Sorin Group Reports Positive First Quarter 2005 Results with Net Revenues Growth of 1.8%

Strategic Insights -

Sorin Group, a world leader in the development of medical technologies for cardiac surgery, has reported positive results for the first quarter of 2005. Net revenues grew to €179.3 million, an increase of 1.8% compared to the same period last year. The company's Cardiac Surgery Business Unit reported revenues of €102.4 million, up from €104.1 million in the first three months of 2004, with mechanical valves showing a slight increase and tissue valves growing by over 40%. The Cardiac Rhythm Management Business Unit reported revenues of €41.0 million, up 3.4% from the same period last year, while the Vascular Therapy Business Unit booked revenues of €8.8 million, a 60.4% increase from the same period last year. The company's net indebtedness stood at €336.3 million at March 31, 2005.

Key Takeaways:

  • Sorin Group reports net revenues growth of 1.8% to €179.3 million in the first quarter of 2005, compared to the same period last year.
  • Cardiac Surgery Business Unit reports revenues of €102.4 million, with mechanical valves showing a slight increase and tissue valves growing by over 40%.
  • Cardiac Rhythm Management Business Unit reports revenues of €41.0 million, up 3.4% from the same period last year.
  • Vascular Therapy Business Unit reports revenues of €8.8 million, a 60.4% increase from the same period last year.
  • Net indebtedness stands at €336.3 million at March 31, 2005.
  • Company's net EBITDA is €16.5 million, a decrease of €1.7 million compared to the previous year.
  • EBIT is €0.6 million, a €1.7 million decrease compared to the previous year.
  • The implementation of the Industrial Restructuring Program is continuing, with the goal of generating savings of €10 million by 2009.

Statistics:

  • Net revenues: €179.3 million (Q1 2005), €178.3 million (Q1 2004)
  • Cardiac Surgery Business Unit revenues: €102.4 million (Q1 2005), €104.1 million (Q1 2004)
  • Cardiac Rhythm Management Business Unit revenues: €41.0 million (Q1 2005), €39.6 million (Q1 2004)
  • Vascular Therapy Business Unit revenues: €8.8 million (Q1 2005), €5.5 million (Q1 2004)
  • Net indebtedness: €336.3 million (March 31, 2005), €316.1 million (December 31, 2004)
  • Net EBITDA: €16.5 million (Q1 2005), €18.2 million (Q1 2004)
  • EBIT: €0.6 million (Q1 2005), €2.3 million (Q1 2004)

Sources:

  • Sorin Group
  • Reuters (Reuters code: SORN.MI)
  • Consob Resolution No. 14990 of April 14, 2005