NEWS - CORIN ANNOUNCES PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 200 - NEWS - CORIN ANNOUNCES PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 200

Profits jump as Cormet is rolled out in USA
Corin appoints Brian Lambton as Senior Product Manager
City Recognises Corin’s Stellar Performance with ‘Best Performing Share of The Year’ Award
Robot boosts hip surgery success
Interim Results
Corin nominated for three London Stock Exchange Mediscience awards
FDA Advisory Panel recommends approval with conditions of Cormet for US distribution
Corin Secures Distribution Agreement in Japan
Corin wins International Trade Award
Corin CEO recognised at Entrepreneur of The Year Awards
UK hospitals pioneer use of computer-assistance for hip resurfacing

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.

28 March 2008

Corin announces that it has appointed Brian Lambton as Senior Product Manager for Knee and Trauma.

Corin Group’s recruiting drive is in response to its continuing expansion on a global basis, particularly its recent FDA (Food and Drugs Administration) approval last year which enables Corin to sell its Cormet® hip resurfacing system in the USA, the world’s biggest market, accounting for 65 per cent of sales.

Brian has been appointed as Senior Product Manager for Knees and Trauma, which will incorporate the Uniglide unicompartmental and Rotaglide total knee offerings as well as the Ligament Augmentation Reconstruction System (LARS) & CARE theatre disposable products.

As well as existing solutions, Brian will be involved in the development of new products and surgical practices for the current and future needs of the marketplace.

Immediately prior to joining Corin, Brian spent seven years at Zimmer where he fulfilled a number of roles, initially in the sales department, followed by specialist hip and knee revision roles and minimally invasive surgery (MIS) working in collaboration with the senior designer surgeons in the Zimmer Institute.

Commenting on his appointment, Brian said: “Our company dynamics and flexibility means we are excellently placed to take advantage of the opportunities in the marketplace which is substantially comprised of larger companies that are finding it increasingly difficult to manoeuvre when new solutions arrive in the arena.”

Brian has been in the medical industry for 17 years, initially in the fields of wound care and orthopaedic bracing, finally entering into the joint replacement fray sector in 1994. This included four years at Smith & Nephew in the sales department, specialising in hips and knees.

Iain Dunbar, Marketing Director, Corin Group, said: “Brian has been involved in shaping the industry over the last two decades and has played a strategic role in bringing some of the best used orthodpaedic products to market. His substantial industry knowledge and expertise and his wealth of contacts, having worked with many leading orthopaedic surgeons over the years, will enable us to increase our presence and range of coverage in the areas of knees and trauma surgery in the same way we have dominated the hip resurfacing market over the last 20 years.”

City Recognises Corin’s Stellar Performance with ‘Best Performing Share of The Year’ Award

11 March 2008

Corin today announces that it has won ‘Best Performing Share of the Year’ Award, sponsored by PricewaterhouseCoopers, at the recent PLC Awards Dinner held this month at the Grosvenor House Hotel, Park Lane. The Award was collected by David Young, non Executive Director, Corin Group, at the gala dinner which is “the” City event of the year, attended by 1,500 guests, including quoted companies, investment banks, fund managers, investment analysts, and corporate advisors.

Corin’s citation said the company, “stood out for its outstanding contribution to British design, demonstrating significant innovation both in terms of the technology itself and its application in the field of medical and health innovation for the relief of painful arthritic conditions among young, arthritic patients.”

Corin’s share price performance in 2007 has been stellar, the shares rising from a start point of 296.5p to 545.5p, a rise of 84 per cent over the year.

Presenting the Award, Penny Smith (pic) of GMTV Fame, said: “It hasn’t been an easy year for share prices by any means, but our winner tonight still managed to chalk up a rise of 84 per cent. It is also very gratifying to see that this company won the Best New Company at these awards in 2002, so that early promise is now being delivered for all to see.

“The share prices of small companies generally out-performed in the first part
of the year only to under-perform over the summer and then rally towards the
end of the year. The US induced correction in August caused a few problems, but there seemed to be no stopping our star performer this year from the world of small caps,” she added.

Corin has world leading products in the field of reconstructive orthopaedic devices, such as artificial hips and knees, including the Cormet® hip-resurfacing system. Following FDA (US Food and Drugs Administration agency) approval and its exclusive distributorship arrangement with Stryker in the US, sales of its Cormet hip replacement products were significantly higher in 2007.

Commenting on the Award, Simon Hartley, Interim CEO, Corin Group PLC, said: “Cormet is the only product of its kind to be approved for sale in the USA following the successful completion of a rigorous US multi-centre IDE (Investigational Device Exemption) Trial. The findings were based on clinical results over a five year period across multiple sites and was one of the most robust trials of its kind. Corin is the only company to have gained FDA approval to market a metal-on-metal resurfacing hip in the USA as a result of a clinical trial in the USA and this success is reflected in the strong performance of our share price during 2007.

“Corin first developed a hip resurfacing system over 15 years ago and Cormet is now recognised as the ‘product of choice’ by leading surgeons around the world for hip replacement in the baby boomer generation, and we feel extremely proud that our achievements in this area have been recognised by the City,” he added.

Commenting on the Award, Iain Dunbar, Marketing Director, Corin, said: “Corin is no stranger to the PLC awards club. The company was voted the New Company of the Year in 2002, and has featured in many voting panel debates since then across a number of categories, including Company of the Year and, this year, also short-listed for Best Technology of the Year Award.

“As far as Cormet is concerned, surgeon training in the USA has gone well and the number of implantations is increasing. In November 2007 the company received FDA approval for intermediate sizes of Cormet, rounding off quite a year for Corin, which saw a further distribution agreement signed with Stryker Canada for the Uniglide® knee and the first sales of Corin products in Japan by Kobayashi,” he added.

Robot boosts hip surgery success

10 February 2008

Researchers say that a surgical robot developed by UK scientists makes hip operations so simple that even students can get good results.

Normally, operations using chrome alloy to resurface the ball of the hip joint are notoriously difficult and require years of experience to perfect.

But untrained students using the robot for "virtual" operations have been able to achieve high levels of accuracy.

Trials of the new technology are under way at four British hospitals.

Up to 5,000 hip resurfacing operations are done each year.

Learning curve

Normally, inexperienced surgeons face a steep learning curve when learning to carry out these operations, the researchers said.

And if hip bones are repaired incorrectly, wear and tear occurs, requiring patients to undergo further painful and expensive corrective operations.

To prove how easy the new technology was to use, the researchers studied 32 medical students doing operations on a model of a hip joint.

In a similar way to GPS navigation systems, the technology senses the movement of the surgical tools and compares it to detailed images of the bones. It thus allows surgeons to see a "real-time" virtual model of the progress of the operation.

Developed by PhD students at Imperial College London, the robot then plots where surgical incisions should be made and calculates the correct angles for inserting chrome alloy parts needed to repair the hip bone.

Students were able to carry out the procedure three times more accurately compared to when they used conventional methods to manually navigate the joint.

Clinical trials of the device, called the WayFinder, are currently being carried out at Warwick Hospital, Bath Hospital, Truro Hospital and the London Clinic.

Expert levels

Surgeons can practise the operation "virtually" before carrying out the real thing.

Professor Justin Cobb, head of the Biosurgery and Surgical Technology Group at Imperial College London, told delegates at the British Society for Computer Aided Orthopaedic Surgery Conference in Glasgow that the device rapidly turned untrained surgeons into experts.

"The reason for using students in the study was to show that even students, with the right technology, can achieve expert levels straight away.

"More importantly, we've also demonstrated that no patient has to be on an inexperienced surgeon's learning curve.

"This could significantly improve a patient's health and wellbeing and ensure they do not have to undergo repeat operations."

Stephen Cannon, president of the British Orthopaedic Association, said hip operations were among the most difficult areas in orthopaedic surgery. He said the tool showed promise for use in training and in the operating theatre.

"Further research will be required to fully establish value to patients. The technology will need to be cost-effective if it is to be taken up by the NHS."

Courtesy of The BBC - http://news.bbc.co.uk/1/hi/health/7234794.stm

Interim Results

25 September 2007

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.

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.

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.”

Corin Secures Distribution Agreement in Japan

October 2006

Corin wins International Trade Award

October 2006

Corin’s success in the export arena was recognised when the company won the coveted International Trade Award at the 2006 Citizen Business Awards ceremony in Cheltenham. This adds to the Business of the Year Award the company collected in 2002, as well as a number of other prestigious business awards.

Sponsored by Grant Thornton, the International Trade Award recognises the significant increase in export sales the company has achieved over the last four years, the company’s major contribution to the local economy, and the key strategic distribution agreements which have been negotiated in the USA in recent months. “Sales under those key agreements will start next year and are set to dramatically boost the two-times Queen’s Award for Exports winner’s overseas trade” states the citation in the awards programme.

Picture courtesy of Gloucestershire Media

Corin was one of 43 local businesses shortlisted for the 12 awards categories. The trophy was presented to Marketing Director Iain Dunbar and Manufacturing Director Andy Edwards at a dinner attended by almost 500 business leaders, following a keynote speech by John Humphrys, the acclaimed television and radio journalist and presenter of BBC’s Mastermind programme.

“This award recognises our success in export markets, and the fact that we are a shining example of an entrepreneurial British business which has grown to become a market-leading international company” said Marketing Director Iain Dunbar. “That success is based on the commitment and passion of the people who work here, and their belief in the value of the job that we do in improving the quality of people’s lives every day, around the world. This accolade recognises that commitment and passion, and it was an honour to accept the award on behalf of every one of the people who work at Corin”.

Corin CEO recognised at Entrepreneur Of The Year Awards

August 2006

Ian Paling, CEO Corin Group PLC, was recently announced Entrepreneur Of The Year for the Business Products and Services category at the Southern Regional awards of the Entrepreneur of the Year scheme sponsored by Ernst and Young.

The programme is run in 40 countries worldwide and is an acknowledgement of the contribution that entrepreneurs make, not just to business, but to society as a whole and the risks that they take in doing so. In short, it recognises exceptional people achieving extraordinary things.
 
Ian Paling said “ I am very honoured to receive this prestigious award which is a recognition of the efforts of all Corin employees in developing a highly successful medical device business. We have developed a very strong team at Corin which, I am sure, will continue to drive the business forward on a worldwide basis.”

As a regional winner, Ian is now nominated for the Entrepreneur Of The Year national awards final in October in London.

UK hospitals pioneer use of computer-assistance for hip resurfacing

June 2006

Orthopaedic surgeons at two British hospitals are now using an innovative medical system, enabling them to plan and perform hip resurfacing surgery more accurately. The system, which combines unique pre-operative software with a surgeon-controlled precision device, has been developed by Acrobot, an Imperial College spinout company, and Corin Group, which manufactures reconstructive orthopaedic devices.

The first unit, called Acrobot® Navigation and trademarked by Corin with the name of WayFinder®, has been placed with Charing Cross Hospital in London as a platform for innovative research led by Justin Cobb, Professor of Orthopaedics at Imperial College. Professor Cobb is also operating regularly with a second system at Ravenscourt Park Hospital.

Professor Cobb said today “The WayFfinder system enables the surgeon to achieve a level of precision that wasn't possible before: in hip resurfacing, that makes a real difference.”

A third unit will be consigned by Corin to hospitals in the UK and other markets, and another will be used as a demonstrator and training tool for surgeons.

The Acrobot® Navigation product has been developed by The Acrobot Company Ltd (“Acrobot”) in collaboration with Corin Group PLC (“Corin”) to enable accurate implantation of Corin’s lead product – the Cormet® metal on metal hip resurfacing implant. Acrobot develops surgical systems for minimally-invasive, bone-conserving orthopaedic surgery.

Acrobot is seeking licensees for applications of Navigation to other orthopaedic procedures.

Robert’s Comment:

The appointment of the three new members to the Corin Limited Board will further strengthen the already successful management team. Each of the new appointments bring with them knowledge and experience in a variety of different areas of the business.

I am looking forward to not only working with them but also developing them as part of a new dynamic and effective management team.