than one in every hundred operations have had to be redone. The withdrawn products account for less than15 per cent of oxinium product sales, the company said, but they are being marketed as a next-generation product because they attach to the bone in a novel way.
S&N stressed that no patients have taken legal action over the need for a second operation and that it believed it was well covered by liability insurance, but its shares ended down 7p at 400.75p.
- 1 Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 4 The biggest first date turnoff has been revealed
- 5 German man found living with 300 rats in tiny apartment
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...