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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Corin Grp | CRG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 70.00 | 70.00 |
| Top Posts |
|---|
Posted at 24/12/2012 08:33 by investoree Wan I wish you and all those who read and have contributed to your extremely well researched CRG thread a very happy Christmas and a healthy and prosperous New Year. I look forward to your thoughts on a suitable replacement for these funds when they are eventually released in presumably about a fortnights time? I started trying to follow up on the patent link you provided but then decided it would probably only upset me as I no longer have any interest in CRG. |
Posted at 28/11/2012 16:37 by investoree Thanks Wan I am with TD Direct (TD Waterhouse) and will accept the offer tomorrow which is within their deadline unless any last minute bid appears and then ponder on a new home for the funds when they are released. I think we are probably in for a few difficult months even allowing for a possible 'Santa Rally' so there probably isn't any great rush to commit on a whim. Your research and reasoning has been greatly appreciated on the CRG thread and it will be with great sadness that my CRG shareholding will probably be relinquished very shortly. Kind regards IE. |
Posted at 14/11/2012 10:28 by investoree Wan myself and other long suffering long term private investors in CRG have clearly been stitched up like kippers by the management and institutions alike in another cosy back room deal. Unless there is some sort of counter offer the best I can do is cause 2IL some minor inconvenience by not selling my shares to them in order to force them to make an application to the High Court when they have received acceptances in excess of 90% of the issued share capital - unless anyone else can suggest another alternative course of action? |
Posted at 02/9/2012 07:36 by wan David Schwartz, who I have met, has a different investing style to me. He has written a not exactly flattering article on Corin. Whilst I concur with his thoughts on ISA/AIM, I cannot say the same about his commentary on Corin Contradictory Aims and wobbly knees By David Schwartz Wobbly Analysis Dealing with each point in turn; DS "Corin just eliminated its interim dividend." No, not just, because this was announced in the 2011 FY Results on 8th March 2012. Importantly this was for reasons other than DS is implying. From the 2011 FY Results "The Board, having considered the cash requirements of the business needed to support growth, the level of borrowings and the cost of continuing to pay dividends has decided that it is in the Group's best interests not to recommend the payment of a final dividend. The Board will continue to monitor closely its policy in relation to dividends with a view to potentially resuming dividends when the current investment phase is complete." DS "It also warned investors that first-half revenues were boosted by big orders from a major US customer which will not be repeated in the second half of the year." This is an incorrect statement! From the First Half Results Current trading and outlook "The sales trends across the Group from the first half are broadly continuing in the second half to date. However, following the high level of stocking orders to MAKO in the second half of 2011 and with no significant orders from MAKO expected in the second half of this year, overall the second half of 2012 will see a lower level of sales reported than in the previous year." So, anyone paying attention would have realised that the stocking orders to Mako would not be repeated. From the 2011 FY Results "Stocking orders from MAKO during the second half contributed strongly to the growth in hip revenues. The initial stocking orders, which included a significant proportion of instruments in addition to implant stocks, were largely completed in 2011 as MAKO upgraded many of its existing robotic installations to include its hip application." Hence there is very good reason for Corin to quote the 'underlying' growth of the hip portfolio 'excluding' Mako and MoM. In 2011 growth in hips excluding Mako and MoM was 29% and Corin reported that this very strong trend continued in the first half of 2012 with growth of 35% and that the sales trends are broadly continuing in the second half. I suppose it is also what you describe as a big order then. A bit of arithmetic indicates that the stocking order to Mako in the second half was not exactly huge, with the clue being contained in the different growth rates including and excluding Mako and MoM. From the 2011 Results "Stocking orders of hip implants and instruments to Mako Surgical Corp. ("MAKO") contributed substantially to this jump in growth. Underlying constant currency sales growth in hips was a very encouraging 29%, excluding sales to MAKO and sales of MoM hips. MoM sales are now only 5% of Group sales." Further down, the Results reveal that Sales of the Group's hip products increased by 43% to GBP27.2m (2010: GBP19.0m), an increase of 41% on a constant currency basis. So, if the growth trend continues as indicated, sales in the second half of 2012 might well be lower than the second half of 2011, which was £25.8m, but not hugely lower (the figures indicate Mako sales at circa £1m?). DS "I worry that City expectations are too optimistic given Corin's warning about second-half revenue slippage." So, if my assumption and sums are anywhere near right, second half revenues will not be below expectations. Likewise I don't expect, with gross margins of 66%, that profits will miss expectations. DS "A bigger fear for me is the litigation risk associated with "metal-on-metal" hip devices. These were hot items a few years ago for several major players in the orthopaedic industry. Unfortunately, the product did not work as well as expected. Some patients experienced pain and were forced to endure follow-up operations to replace faulty devices. Litigation risk is a growing threat to all orthopaedic producers." Of course MoM litigation presents for some uncertainty, but the events driving this appear quite unique to Corins competitors, so I expect Corin to continue to successfully defend against such claims. Unlike DS though, I have looked closer at Corin's clinical data, and I have also been following MoM events, including the full two day FDA meeting in the US, during which Corin were present (see below). Corin have already successfully defended itself against one claim, using very strong clinical evidence and regulatory approvals - Corin wins Cormet device lawsuit in New York 30 July 2012 The same ruling was given by the Supreme Court for the Riegel v. Medtronic case in 2008 that applied to similar medical devices. Full story From a legal perspective, the above would appear to bode well. FDA Panel: No Answers to MoM Hip Dilemma By John Gever, Senior Editor, MedPage Today Published: June 29, 2012 "Alarmist Press" But the more urgent question is how to manage the many patients -- estimated at 500,000 to 750,000 in the U.S. -- who have already received such implants. Orthopedic surgeons on the panel said they had been hearing increasingly from worried patients who had read media reports of problems. John Skinner, an official of the British Hip Society, said that "an alarmist press" in Great Britain had raised broad fears among patients in the country, with many demanding to have their implants removed even though they had no apparent problems. Graham Mercer of the Australian Orthopedic Association said the situation was similar in his country. He blamed "misinformation out there in the media." Both men urged the committee and the FDA to do what they can to discourage unnecessary revision surgeries. Full Coverage of the FDA Two Day Meeting (a very long read) LIVE BLOG: FDA panel discusses metal-on-metal hip arthroplasty systems June 27, 2012 DS "The share price graph provides another warning signal. The recent rally ran out of steam precisely where prices topped out in the spring of 2011. It looks to me that this price level or "resistance" might be a difficult barrier to penetrate." Do graphs predict the future? Most investors will look at graphs and everyone will have their own opinion on this, and of course by how much they rely on them as an indicator. The fact is, Corin's shares have responded to Corin's growth strategy, which as evidenced in the recent results is already delivering. However, the best is yet to come! Finally, suggesting the shares will be "dead money" in the months ahead highlights the difference between David's style and mine i.e. short term and long term. Put another way; holding shares ahead of 2013, when Corin expect product launches to have "a significant financial impact", might not excatly come under the category of dead money. There are a number of new products and product enhancements coming through (some in the second half of 2012), but Corin's new Unity knee-products are expected to have a significant financial impact, because they will address 60 per cent of the global knee market rather than the 10-15 per cent addressed by existing products. Two different styles and two different interpretations; short term or long term. Everyone to their own. |
Posted at 30/8/2012 07:51 by wan Investoree...Corin was always a longer term investment strategy from my perspective, and accumulating a sizeable holding ahead of 2013 (and beyond), was always on my agenda too. Going forwards, a dividend reinstatement will provide for an interesting indicator too.I note that the theme which has been occurring over the last few months reappeared, and later in the day yesterday the larger level 2 buyers reappeared (someone was bidding for 75,000 shares at 56p), so Corin's cautious, but should still do well tone, did not put those buyers off! The underlying growth theme and the impact of new product introductions in 2013/14 is what has got most of my attention, and it would appear that this may have caught the attention of others too. Time will no doubt tell if any stake building is actually taking place, but a bid is not what I am ultimately looking for here! Corin has published the Interim Results Presentation on their website On another note, I recently noticed that Corin have a dedicated LARS website |
Posted at 10/8/2012 09:27 by trixter wan - been slowly accumulating for ca. 2 years...thought the rise would come earlier, but now looks like a good platform for growth finally established. I think CRG will be very well placed going forward and an attractive proposition. We'll see. AIMHO etc. |
Posted at 02/8/2012 08:18 by wan Well there has been some lumpy trades of late, so there is certainly interest around these levels. Smith & Nephew reported today and boosted their dividend by 50% and introduced a progressive dividend policy, which of course aligns with the confidence they see in their respective markets. I also note they have a lot of cash on the balance sheet and that one of their five Strategic Priorities, supplementing organic growth through acquisitions, remains unchanged. Corin report later this month. |
Posted at 15/5/2012 08:40 by wan Nearly all of my investments have at least some exposure to the very favourable world demographics factor. I would recommend those who have not already read it (registered readers only) to read John Baron's article, it is the 2nd most read article online. Although it does not mention CRG, the investment rationale is identical -A CLASSIC OUT OF FAVOUR OPPORTUNITY By John Baron, 01 May 2012 In many cases, the full investment ramifications of the rapid growth in the world's population have yet to be fully appreciated. The healthcare sector is one such example. The population is set to grow from around 6.7bn to, according to the UN, 9bn by 2050 - a rate of growth unsurpassed in the world's history. But the story doesn't end there. Increasingly affluent and educated societies in the emerging markets will prove lucrative markets. Well worth registering and/or subscribing to read! |
Posted at 30/1/2012 11:57 by investoree WanThank you for your prompt and detailed reply which certainly helps to allay some of my fears. Especially after suffering such horrendous losses on PVCS, ITM, SEGR (NVR, TAN, SDY, VLK, TW. etc which were all bought as long term shareholdings like my CRG. My previous buy and hold strategy and averaging down has now been revised to try and preserve capital by using a shorter time frame and cutting my losses and bailing out much earlier with any new investments. Having read through the brochure link provided I must admit that I am not greatly enlightened (although somewhat encouraged) as I cannot profess to fully understand some of the medical terms referred. Thanks once again for providing a balanced and very well researched CRG thread. IE |
Posted at 29/1/2012 21:20 by contrarian2investor wan, thanks for your reply. If CRG can executed on their plans, then this could and should be the year of transition for them. They are already nearing a 50% improvement in share price since their November lows. All of which has been achieved on relatively low volume. A re-rating will be on the cards when the PR machine starts tracking and monitoring CRG's progress. In the meantime I am hoping that the markets will be kind enough to allow me an opportunity to get on board sub 48p. Before the re-rating gets fully factored in. |
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