Sorin Group Reports Results for 2007, Confirms Full Year and Q1 2008 Guidance, and Targets Improved Profitability and Cash-Flow for Its Core Cardiovascular Business

Sorin Group (MIL:SRN)

Audited consolidated 2007 results substantially in line with
preliminary data already announced:

-- Revenues at 785.5 million Euro, up 2%* compared to the same
period in 2006;

-- EBIT at -43.5 million Euro (down from 30.6 million Euro in
2006), heavily impacted by non-recurring items for 72.7
million Euro;

-- EBITDA at 81.9 million Euro (10.4% of revenues) from 85.8
million Euro in 2006 (10.8% of revenues), negatively impacted
by foreign exchange for approximately 9 million Euro1;

-- Net Debt at 293.3 million Euro as of December 31, 2007, down
from 328.9 million Euro as of September 30, 2007 (291.0
million Euro as of December 31, 2006).

Full year and Q1 2008 guidance confirmed.

The Board of Directors of Sorin S.p.A. meeting today under the
chairmanship of Umberto Rosa, approved the 2007 financial statements.

The Company confirms guidance for the full year and Q1 2008. In
particular, for the first quarter 2008, as previously communicated,
EBITDA is expected to be between 10.5% and 11.0% of revenues
notwithstanding the impact of a weaker US$, and Net Debt is expected
to be below Q1 2007 level.

"Our 2007 financials confirm the preliminary data previously
communicated. 2007 has been a challenging year for Sorin Group but we
now have a clear plan that will focus on strengthening our core
cardiovascular businesses. We continue investing in technological
innovation while aggressively implementing our previously announced
cost reduction initiative program, leading to more than 20 million
Euro annual savings. We are committed to consistently deliver strong
financial performance," said Andre-Michel Ballester, Chief Executive
Officer.

2007 CONSOLIDATED RESULTS

In 2007 Sorin Group posted revenues of 785.5 Euro million, up 2%*
over the same period last year, driven by the Cardiac Rythm Management
BU and by the strong performance of the S5 heart-lung machine,
partially offset by the discontinuation of OEM contracts and a
slowdown in mechanical valves and drug eluting stents.

Gross Profit in 2007 was 398.7 million Euro, or 50.8% of revenues
(compared to 404.6 million Euro, or 51.1% of revenues, in 2006).

Sales and Marketing expenses in 2007 were 186.6 million Euro
(23.8% of revenues), compared to 183.9 million Euro (23.2% of
revenues) in 2006. Research and Development expenses amounted to 55.1
million Euro, or 7.0% of revenues (from 53.5 million Euro, or 6.8% of
revenues prior year), while General and Administrative expenses
decreased to 60.1 million Euro, or 7.7% of revenues (from 69.3 million
Euro, or 8.7% of revenues last year), confirming Sorin Group´s
commitment to innovation as well as to profitability improvement.

EBIT in 2007 was -43.5 million Euro, compared to 30.6 million Euro
in 2006, heavily impacted by non-recurring items at 72.7 million Euro
(5.2 million Euro in 2006) including: charges related to restructuring
and cost reduction initiatives (39.6 million Euro) to improve future
profitability, write-off of intangible assets (26.4 million Euro) to
allow better focus on our core businesses, and other non-recurring
provisions (10.1 million Euro) counterbalanced by capital gains on
disposals of assets (3.4 million Euro). As a consequence, EBIT before
non-recurring items was 29.2 million Euro, compared to 35.8 million
Euro in 2006.

EBITDA amounted to 81.9 million Euro (10.4% of revenues), compared
to 85.8 million Euro (10.8% of revenues) in 2006. Foreign exchange
impact was approximately 9 million Euro1.

Net Debt as of December 31, 2007 was 293.3 million Euro, compared
to 328.9 million Euro as of September 30, 2007 and 291.0 million Euro
as of December 31, 2006. Net Debt was substantially flat versus
year-end 2006 notwithstanding non- recurring cash-outs such as the
payments related to the MitroflowTM acquisition and to the
implementation of cost-reduction initiatives.

The renewed focus on working capital management has led to an
improvement in Account Receivables and Inventory. Days of Sales
Outstanding (DSO) and Days On Hands (DOH) were 132 and 175 days,
respectively, from 142 and 192 days in 2006.

The European Investment Bank (BEI) has granted a new long-term
credit line to support the R&D activities of the Group. This line has
been drawn to partially prepay the medium long term credit agreement
arranged by Mediobanca. As a result, the average duration and the cost
of service of the debt have both improved.

The Statutory Financial Statements of Sorin S.p.A. show a net loss
of 43.9 million Euro, versus a net loss of 27.8 million Euro in 2006,
as a result of an impaired value of some of its subsidiaries, of
reduced dividends from subsidiaries and reflecting restructuring
charges.

2007 REVENUES BY BUSINESS UNITS

The Cardiac Rhythm Management Business Unit (implantable devices
that manage cardiac rhythm) reported revenues of 232.2 million Euro in
2007, up 9.3%* from 2006. Sales rose 21.7%* in the High Voltage
segment (OvatioTM defibrillators and CRT-D) to 64.7 million Euro,
whilst the Low Voltage segment (SymphonyTM and ReplyTM pacemakers)
grew 4.3% to 157.2 million Euro. In 2007 the CRM BU reached important
milestones. In the first part of the year CE Mark approval and the
first implants of the next-generation REPLY(TM) pacemakers (the
world´s smallest dual-chamber device) were announced. In June, Sorin
and Japan Lifeline (JLL), a leading distributor of medical devices
based in Tokyo, signed a ten-year partnership agreement whereby JLL
will distribute Sorin´s CRM devices throughout Japan. The agreement is
expected to boost significantly Sorin´s market share and allow the
Company to soon become the second largest supplier of CRM devices in
Japan. More recently, the Company announced FDA approval for
commercial release in the U.S. of two new IsolineTM ICD leads whose
proven design will help facilitate penetration of the High Voltage
segment in the U.S., where the Company is pursuing its expansion
program.

The Cardiopulmonary Business Unit reported in 2007 revenues at
322.7 million Euro, up 2%* from 2006, consolidating its global
leadership position in this mature but profitable market, with a
global market share above 40%. 2007 saw, for the second consecutive
year, major success of the S5TM Heart-Lung Machine: Sorin Group now
enjoys a 65% global market share in this segment with an overall
revenue in 2007 of 61.0 million Euro, up 10.8%* versus 2006. In the
Oxygenator business the company reported revenues of 202.3 million
Euro; the Autotransfusion business grew 2.6%* to 59.4 million Euro.
During the year, significant progress was made in manufacturing
efficiency, thanks in particular to completion of the transfer of
oxygenator production from Denver (US) to Mirandola (Italy).

The Heart Valves Business Unit (including mechanical and tissue
heart valves, and repair products) reported revenues of 99.3 million
Euro, down 3.3%*. In 2007, the company decided to discontinue low
margin OEM agreements in mechanical valves, therefore negatively
impacting year-on-year sales comparisons. The positive trend in Tissue
Heart Valves (up 17.6% vs. 2006 to 27.9 million Euro) and Repair
products continued, reflecting significant market share gains in all
main geographies. In Q4 2007, Sorin Group obtained FDA approvals for
commercial release in the US the Memo 3DTM annuloplasty ring and the
MitroflowTM Aortic Pericardial Heart Valve. In the Mechanical Heart
Valves segment (revenues down 9.3% vs. 2006 to 65.5 million Euro),
Sorin Group maintained its global market share, but suffered from the
impact of the discontinuation of OEM products.

The Vascular Therapy Business Unit (drug-eluting and bare-metal
coronary stents, endovascular stents and catheters for angioplasty)
posted revenues of 29.8 million Euro, down 7.3%*. The Bare Metal
Stents (ChronoTM) reported a double-digit growth in the period.
However, this was more than offset by the declining sales of drug
eluting stents. The Renal Care Business Unit (biomedical therapies
used to treat patients with kidney diseases) had revenues in 2007 of
99.8 million Euro (down 4.6%*).

The company has previously announced its intention to explore
strategic options for these two businesses in the course of 2008.

In 2007, the revenue breakdown by main geographic areas was as
follows: Europe 62.7%, North America 22.3%, Japan 4.7%, Rest of the
World 10.3%.

The Chairman of the Board of Directors was authorized to convene
the Annual Shareholders´ Meeting that will be held on May 23rd, 2008
(first call) and May 26th (second call).

The manager responsible for preparing the company´s financial
reports, Demetrio Mauro, declares, pursuant to paragraph 2 of Article
154 bis of the Consolidated Law on Finance, that the accounting
information contained in this press release corresponds to the
document results, books and accounting records.

About Sorin Group

The Sorin Group (Bloomberg: SRN.IM; Reuters: 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 Sorin Group includes these brands: Dideco, CarboMedics,
COBE Cardiovascular, Stockert, Mitroflow, ELA Medical, Sorin
Biomedica, Bellco and Bellco-Soludia. At the Sorin Group 4,500
employees work to serve over 5,000 public and private treatment
centers in more than 80 countries throughout the world. For more
information, please visit: www.sorin.com

* At comparable foreign exchange rates;

1 The foreign exchange impact is measured by converting
non-Euro-denominated 2007 reported EBITDA at 2006 average rates
(USD/EUR average rate was 1.370 in 07 vs. 1,256 in 06 and JPY/EUR was
161.3 in 07 vs. 146.0 in 06).