Corin sounds profit warning due to Cormet slow-down
This article was originally published in Clinica
Orthopaedic specialist Corin has warned investors that its pre-tax profit for fiscal 2008 will be "materially" lower than expected because of a drop in orders for its Cormet hip implants from US distributor Stryker. The Gloucester, UK-based firm said the number of Cormet implantations in 2008 were not enough for Stryker to re-order the devices in the fourth quarter. Corin added that Stryker (Kalamazoo, Michigan) would have enough implants in its existing inventory to cover its orders in the first fiscal quarter of 2009. As for the rest of 2009, Corin said Stryker would order extra implants as and when they were needed. The company also said that it does not expect its partner to purchase any more surgical instrumentation kits (needed to aid implantation of the Cormet device) during fiscal 2009.