Corin Share Discussion Threads

[pcok] 04/3/2005 13:19

M.T.Glass, could you possibly put a link to the interest expressed by active traders on the premium BB as I can't find it...TIA. I would be interested to see if their reasoning is similar to my own.

pcok

[pcok] 04/3/2005 12:40

Thanks for the setup MT...very useful for a share that looks about to pod!!!

Pcok

[m.t.glass] 04/3/2005 11:46

boelhoub - I hope you are not offended, but in view of interest expressed in this stock by some active traders on the Premmium BB, I have launched a new Corin thread there (fully accessible from free BB) which includes charts, fundamentals, news etc within the header. All good posters welcome.



mtg

PS: I will shortly be adding background notes there together with a link to this thread of yours. (Edit: now done)

[m.t.glass] 04/3/2005 11:40

"We are disappointed that we have been held back in the latter part of 2004 by a number of unrelated factors - two beyond our control. However, the opportunity to bring forward by six months the PMA submission is excellent news. Consequently, we plan to accelerate our investment programme, particularly in the USA, in order to take advantage of the potential earlier FDA approval of Cormet."

(Ian Paling, Chief Executive of Corin Group, 6 December 2004, recording a slowdown in some of their divisions) See full text at


(reference there is to the Group's Pre Market Approval Application (PMA) submission to the FDA for Cormet, Corin's metal on metal resurfacing hip. A pre-PMA review with the FDA is scheduled for later this month (Dec 2004) and, subject to this review, the Board now intends to submit a PMA to the FDA by the end of March 2005, some six months ahead of its previous expectations.)


One of the "factors" referred to as having disturbed progress last year was an early-stage takeover approach apparently, in October, when the share price shot up 82p in 2 days.

[m.t.glass] 04/3/2005 11:39

FREQUENTLY ASKED QUESTIONS

What is Corin's primary product focus?


Corin's primary product focus is on devices that treat the young, active arthritic. As such, these include metal-on-metal total hips, mobile bearing knees, spinal reconstruction and devices for the treatment of sporting injuries. The potential market for the "young" patient (under 60 years of age) can be as much as half the total market.

What distinguishes Corin from its major competitors?

A number of things distinguish Corin from its major competitors, but two factors are immediately evident: firstly, Corin's leading edge technology in metal-on-metal hips and mobile bearing knees, where Corin is typically 10 years ahead (in terms of clinical experience) of our competitors. Furthermore, leading edge technology is increasingly protected by our intellectual property rights. Secondly, our size and entrepreneurial character allows us to focus more strongly on the needs of our customers in terms of customer service, education and clinical support.

How can Corin compete against its major competitors?

The dynamics of the market require both an individual and highly responsive service. Corin prides itself in being able to respond to both customer needs and technological opportunities in a shorter time frame than that experienced by the major industry players. Corin's sales growth, substantially in excess of market growth, is testimony to this fact.

Where will Corin's growth come from?

In 2002, growth in metal-on-metal hips exceeded 69% and the growth of mobile bearing knee prostheses 22%. These products have both been available for clinical use throughout Europe since, and before, 1990.

Up until 2001, Cormet and Rotaglide have been precluded from the USA market, due to their unique technology and consequent lack of substantial equivalents. During 2001, Corin received FDA approval to conduct clinical trials on both products - these trials are on going. The US market accounts for more than 50% of the worldwide market and over 60% of the worldwide market for products of this type. Corin has had an established Sales Office operational within the US since 1992 and is, therefore, well placed to take advantage of these new and considerable opportunities.


(taken from website page - more listed there) (again it seems some background stuff is not updated since end of 2002?)

[m.t.glass] 04/3/2005 11:39

INDUSTRY PROFILE
(taken from LSE page in 2002 - so updates welcome below please) (March 2005 item added)

In 2001 worldwide revenues generated by sales of orthopaedic products increased to nearly $15billion, an increase of 13% over the previous year. 60% of these sales ($8.9billion) were in the USA, which remains the dominant market for these products. Many segments of the market experienced growth above 10%, with the spinal sector showing strongest growth at 23%.

Joint Replacement
The global market for joint replacement devices reached $5.4billion in 2001, up more than 12% on the previous year, with more than 1.5 million joint replacement procedures carried out, most on patients suffering from arthritis. 85% of these revenues are accounted for by the world’s six largest joint replacement companies: Johnson & Johnson, Stryker, Zimmer, Biomet, Centerpulse and Smith & Nephew.

Osteoarthritis is thought to affect more than 190 million people worldwide, most of whom are over the age of 60. Most of those undergoing joint replacement present with osteoarthritis as their primary diagnosis, and the majority of these are over the age of 65. The growth in this older age-group is expected to increase three times faster than that for the general population, and the number of conventional joint replacement procedures is likely to grow at the same rate.

Although the elderly remain prime candidates for joint replacement, new technologies have increased the application of these devices in younger patients. It is now estimated that metal-on-metal hip replacement devices could be used in more than 10% of all hip replacement procedures.

Spinal Implants
Sales of spinal implants exceeded $1.8billion in 2001, an increase of 23% over the previous year, with more than 2 million procedures performed. Some 80% of these sales are accounted for by the five largest players in this sector – MSD, DePuy Acromed, Synthes-Stratec, Stryker and Centerpulse.

Fracture Fixation
More than 4million fracture repair procedures were performed worldwide in 2001, up 10% on the previous year. Some 25 million people experience fractures annually, most from accidents and activity-related injuries.

Market growth in all sectors continues to be influenced both by new technology and changing demographics. The orthopaedic clinician continues to be the principal decision maker for orthopaedic implants.

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March 2005:

Spine Surgery Technologies, Products Generating Clinical Success, Driving and Sustaining Large Markets, According to a March 2005 Analysis Report by MedMarket Diligence


The worldwide market for products in spine surgery is poised for strong and sustainable growth through the coming decades as a range of new products, from artificial discs to use of minimally invasive techniques and wealth of osteobiologics find their way into a growing medical practice comprised of an active baby boomer population. The worldwide markets for these technologies, and the opportunities emerging, are detailed in a newly published report by MedMarket Diligence.

(PRWEB) March 10, 2005 -- "The spine surgery marketplace is an arena for robust growth and market development of medical technologies," says Patrick Driscoll, President of MedMarket Diligence. "Since there is a large patient pool, numerous therapeutic alternatives possible for ameliorating spine-related problems and the advent of a very diverse range of technologies from image guidance, artificial discs, osteobiologics and others, the market will see sustainable revenue growth for well into the next few decades."

The MedMarket Diligence report on spine surgery is a worldwide medical market and technology assessment of the products, technologies, and companies in the market for spine surgical technologies for the treatment of congenital spine disorders, inflammatory and infectious diseases of the spine, degenerative spine diseases, mechancial disorders of the spine (herniation, stenosis, myelopathy, etc.), spinal trauma and tumors of the spine. Technologies addressed include the range of traditional "open" surgical procedures (fusion, corpectomy, foraminotomy, laminectomy, etc.) and minimally invasive procedures (vertebroplasty/kyphoplasty, microscoopic discectomy, disc decompression, endoscopic scoliosis surgery, minimally invasive bone grafting, etc.), as well as the full range of other device and osteobiologic technologies being applied or developed.

Companies involved in the market or pursuing technologies include: Aastrom Biosciences, AlloSource, Alphatec Manufacturing, Alphatec Manufacturing, Altiva Corporation, Arthrocare Corporation, Arthrocare/Parallax Medical, A-Spine USA,Inc., B. Braun Aesculap, Biocomposites, Biomet/Interpore Cross, Blackstone Medical, Cambridge Scientific, Cardinal Health, Cell-Based Bone Graft Substitutes, Cloward Instrument Corporation, Co-Ligne AG, Cook, Corin Group, Cortek, DePuy Spine, Disc-O-Tech Medical Technologies, Ltd., EBI, L.P., Encore Medical Corporation, Endius, Endospine Kinetics Limited, ETEX Corporation, HydroCision, Integra LifeSciences, Interpore Cross International, IsoTis OrthoBiologics, Jupiter Surgical Systems, Kyphon Inc., LifeNet, MacroPore Biosurgery Inc., Medtronic Sofamor Danek, MTF (Musculoskeletal Transplant Foundation), NeuColl, NuVasive, Orquest, Ortho Development Corporation, Orthovita, Osiris Therapeutics, OsteoBiologics, Osteoimplant Technology, Osteotech, Scient’X, SeaSpine, Smith & Nephew, Spinal Concepts, Spine Vision Inc., Spineology Inc., Stryker Biotech, Stryker Biotech, Stryker Spine, Synthes-Stratec, Therics, Trimedyne, Tutogen Medical, Valleylab, Verigen, Vertebron Inc., Wright Medical Technology and others.

Details of the March 2005 report are available at www.mediligence.com/rpt-m501.htm.

MedMarket Diligence provides tactical decision-making solutions on medical technology to the medical products and investment industries. The company publishes the MedMarkets newsletter, a monthly analysis of the market implications of new medical technology and dedicated reports on technology markets. For additional details, contact Patrick Driscoll at email or call 949-859-3401 or toll-free (in the U.S.). 1-866-820-1357

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[m.t.glass] 04/3/2005 11:37

- I bought some.

Corin Group PLC is a developer, manufacturer and distributor of a wide range of reconstructive orthopaedic devices, predominantly hips and knees. Founded in 1985, the company has achieved substantial growth, selling to over 70 countries worldwide. Corin's principle focus is on joint replacement for the treatment of degenerative arthritis, with increasing emphasis on the young active patient.

One year chart:



5 year and 3 month charts above. Five day and one day below.


When thread began, six marketmakers mostly quoted in 5000 lots. But since becoming a hybrid sets/mm stock the MMs have mostly been quoting in much smaller lots.


Company website

Main Board - profiles
Management board -

"..Corin is a British company providing innovative solutions to meet the demands of orthopaedic surgeons and our patients around the world. Key to Corin's success over the last 20 years has been the company's differentiation from most of its competitors by its strong focus on providing solutions for the treatment of the young arthritic patient. From early involvement in the development of mobile bearing knees, to pioneering the modern generation of metal-on-metal hip systems, Corin has been intimately involved in some of the most important technological developments in orthopaedics over the past two decades..."
"..Following consistent growth and expansion since its formation in 1985, Corin Group was successfully floated on the London Stock Exchange in May 2002, and also acquired the assets of Alphanorm GmbH, a German-based orthopaedic business..."

"..Our main office in the UK (Cirencester, Glos), together with overseas subsidiaries in the USA, Japan, Germany, Austria, France, Spain and South Africa provide direct sales and support to almost 80% of the world's orthopaedic market ... ... A network of around 100 distributors in 70 other countries provides sales and extensive support to surgeons and theatre staff throughout the rest of the world.."

Share price climbed 34.8% in 2003, and 59.3% in 2004

Link to boelhoub's fbb thread for earlier comment

See in post 1 below (includes a March 9 update)

See in post 2 below



Anyone care to analyse fundamentals?

Positive tips in the past year came from M.Watson-Mitchell (28/4/04), FT (29/5/04), Quantum Leap (23/6/04).

[pcok] 19/2/2005 14:30

Just bought in. Looks ripe for tick up if FDA approval granted and no obvious reason why it shouldn't be.

Thoughts anyone???

pcok

[bergster56] 10/12/2004 15:32

afternoon people. There's a newly listed company called Armorgroup international (arg) with 1 st day of trading today. Its one i've been researching for the past 9 weeks. I've posted all my researchon the ARG thread if anyone interested. Its a private military company with operations in iraq

[steeplejack] 22/10/2004 17:05

Over 300/- sold today and little to no buying.Interesting that the MMs are
prepared to take the stock on board.

[fairdinkum] 21/10/2004 13:24

This is looking like quite a roller coaster ride, methinks the market knows something.....

[steeplejack] 19/10/2004 11:39

The trading picture alone probably justifies this rating but the price movement
suggests that one approach might have stimulated a bit of industry interest
elsewhere.

[fairdinkum] 19/10/2004 10:18

Agreed steeplejack, but with more buys than sells the price is being pushed up. I guess the good tales on progress in America and link with robotic surgery, plus the added excitement of possible bid pressure is pulling in the punters.

[steeplejack] 19/10/2004 09:59

A very definitive statement dncleaver.Somethings still percolating here though.
Thought the price would retreat to nearer 300p on last RNS but no, it's showing real strength.

[dncleaver] 16/10/2004 17:10

Corin will be bought by Stryker within 6 months. The share price will exceed £6.

[steeplejack] 15/10/2004 10:57

Hostile bids in the drug/healthcare industry are almost unknown.

[clairvoyant1] 14/10/2004 13:51

dont rule out a hostile bid,management may want £6,but who knows what may happen,£5 bid should not be ruled out.

[red5] 14/10/2004 13:47

yep burst open

[chaweewan] 12/10/2004 12:25

HolidayFunds

I respect your advice but I have sold half of mine so the rest is profit plus. Have been caught out too many times 'holding the non existant baby'

[fairdinkum] 09/10/2004 10:51

Thanks for link Kirkie. Interesting. Glad I have a few of these. Will watch events closely and agree with holidayfunds.

[holidayfunds] 08/10/2004 15:58

Yep, but Corin is now obviously 'in play' and the next few weeks might get interesting, if other potential bidders do now step forward. I very much doubt that management would recommend any offer under £4.50 to £5.

HF

[steeplejack] 08/10/2004 14:12

£6...GET REAL Clairvoyant1

[clairvoyant1] 08/10/2004 12:55

think of 06 this will go for near £6,wait and see