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Corin Group PLC (CRG)

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Monday 12 November, 2012

Corin Group PLC

Interim Management Statement

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
 
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