Corin Group PLC Interim Management Statement (8535Q)
12 Novembre 2012 - 8:03AM
UK Regulatory
TIDMCRG
RNS Number : 8535Q
Corin Group PLC
12 November 2012
12 November 2012
Corin Group PLC
Interim Management Statement
Corin Group PLC (LSE: CRG, "Corin" or "the Group"), a leading
manufacturer and supplier of orthopaedic devices, is today
publishing an Interim Management Statement for the period from 1
July 2012 to 12 November 2012.
The trends seen in the first half of the year have largely
continued in the second half to date. Hips continue to grow very
strongly, driven by the new portfolio of Trinity cup, Metafix stem
and MiniHip stem. Knees have continued to decline ahead of the
planned launch of the new Unity total knee system in 2013. Other
products, which include LARS, ankle and surgical disposable
products, continued to decline due to lower LARS sales in
Australia. As expected, there have been minimal orders from Mako
Surgical Corp ("MAKO")in the second half compared to the large
stocking orders received in the second half of 2011.
As anticipated, total sales have declined by 5% on a constant
currency basis for the four months to 31 October 2012. Excluding
the impact of the MAKO orders, constant currency sales grew by 15%
in this period, an improvement on the 9% growth rate achieved in
the first half.
The development of the new hip and knee portfolio achieved a
number of milestones. Evaluation surgeries of the new TriFit hip
stem commenced in September and evaluation surgeries of the new
Unity total knee are continuing. Both the Unity total knee and the
TriFit hip stem have now achieved US FDA 510(k) regulatory
approval.
The Group continues to experience a rise in the number of
litigation claims and potential claims concerning its
metal-on-metal products, reflecting the increasingly litigious
environment around these products. In the majority of these claims,
very little information has yet been provided by the claimants and
Corin continues to build its defence against these claims.
Separately, Corin has today announced that it has reached
agreement with 2IL Orthopaedics Limited ("2IL") as to the terms of
a recommended cash offer to be made by 2IL for the entire issued
and to be issued share capital of Corin at 70 pence in cash per
Corin share. Further information regarding the offer can be found
in that announcement.
Enquiries:
Corin Group PLC www.coringroup.com +44 (0)1285 659 866
Peter Huntley, Chief Executive
Iain Slater, Finance Director
College Hill +44 (0)20 7457 2020
Adrian Duffield/Rozi Morris
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSFFESWEFESESF
Corin (LSE:CRG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Corin (LSE:CRG)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024