The Auckland-based rider crashed on Sunday after misjudging a back flip he was demonstrating during a freestyle motocross boot camp in Alexandra.
He spent the night in Dunedin Hospital and was discharged yesterday, nursing a broken shoulder, two broken ribs, concussion and bruising.
Smith has only recently returned to riding after a long recuperation following a severe brain injury he sustained during training three years ago.
He was philosophical about the latest crash and said he would learn from it.
"I know what I did wrong, and when I look at the video of the crash, I can see exactly what went wrong and obviously I'll learn from it, stupid though it was."
"People probably think, 'This guy is crazy' and, 'What is he doing?'. I took a calculated risk.You do these things if you're a professional rider."
There was no chance of aborting the move once he realised he was not going to complete the rotation.
"It has to be full commitment once you've taken off. I was holding on for dear life until it hit the ground - there was no way I was letting go of that thing.
You're travelling at 85kmh when you hit the ramp and that bike weighs 125kg."
He had already performed several successful back flips during the two-day camp he and South Island Moto Mayhem manager Regan Healey were running for motocross riders, but concedes he might have been rushing things a bit.
"Considering it was only the sixth time I'd been back on a bike [since the earlier accident], I was playing catch-up and probably it was too much, too quick.
I wanted to be back where I was before I left off - I'm not a very patient person."
He was supposed to be riding with his Moto Mayhem team at an event at Western Springs at the end of March but will remain on the sidelines to allow his shoulder and ribs time to heal.
"Then I'll be back into it. 'Live II [to] Ride' is tattooed on my forearm and I eat, sleep and breathe it. It's a way of life."
