Corin Group makes steady start

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StockMarketWire.com – Orthopaedic devices manufacturer and supplier Corin Group has made a steady start to the 2011 financial year with sales trends by geography and by product largely unchanged.

The recently launched hip range – including Trinity, Metafix and Minihip – has generated strong growth during the period.

Corin’s other non metal-on-metal (MoM) hips have also grown, but at a more modest rate, and MoM hip sales have, as expected, continued to decline.

Corin’s Japanese business has traded above expectations and was unaffected by the earthquake and tsunami in March.

Australian sales have continued to grow, led by sales of the LARS artificial ligament, but, as expected, growth rates have been more moderate than in the recent past.

The UK market has been weak as a result of uncertainty over NHS reforms and the deferral of elective surgeries by Trusts in the last quarter of their financial year.

Invoiced sales to the group’s export markets have been weak in the early part of the year but the order book is very strong and increasingly weighted towards the group’s new hip products.

CEO Peter Huntley said: “As we stated in our full year results, we continue to make strong progress in implementing our strategy, positioning Corin for accelerating growth in the broadened hip portfolio and the launch of further new products.”

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