Share Name Share Symbol Market Type Share ISIN Share Description
Corin Group LSE:CRG London Ordinary Share GB0031526527 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 70.00p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 47.9 1.5 -0.7 - 29.95

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Date Time Title Posts
28/12/201216:16Is Corin on its (orthopaedic) knees as the share price would suggest? No!196.00
23/8/201109:17Corin - joint replacement specialist269.00
04/7/200708:47Corin - Profit Warning - ceck it out2.00
04/3/200520:11Crin Group Thread82.00

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flyfisher: Wan , analyst comment from the time of the bid approach. We highlighted in our note of 26th September why it was time to take a closer look at Corin,with the company coming to the end of a lengthy period of restructuring and the new Hips and Knees range poised to deliver sustained top line growth and margin expansion from the current depressed levels. In our view, Corin is poised to deliver a re-rating over the next 2-3 years. For example, if the shares were to trade at 7.5x EV/EBITDA on our FY14 estimates, the implied share price would be 140p. As such, we view the mooted 70p offer (which we take as our new Target Price) as opportunistic. The announcement may flush out any competing interest and we believe shareholders should sit tight and await developments. An offer at 70p would value the equity of Corin at £30m and an EV of £35m. On our forecasts, this would imply Dec-13 multiples of 15.4x P/E and 10.0x EV/EBITA but only 4.8x EV/EBITDA, 0.7x EV/Sales and a Price to Book ratio of just 1.0x. We note other transactions in the Orthopaedics space are frequently done at 2.5x EV/Sales and often considerably more.
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.
wan: Judging by the share price performance, once again Corin is clearly out of favour, but not off a few radars it would appear. Anyway, I still believe there is value here for those looking at investments that spans beyond a few months. If anyone is genuinely interested in this highly respected and innovative company, I would recommend a read of the following – Results presentation 2011 The AR (which has quite a lot of additional commentary) Corporate Brochure All available here –
investoree: Wan There is a very large negative article in the Daily Mail today(hard copy) regarding MOM products. Sorry but I can't post an on-link to the article. Although a decreasing part of CRG's expanding product range I am concerned at the negativity that may arise in view of the PIP scandal and would appreciate your take on the situation. The share price is down 2.5p at present which is hopefully more down to market sentiment than a design fault in one of their legacy products. IE
wan: It still strikes me that we must be at or near to a point in share price terms, and indeed considering product development and future prospects, where the downside is limited and the upside has plenty of head room. In other words, Corin will surely come onto a few radars at these very low levels. Anyway, I took the opportunity to add further to my holding. Point of interest, US company Mako Surgical, who Corin have a supply agreement with (for hip replacement products), report later today, and they have recently announced the introduction of their Total Hip Arthroplasty – September 19, 2011 MAKO Surgical Corp. Introduces MAKOplasty(R) Total Hip Arthroplasty This is perhaps more important than first seems, previously Mako only performed knee replacements (with huge success), so this is a departure and one that represents a much larger opportunity than knees, so I will be interested to see if we get any more colour on this aspect from Mako.
smarkmmm: Interview: Best foot forward at Corin "I don't think you can put the share price gain purely down to the MAKO deal," Huntley said. "I think part of it is a recognition by the market that our strategy is paying off. We can now see that reaction to the new products being rolled out is positive and this is coming through in the numbers." Huntley seemed particularly keen on the group's new advanced highly cross-linked polyethylene liner, ECIMA, which is a cutting edge (figuratively speaking, not surgically) product which is generating lots of interest. "I'll spare you the full medical details," Huntley told a grateful Sharecast journalist. "I'll just say that it is one of the few vitamin E polyethylene liners on the market anywhere in the world, and is expected to give long term stability and very low wear rates."
rainmaker: If you read the interview with eminent Value Investing Tutor Professor Bruce Greenwald from Columbia University on the Value thread(VAL)he advises Investors to look for boring, unglamorous Companies. There surely can't be a more suitable candidate than Corin. My research is ongoing but would like to buy at around half current levels, if at all. IMHO no problems with solvency here but that final £2.4mln instalment due 2012 may have cause some Investors some nervousness in the context of a falling share price and no news. regards
foolamince: Well I have a bad feeling about this one. With dwindling UK market share and little margin elsewhere it was USA cormet success or overall failure. I suspect the stock value figures will be horrible and with sales uk and abroad well down the talk will be of the restructing and progress eighteen months from now. With the pe already in the mid twenties I think the share price may test double digits.
gambler99: news on this. very disapppointing share price movement. - lack of bounce. cut my losses of 300 quid and ran a few weeks back at 250p as the price movement is incredibly unpredictable, no simple swing up or down, infact was the most frustrating trade i've had in months! like you i'm just waiting for any news now. good luck.
robow: from todays Independent Corin Group Our view: Buy Share price: 442.5p (+13.5p) Investors worried about where to park their investments will be pleased to hear of Corin, which makes orthopaedic medical devices. In the current market, it is hard to find a group that is both defensive and has a good story to tell about the future. For several years the company has been bumbling about without making a serious impact on the consciousness of investors. That was before it happened upon Cormet, a hip resurfacing system, distributed in the US by Stryker. On the back of Cormet, the company's sales in the US are up 35 per cent on last year, with profits up 86 per cent. All this comes in the face of a weak dollar, which the interim chief executive, Simon Hartley, reckons has cost the group £800,000 in profit. The company has also suffered from a general US Department of Justice investigation into the payment of surgeons for training. Mr Hartley says this is now resolved and payments have been approved. Analysts at Oriel Securities say the group is in "start-up phase" in the US, and assuming it can keep pace with orders, it is on to a winner. Those at Nomura say that the non-US results are not too impressive. Mr Hartley says that products targeting Europe and Australia are in development, but concedes they will take some time to come to fruition. Corin looks set to have a pretty good year. Now that the worries about surgeons' training have been resolved and largely because Stryker is on board as the group's distributor, there cannot be many reasons to avoid Corin stock. Buy.
Corin share price data is direct from the London Stock Exchange
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