Sorin: Resilience in a very challenging market

BUY, Fair Value EUR2.4 (+15%)

News published on April Tuesday 30, 2013
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Sorin posted solid Q1 with sales of EUR178.7m (-5% CER) in line with the company’s guidance of EUR178-180m and despite very challenging market conditions and a comparison basis with the earthquake. Sorin enjoyed excellent performance from its Cardiac Surgery division (65% of sales) driven by heart lung machines, oxygenators and Perceval. Cardiac Rhythm Management (35% of sales) decreased 7.9% CER with pressure both in prices and volumes. The company maintains its FY guidance both in terms of sales and adjusted net profit.

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