FDA
Corin Group PLC, a leading manufacturer and supplier of orthopaedic devices, has today published interim results for the six months ended 30 June 2007.
Operational highlights
- FDA approval granted for distribution of Cormet in the USA
- Products and instruments already shipped to Stryker
- Training and implantations well underway
- Manufacturing infrastructure in place to support anticipated growt
- Distribution agreement completed with Stryker Canada for Uniglide
- Kobayashi now selling Corin products in Japan
- Development programme around core technologies advancing well Financial highlights
· Group sales on a constant currency basis* up 7% to £14.8 million (2006: £13.8 million)
· Reported sales were £14.0 million (2006: £13.8 million)
· Operating profit on a constant currency basis* of £1.8 million (2006: £1.8 million)
· Reported operating profit of £1.3 million (2006: £1.8 million)
· Pre-tax profit of £1.2 million (2006: £1.7 million)
· EPS on a constant currency basis* was 2.68 pence (2006: 2.83 pence)
· Reported EPS was 1.82 pence (2006: 2.83 pence)
· Interim dividend of 0.48 pence (2006: 0.48 pence)
* Constant currency is calculated by translating 2007 results at the average exchange rates used for June 2006 results - see note 9.
Ian Paling, Corin Chief Executive, said:
“The approval of Cormet by the FDA in the USA has transformed the Group’s prospects. Having already signed up with Stryker, we now have one of the world’s leading hip resurfacing products being marketed and distributed by a heavyweight partner in the world’s largest orthopaedic market. Shipments to the USA have already commenced, as has surgeon training.
“We have achieved a good sales performance in the UK and have a well developed distribution strategy for the major markets worldwide.
“We are in a strong position to exploit our leading technologies around the world given our excellent distribution partners and the continued demand amongst the young active baby boomer generation for durable hip and knee replacements.”