Sorin: Sorin FY results confirm the ongoing recovery

BUY, Fair Value EUR2.4 (+27%)

News published on February Friday 8, 2013
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Sorin has reported FY 2012 earnings with sales at EUR731.1 (-1.7% vs 2011) in line with our estimates and those of the consensus and demonstrating the ongoing recovery following the 2012 Italian earthquake. Growth drivers such as Perceval or SonR delivered as expected in 2012 and are well positioned to continue in the mid-term. Adjusted net profit totalled EUR42.1m with a EUR20m negative impact due to the earthquake. For 2013, Sorin expects Cardiopulmonary sales to rise 10% and other business 3-5% with adjusted net profit at EUR55-60m. Worth mentioning is that the company is implementing a restructuring plan with charges of EUR16m (EUR6.8m recorded in Q4) and potential savings of EUR15-17m per year starting later in 2013. We continue to believe that Sorin is an attractive play in the MedTech space.

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