Corin's strong H1 top-line eclipsed by expected Cormet slowdown

UK orthopaedic firm Corin said revenues for the first half of 2008 jumped 63% to £22.9m ($41m) to reflect the initial roll-out of its Cormet hip resurfacing system in the US by heavyweight distribution partner Stryker. This significant lift in the company's top-line gave a 55% boost to pre-tax profit, which reached £1.8m. These strong results, however, were marred by the company's previous announcement in May that Stryker was not restocking its inventory of the hip implant until the end of the year as it anticipates a slowdown in Cormet procedures (see Clinica No 1307, p 3). While this has led to Corin slashing its 2008 revenue outlook, the Cirencester-based company said it "remained confident of Cormet's success in the US, although over a longer time frame than previously anticipated".