Corin Group PLC has today published its full year results for the year ended 31 December 2010.
Highlights
- Group sales increased by 10% to £44.8m (2009: £40.6m), increase of 6% on a constant currency basis*.
• Sales growth of non MoM (metal-on-metal) hip portfolio accelerated from 15% in H1 to 28% in H2 constant currency
– Reported non-MoM hip growth 26% for the year; 21% constant currency.
• Other products, including LARS ligament, up 41% to £15.8m (2009: £11.2m), 32% constant currency. - Operating profit before exceptional items** increased by 14% to £2.0m (2009: £1.8m). Operating profit £0.9m (2009: £1.2m).
- Earnings per share before exceptional items more than doubled to 1.30p (2009: 0.58p). Reported a loss per share of 0.85p (2009: loss per share 0.56p).
- Strong operational cash generation, net of CAPEX, £3.3m (2009: £1.5m), reduces net debt to £4.2m (2009: £5.4m).
- Proposed maintenance of final dividend of 0.9p per share (2009: 0.9p per share).
- Launch of Trinity hip cup completed first phase of strategy to broaden portfolio by offering full cementless hip system.
– Further hip enhancements in evaluation surgeries - New total knee system evaluation surgeries planned to commence in 2011.
- Entered agreement with MAKO Surgical Corp. (NASDAQ: MAKO) to supply Corin’s new hip implants for use in conjunction with MAKO’s RIO® Robotic Arm Interactive Orthopedic system.
Peter Huntley, Corin Chief Executive, said: “We made strong progress in implementing our strategy, positioning the Group for accelerated growth in its broadened hip portfolio and the launch of further new products in 2011. Notably the rate of growth of our non MoM hip systems accelerated in H2, reflecting the product launches over the last two years.
“The overall growth reported was achieved despite the industry-wide decline in MoM hip products and the challenge posed by our mature knee product portfolio.
“We are on track with the next phase of the strategy – the launch of the new total knee system. Evaluation surgeries are planned for later this year.
“Overall we are confident that the implementation of the strategy is progressing well and are cautiously optimistic regarding the outlook for Corin in 2011, particularly as sales of the non MoM hip products pick up.”
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* Constant currency is calculated by translating the 2009 results at the average exchange rates used for the 2010 results – see note 8.
** Exceptional items – see note 7.
