Corin set for US sales drive
THE chief executive of Corin, the manufacturer of orthopaedic devices, believes the group's potential in the United States is huge.
Last week, the Cirencester-based group published results for the first six months of the year.
Group sales were up 15 per cent to £25 million ,compared to £21.8 million in the first half of 2011.
Hip product sales rose by 38 per cent to £15.9 million (2011 £11.5 million), driven by Corin's new cementless hip systems
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The group had an operating profit of £1 million (2011, excluding discontinued operations, £0.5million).
Corin's chief executive Peter Huntley said evaluation surgeries on its new Unity total knee system were progressing well.
"This strong level of organic growth, driven by our new hip range, emphasises the successful evolution of the group towards a balanced portfolio of hip products," he said.
"We are encouraged by the steady growth achieved across a number of geographies.
"The US, in particular, remains a great opportunity for us.
"We continue to invest behind our sales and marketing efforts and are well placed to grow and support our products in all our markets.
"The first phase of evaluation surgeries of the Unity knee has been completed successfully, with encouraging feedback.
"The next phase is expected to start in the second half of this year, which should add further sales momentum in 2013."
Corin employs 100 at its site in Love Lane Industrial Estate, Cirencester and exports now make up 83 per cent of the business with sales operatives in six countries.
Australia is already a major overseas market, but it is the USA where Corin sees future sales expanding.
"The USA has 50 per cent of the global orthopaedic market and it is now about 15 per cent of our business and is where we hope to grow," said Mr Huntley.
"We are developing high technology products that sell around the world.
"It has been a strong first half of the year for us."
The company would start to see the impact of its new knee product in 2013.
Corin's strategy is to extend its hip and knee portfolio, develop new implants and increase its global sales presence.
With advances in healthcare around the world there is an ageing, more active population who want a better quality of life.
This is helping to drive the growth in sales of Corin's products.