We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 26/11/2012 07:52 by wan Let's hope for a late newcomer and an increased offer that's only got to be raised by £3m (10%) to persuade large holders (that have thus far agreed to the offer) to jump ship!We are about to see probably the most trusted orthopaedics manufacture disappear off the investor radar. An increased offer over £30m, is pocket change for the larger players and although getting more remote, a late bidding war cannot be ruled out yet. |
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 09/11/2012 08:15 by wan Investoree...I phoned them direct and was eventually put through to someone (who did not give their name, possibly Linda Wilding), but was obviously able to discuss it from an investor perspective. Here are the contact details - |
Posted at 09/11/2012 07:27 by wan Given the proposed offer is indicated at 70p and this represents a mere 8% premium to NAV, we have to ask ourselves what do private equity see that the market has failed to recognise? In short, eventually bringing the company back to the market, or a trade sale at a multiple of what they paid!Corin is part way through implementing a growth strategy that takes them into large markets where they were previously either not represented, or not well represented. We are at the thin end of a very large wedge in terms of product introductions, innovation and market share increases. The multiple, referred to above (that private equity is interested in generating/receiving I contacted Corin recently, but they were unable to comment in terms of their position as to the value of the offer. They did confirm that there will indeed be an IMS this month though, whether that will include something with regard to the managements position remains to be seen, but surely we are due some more specific commentary? |
Posted at 21/9/2012 07:43 by wan Last week the 2012 British Orthopaedic Association (BOA) Congress took place in Manchester. The following provides a very interesting and upbeat update and should be read by Corin investors (current and prospective) British Orthopaedic Association Congress, Manchester 20 September 2012 This product continues to grow exponentially around the world and is fast becoming an implant of choice in many geographic segments. Full story - |
Posted at 19/9/2012 07:35 by wan In response to certain commentary in the FT, which I titled "wobbly analysis", I commented recently that"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 exactly 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." The following then is an example of how advanced the development is for Corin's new knee products, but importantly it highlights how advanced the planning is for a roll out to the single largest knee market in the world! FDA clearance 10th September 2012 510(K) Number K113060 Device Name UNITY TOATAL KNEE SYSTEM Followed by another recent FDA clearance for the Metafix Hip System - 14th September 2012 510(K) Number K121439 Device Name CORIN METAFIX HIP STEM MetaFix Cementless Total Hip Replacement Those who took advantage of the FT article induced dip (I did), have already seen a nice return on their foresight, but I will say it again, I believe the best is still yet to come for the longer term investor. |
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 10/3/2012 15:04 by wan I am in catch up mode as I have been on holiday for over two weeks.Corins results were broadly in line, but with some disappointment in not recommending the final dividend, albeit to invest further in the growth opportunities, and an extra degree of uncertainty surrounding LARS in Australia going forwards. However, I still buy into the overall growth strategy, particularly in the US, which also includes the MAKO distribution agreement, which looks set to include additional Corin implant systems that are coming through development and evaluation surgeries. On this point it is worth highlighting that MAKO's RIO System is a platform technology i.e. it is not limited to total hips and 'partial' knees. Interestingly Corin confirmed that the first new Unity 'total' knee evaluation surgeries have recently been successfully completed, which is a very interesting development considering that to date MAKO have only performed 'partial' knee implant procedures and are forecasting around 11,000 partial knee procedures for 2012. It is perhaps worthy of note then that partial knees represent less than 10% of the knee procedures carried out today (see article below), which bodes well for roll out in 2013 of Corin's new Unity total knee implant (MAKO integration or not). I have also listened to MAKO's Fourth Quarter Results webcast which was broadcast on 6th March and is available on their website, which again makes for interesting commentary given the distribution agreement mentioned above and the fact that the hip application completed its first full quarter of availability Although MAKO's procedures will be virtually double that of 2011, MAKO appear to be being quite conservative regarding procedures for 2012, indeed they were challenged on this aspect during Q&A (including hip procedures per system) and I wonder if the likes of Piper Jaffray thinks likewise - MAKO Surgical Corp. (NASDAQ:MAKO): Piper Jaffray believes Mako Surgical remains on track after posting in-line Q4 results and reiterating 2012 guidance for robot placements and implants of 56-62 and 11,000-13,000, respectively. The firm said it would be an aggressive buyer of the stock at current levels and reiterates an Overweight rating on the name with a $50 price target. The following article is worth reading in full, if not to only realise that Corin's strategy of direct distribution in the US is the right one "Within this strategy, emphasis is being placed on the opportunity to develop the Group's US business" i.e. no exclusive distribution agreements! And that MAKO RIO System has further potential applications - MAKO Surgical: Growth Investors Should Buy On Pullback March 7, 2012 A Market Worth Having Right now the MAKO story is largely about partial knee replacement and hips. It will not be surprising, though, if MAKO launches additional total knee and total hip options in the relatively near future. Years down the road, applications in spine, shoulder, and other joints should add even more potential to MAKO's addressable market. As I originally stated (in the title post), an investment in Corin is about medium (2012) to long term (2013 and beyond) growth, so I remain confident that Corin are on track, albeit with some uncertainty for 2012 regarding LARS in Australia. I note that commentary in the IC incorrectly state that LARS is Corin's biggest market by sales, but I believe that this should have read "The initial success of LARS saw 'Australia' become Corin's biggest market by sales", which in turn needs to be read in conjunction with Corin's commentary in their F/Y Results under the subtitle Geographic Results "The very strong growth in Australia of recent years suffered from the decline in LARS sales, with sales of GBP12.5m (2010: GBP12.7m). Despite the overall decline, there was very encouraging growth in the sales of Trinity, Metafix and MiniHip as this range was rolled out in the market." So the £12.5m is not all about LARS and indeed LARS sales are less affected in other markets such as the UK, indeed the detailed commentary elsewhere in the results would suggest that there was significant sales growth in Australia for Corin's other products given that the overall decline in Australia was only 200K. However, I duly appreciate and understand (hopefully in more detail) the need for the cautionary note, but I don't believe that LARS alone will derail Corin's multi-year growth prospects and LARS (in Australia and use in anterior cruciate ligament ("ACL") repair) may prove to be more of a bump in the road. |
Posted at 06/2/2012 15:18 by wan An interesting webcast coming up -February 6, 2012-MAKO Surgical Corp. (Nasdaq: MAKO) announced today that the Company will host an event for research analysts and investors where surgeons will discuss their experience with MAKOplasty. This event will be held concurrent with the American Academy of Orthopaedic Surgeons 2012 Annual Meeting in San Francisco on Wednesday, February 8 at 6:00 pm Pacific Time. Interested parties may access a live webcast by visiting MAKO's website at www.makosurgical.com under the Investor Relations section. A replay of the webcast will be available immediately after the conclusion of the presentation. Due to space constraints, in person attendance is limited and by invitation only. Recall that Corin are exhibiting and hosting two meetings at the AAOS Annual Meeting too - |
Posted at 22/12/2011 13:43 by wan I have been otherwise engaged this morning and forgot to post the following -Zimmer Leads Orthopedic Makers Higher on Rising Joint Demand December 21, 2011 "We would view the Biomet large joint reconstruction results with cautious optimism for the broader hip and knee markets," Sung wrote in a note to investors today. "Investors are generally pricing in no expectation for an orthopedic market recovery in 2012, so we would view any signs of such as incrementally positive for Stryker and Zimmer, the pure-play orthopedic companies." Full story - |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
