Smith & Nephew (NYSE: SNN) is expected to report Q2 earnings on Aug. 1. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Smith & Nephew's revenues will expand 4.8% and EPS will expand 2.2%.

The average estimate for revenue is $1.08 billion. On the bottom line, the average EPS estimate is $0.92.

Revenue details
 Last quarter, Smith & Nephew notched revenue of $1.08 billion. GAAP reported sales were 0.4% lower than the prior-year quarter's $1.08 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.92. GAAP EPS of $0.16 for Q1 were 11% lower than the prior-year quarter's $0.18 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 75.0%, 10 basis points better than the prior-year quarter. Operating margin was 19.3%, 260 basis points worse than the prior-year quarter. Net margin was 13.3%, 140 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $4.36 billion. The average EPS estimate is $3.85.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 113 members out of 123 rating the stock outperform, and 10 members rating it underperform. Among 35 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 32 give Smith & Nephew a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Smith & Nephew is hold, with an average price target of $57.56.

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