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news.Sorin Group, a provider of medical technologies and therapies for cardiac surgery, has reported net revenues of EUR689m for the full year 2009, an increase of 7.1%, compared to E643.2m for the comparable period in 2008.
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Sorin Group has posted net profit of EUR23.2m for the full year 2009, compared to net loss of EUR37.1m for the prior year priod. EBITDA was EUR99.4m, an increase of 24.2%, compared to EUR80m for the year ago period. EBIT was EUR51.5m, an increase of 14.2%, compared to EUR45.1m for the year ago period.
For 2010, Sorin Group expects year-over-year revenue growth of 2 to 4%, an EBITDA margin improvement to 15 to 16% of revenues, net profit at EUR33 to 37m. Net debt is expected to be further reduced to EUR150m by the end of 2010.
Andre-Michel Ballester, CEO of Sorin Group, said: “The final 2009 financial statements confirm the full achievement of our targets; this solid financial basis will be the foundation for future growth. The 2010-2014 Plan confirms the strategic guidelines previously communicated, based on profitability and cash flow expansion and prepares for accelerated growth in the future.”