Profits jump as Cormet is rolled out in USA
New Chief Executive Appointed
Change to Corin Board
Interim Results
Result of AGM held on 16 August 2007
FDA grants approval for distribution of Cormet within US
AGM and dividend notice
Corin nominated for three London Stock Exchange Mediscience awards
Profits up as international distribution gains momentum
Corin Signs  a Further Agreement with Stryker, for Distribution of Uniglide Knee in Canada
FDA Advisory Panel recommends approval with conditions of Cormet for US distribution
FDA Advisory Panel for Cormet
Board Appointment
Update re FDA Panel Review and Pre Close Period Statement
Corin Secures Distribution Agreement in Japan
Corin Signs USA Agreement for Knee System with Stryker

RNS Announcements

RNS Announcements - 2008

RNS Announcements - 2007

For RNS Announcements - 2004 to 2006 please click here

Corin  has today published preliminary results for the year ended 31 December 2007.
Highlights

• Group sales on constant currency basis* up 35% to £38.5 million (2006: £28.5 million)

• USA sales jump to £10.97 million (2006: £0.92 million)

• Reported sales £37.0 million (2006: £28.5 million)

• Underlying profit before tax**increased by 89% to £6.6 million (2006:£3.5 million).

• Reported profit before tax increased by 17% to £4.1 million (2006: £3.5 million).

• Underlying earnings per share** up 82% to 10.53 pence (2006: 5.80 pence)

• Reported earnings per share 6.49 pence (2006: 5.80 pence)

• Proposed final dividend of 0.9 pence, total for year 1.38 pence (2006: 1.38 pence)

• Instrument sets distribution and surgeon training strong in Q4 2007

• Manufacturing capacity for continued rapid growth in place

• New products and product enhancements under development and being launched
  
  * Constant currency is calculated by translating 2007 results at the average exchange rates used for December 2006 results (see note 6)
  
  ** Before the exceptional cost relating to the departure of the CEO (see note 9) and after adjusting to a constant currency basis*

Simon Hartley, Corin’s Interim Chief Executive, said:
“Having increased inventories during the early part of 2007 and invested in our manufacturing capabilities, we were able during the last quarter to rapidly grow sales and build interest in Cormet in the USA, through Stryker, our distribution partner. Distribution of instrument sets was strong and Stryker implemented a substantial surgeon training programme. All of this resulted in a significant jump in our financial performance.

“We have a number of exciting new products under development which will strengthen our product range and will be launched around the world in 2008.”

For full Press Release please click here.

Corin Group PLC (LSE: CRG), a leading manufacturer and supplier of orthopaedic devices, has appointed Peter Huntley Chief Executive with effect from 1 February 2008. He succeeds Ian Paling who stepped down in November 2007 for personal reasons.

For the last four years, Peter has been Group Director, Indirect Markets at Smith & Nephew plc, responsible for the Group’s sales and marketing operations in 23 countries around the world, representing all four of Smith & Nephew’s strategic business units of Orthopaedic Reconstruction, Orthopaedic Trauma, Endoscopy and Wound Management.

Prior to that, he was for six years Group Director, Strategy and Business Development at Smith & Nephew, with responsibility for Group-wide strategy, acquisitions, divestments and business development. He played an integral role in the strategic review in 1998, the subsequent restructuring programme to focus Smith & Nephew on the four global businesses, and the subsequent growth of the Group.

Between 1990 and 1998, he was Business Development Director at Matthew Clark plc responsible for strategy, M&A and business development. He managed numerous acquisitions and disposals plus the restructuring and building of a substantial branded and wholesale drinks business.

Previously he was a Project Leader for Strategy and Investments at Elders IXL for one year and a consultant in Deloitte Haskins and Sells’ management consulting division for five years.

Peter has an MBA from Stanford University, USA, and is a member of the Australian Institute of Chartered Accountants.

Graeme Hart, Chairman, commented:

"“The recruitment of Peter is a terrific coup for the Group – he brings an excellent mix of experience and industry knowledge in orthopaedics, plus expertise in international distribution and marketing.

“The Group had a tremendous year in 2007 with the FDA clearance for Cormet, but as we outlined in our last interims results, now is the time to develop further the Group’s product portfolio worldwide. I am confident that Peter has the requisite skill sets and capabilities to exploit fully these opportunities for Corin.”

Board Change

1 November 2007

Interim Results

25 September 2006

FDA approval transforms Corin

Corin Group PLC (LSE: CRG, “Corin” or “the Group”), 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 growth

• 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.”

For FULL details of this report please click here.

28 August 2007

Issued Share Capital                 £1,034,453.075

Number of Shares                             41,378,123

Number of Shareholders                               973

Proxy Voting Totals were as follows:

Corin Group has been granted approval by FDA to market Cormet, the Group’s proprietary resurfacing hip device, in the US  This approval follows a positive FDA Advisory Panel recommendation for the device in February 2007.

Corin and Stryker Corporation (NYSE: SYK), the Group’s US distribution partner for Cormet, are confident of the substantial interest from US orthopaedic surgeons in Cormet’s bone conserving hip resurfacing technology.

Corin expects to start shipping Stryker’s initial requirements for the device and associated instrumentation shortly. Stryker is planning to launch Cormet in the third quarter of 2007, subject to appropriate surgeon training, and the Group anticipates a steady build up in both product and instrumentation as the number of surgeons trained by Stryker to implant the device increases.

AGM and dividend notice

28 June 2007

Corin nominated for three London Stock Exchange Mediscience awards

30 May 2007

The nominations for the London Stock Exchange Mediscience Awards 2007 have been announced and Corin have been selected as finalists in three separate categories.

Since the launch of the techMARK Mediscience market in November 2001 - the first international market specifically for healthcare companies - the London Stock Exchange Mediscience Awards has been established as "the" annual event for all quoted Mediscience companies, recognising excellence within the quoted life-sciences sector.

Corin has been short listed for the ‘Breakthrough of the Year’ award. This award will go to the company which has achieved the most significant breakthrough during the period April 2006 to March 2007. This breakthrough could be a new discovery, departure or breakthrough in technology, a significant positive change in its financial position, a significant commercial or corporate transaction or other breakthrough which has added significantly to the company’s or organisation’s fortunes.

Ian Paling has been short listed for ‘Chief executive of the year’, which will go to an individual who has demonstrated exceptional leadership qualities during the year under review. The creation of shareholder value through drive, vision and flair in taking his or her business forward are the qualities the voting panel are looking for. The winner will also have recognised the importance of developing a management team and workforce in supporting corporate success.

Corin has also been short listed for ‘Company of the Year’. The winner of this award will already have gained recognition by analysts and investors. It will be a well managed, soundly financed growth business with a well defined strategy to deliver its key financial, ethical and social ambitions.

This year’s awards ceremony will take place in London on Thursday 21 June. “We have never been short listed for three awards before. It is a very positive statement of how Corin is perceived” commented Ian Paling. “The company has made excellent progress this year, and I am confident that we are now in a position to move Corin forward as a major player in the global orthopaedic market”.

Corin was honoured with the techMARK ‘IPO of the Year award’ in 2002.

17 April 2007

Corin Group PLC  has today published preliminary results for the year ended 31 December 2006

Operational highlights

• Three key milestones achieved
  o    Substantial progress made on Cormet PMA submission in USA
  o     Distribution agreement with Stryker for Uniglide in USA signed
  o     Co-marketing agreement with Kobayashi in Japan signed

• Investment in fixed assets and working capital to support anticipated USA launch of Cormet

• Continued investment in product development and management infrastructure

• Canadian marketing and distribution agreement for Uniglide with Stryker announced today – see separate statement.

Financial highlights

• Group sales up 10% to £28.5 million (2005: £25.9 million)

• Operating profit before currency movements of £4.1 million. Reported operating profit up 5% to £3.7 million (2005: £3.6 million)

• Pre-tax profit up 6% to £3.5 million (2005: £3.3 million)

• EPS before currency movements of 6.32 pence. Reported EPS up 2% to 5.80 pence (2005: 5.66 pence)

• Proposed final dividend of 0.9 pence, total for year 1.38 pence (2005: 1.38 pence)

Ian Paling, Corin Chief Executive, said:

“Strategically 2006 has proved to be a very positive year for Corin. We made great strides, achieving a number of key milestones, as we prepare for substantial growth of our proprietary products in the two largest national orthopaedic markets - USA and Japan. The Group is now entering into a new era of its development.

“The Group has also delivered a solid financial performance and has continued to invest in the infrastructure of the business to support future growth opportunities.

“Today’s announcement about our third distribution agreement with Stryker, this time for the Uniglide knee in Canada, is another very positive development.”

To view the complete RNS Announcement please click here.

Corin Signs  a Further Agreement with Stryker, for Distribution of Uniglide Knee in Canada

17 April 2007

Corin Group PLC confirms that at the FDA Advisory Panel Meeting today, the Panel voted to recommend FDA approval with conditions of Corin’s hip resurfacing device, Cormet, for use in the USA. The conditions recommended by the panel relate to a post market approval study, surgeon training and labelling. Corin looks forward to continued discussions with the FDA as part of the overall approval process.

Corin and Stryker, the Group’s exclusive US distribution partner, are aware that there is a substantial demand in the US from orthopaedic surgeons wishing to access this bone conserving hip resurfacing technology. With Stryker’s strong position in the US hip market, the Group will be well placed to target the rapidly emerging US demand for hip resurfacing, upon FDA approval.

Ian Paling, Chief Executive of Corin, commented

“To have secured the FDA Advisory panel recommendation is a critical step in the US approval process for Cormet. We pioneered metal on metal resurfacing technology in the late 1980’s and our Cormet device has been sold and successfully implanted around the world for almost a decade.

“We are now poised, subject to final FDA approval, to be able to supply the world’s largest orthopaedic market with our leading hip resurfacing product. We are very confident that the opportunities for Cormet in the US are substantial, as all our market research points to significant demand for this hip resurfacing technology, which is especially attractive to the younger, active ‘baby-boomer’ generation.”

David was most recently chief executive of Perkins Foods Holdings Ltd and, prior to that, he spent 25 years with Duracell, a subsidiary of The Gillette Company. During that period, David held a number of senior executive positions, including Global President of Duracell. David has extensive experience in international sales, operations and marketing and Corin anticipates that his appointment should add considerable expertise to these important areas of its business.

David will Chair the Remuneration Committee.

Mr. David Young is currently a non-executive director of The Corporate Services Group plc.  There are no other matters to be disclosed pursuant to Listing Rule 9.6.13 (1) to (6)

Graeme Hart, Chairman of Corin, commented:

“David has outstanding brand building credentials, a passion for world class manufacturing and experience within the health sector.  His knowledge of international distribution will be important to us as we move into the next phases of growth for the Group.”

Update re FDA Panel Review and Pre Close Period Statement

4 January 2007

In November 2006, Corin Group PLC (LSE: CRG, “Corin” or “the Group”), a leading manufacturer and supplier of orthopaedic devices, reported that it had been informed by the FDA that an Advisory Panel hearing would be convened to review Corin’s Pre-market Approval Application (“PMA”) for Cormet, the Group’s metal on metal resurfacing hip device. At that time, the Group anticipated that the Panel hearing was likely to be held before the end of Q1, 2007. The FDA has now informed the Group that the Panel hearing will be on 22 February, 2007.

The Group also anticipates reporting results in line with the Board’s expectations in respect of the year ended 31 December 2006.

Ian Paling, Corin Chief Executive Officer, commented:

“We are very encouraged that we now have a firm date for the FDA Advisory Panel to review our submission for Cormet. The Panel hearing is a vital step towards securing FDA approval for this device to enter the substantial USA market.”

Corin Signs USA Agreement for Knee System with Stryker

July 2006

Corin has entered into an exclusive marketing and distribution agreement in the USA with Stryker Corporation for the marketing and distribution of Uniglide, its mobile bearing unicondylar knee system, subject to FDA clearance being obtained.

Uniglide is a mobile bearing “half knee” system for conservative surgery. Unicondylar knees, and specifically the mobile bearing variants, are rapidly becoming accepted worldwide as appropriate devices for treatment of early stage arthritis of the knee, particularly in the active baby boomer generation.

This exclusive marketing and distribution agreement is subject to the relevant FDA approval of the device and has a 10-year initial term. It combines Stryker’s premier position as a worldwide leader in knee joint replacement, with Corin’s long term European track record with this innovative device.

Corin has also published today a trading update for the first six months of the financial year.

Ian Paling, Corin Chief Executive Officer, commented:

"Since August 2005, when we announced a distribution partnership with Stryker for several of our proprietary devices in the USA, we have developed a very solid working relationship. This relationship has, to date, focused on obtaining FDA clearance for these devices. Stryker’s commitment to clinical excellence and marketing strength also make them the ideal USA partner for Uniglide, one of Corin’s premier proprietary products.

“The market in the USA for replacement knee joints is the largest in the world. We believe that the collaboration with Stryker will allow us to make this device widely available in this market.”

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RNS Announcements 2008

RNS Announcements 2007