Italian device magnate Sorin is expecting its of-late focus on new products to pay off down the line, forecasting double-digit annual sales growth in the next 5 years.
The company figures it'll grow between 3% and 5% each year from 2013 to 2016 before accelerating to 8% to 10% by 2018. Driving that projected surge are new offerings in heart failure and mitral valve regurgitation, the company said, and Sorin expects its in-development technologies to pitch in up to $122 million in 2018.
Over the next 5 years, Sorin expects its cardiac surgery business to grow 4% to 6% annually, and the company is counting on cardiac rhythm management sales to expand by 2% to 3% each year despite market-wide flatness. Sorin figures new products like its Inspire oxygenators, Perceval sutureless valves and Platinum CRM devices will deliver that growth.
Most recently, Sorin picked up CE marks for its Kora 100 pacing system and Freedom Solo Smart aortic valve replacement. Kora is an MRI-safe family of devices that automatically adjusts its functionality when it detects a scanner's magnetic field, integrating monitoring technology to keep tabs on patients' hearts. Freedom Solo Smart is a synthetics-free biological implant that can replace diseased aortic valves without the need for a permanent stent.
Last quarter, the company boosted its revenue by roughly 13% to $244.6 million.
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