05/12/2006
THE BOARD OF DIRECTORS APPROVES THE RESULTS FOR THE FIRST QUARTER OF 2006. REVENUES GROW BY 9.6%, EBITDA UP 14.3%

• Net revenues grow to 196.6 million euros in the first three months of 2006, or 9.6% more than in the same period last year (+6.7% on a comparable foreign exchange translation basis);
• EBITDA are 18.4 million euros, up 14.3% compared with the first quarter of 2005 (+12.0% on a comparable foreign exchange translation basis);
• EBIT total 6.3 million euros, a gain of 60.6% (+56.7% on a comparable foreign exchange translation basis);
• Net indebtedness amounts to 321.1 million euros at March 31, 2006, compared with 296.8 million euros at December 31, 2005.

May 12, 2006 – The Board of Directors of Sorin S.p.A. met today in Milan under the chairmanship of Umberto Rosa and approved the Report on Operations in the First Quarter of 2006, which was presented by Drago Cerchiari, the Company's Chief Executive Officer.

The quarter ended with net revenues of 196.6 million euros, or 9.6% more than in the same period last year (+6.7% on a comparable foreign exchange translation basis).

The Cardiac Surgery Business Unit (implantable devices and cardiac surgery systems) had revenues of 108.5 million euros, up 5.9% (+1.6% on a comparable foreign exchange translation basis) over the first three months of 2005.

The Business Unit performed especially well in the areas of heart-lung machines, as the highly successful introduction of new S5 device in all of the major market produced an increase in market share, and tissue valves. Sorin's latest innovations in the area of tissue valves — the Freedom SOLO, an aortic valve with an outstanding hemodynamic profile, and the MEMO 3D, an innovative three-dimensional annuloplasty ring — were presented recently at the AATS Congress in Philadelphia.

The Cardiac Rhythm Management Business Unit (implantable devices that manage cardiac rhythm) reported revenues of 50.9 million euros, for a gain of 24.1% (22.7% on a comparable foreign exchange translation basis) compared with the first quarter of 2005. The launch of the OVATIO defibrillator in Europe generated strong sales momentum and enabled the Business Unit to increase its market share in the tachycardial segment. Excellent results were also achieved in the bradycardial segment (pacemakers) thanks to AAIsafeR, an innovative physiological pacing system. These therapies provide the best options available on the market today to treat arrhythmias.

FDA approval for OVATIO is expected shortly. This defibrillator, which is the smallest in the world, will create attractive growth opportunities during the rest of the year.

The Vascular Therapy Business Unit (drug-eluting and bare-metal coronary stents, endovascular stents and catheters for angioplasty) booked revenues of 9.0 million euros, or 2.3% more (+1.0% on a comparable foreign exchange translation basis) than in the first three months of 2005. The Business Unit continued to pursue a strategy of focusing on patients with a higher risk of cardiac complications, such as those who already suffered acute myocardial infarction.

The Renal Care Business Unit (biomedical devices to treat patients with kidney diseases) had revenues of 28.3 million euros, for an increase of 2.5% (2.6% on a comparable foreign exchange translation basis) compared with the first quarter of 2005.

A geographic breakdown of revenues shows that, compared with the first quarter of 2005, sales were up in North America, aided by the appreciation of the U.S. dollar versus the euro, and in the other international markets, in which growth was driven primarily by the products of Cardiac Rhythm Management Business Unit.

Consolidated EBITDA of the Sorin Group totaled 18.4 million euros in the first quarter of 2006, up 14.3% compared with the first three months of 2005 (+12.0% on a comparable foreign exchange translation basis). This gain in profitability is the result of a steady improvement in the product and geographic mix and reflects the beneficial impact that restructuring and reorganization program are having on manufacturing margins. EBIT, which amounted to 6.3 million euros, were 60.6% higher (+56.7% on a comparable foreign exchange translation basis) than in the first quarter of 2005.

At March 31, 2006, the net indebtedness of the Sorin Group totaled 321.1 million euros, compared with 296.8 million euros at December 31, 2005.

Information about Sorin Group:
Sorin Group (Reuters code: SORN.MI), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology and the treatment of chronic kidney diseases. The companies of Sorin Group are: Dideco, CarboMedics, COBE Cardiovascular, Stöckert, Mitroflow, ELA Medical, Sorin Biomedica, Bellco and Soludia. Sorin Group has more than 4,700 employees working at facilities in more than 80 countries throughout the world to serve over 5,000 public and private treatment centers.

For additional information, please visit our website: www.sorin.com

Francesca Caprari
Director, Communication & Industry Affairs
Tel +39-02-6332322
e-mail: francesca.caprari@sorin.com

Marilena Giavara
Director, Investor Relations
Tel. +44-20-70038730
e-mail: marilena.giavara@sorin.com

Laura Villa
Investor Relations Manager
Tel. +39-02-6332316
e-mail:laura.villa@sorin.com

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