March 12, 2010 / 8:42 PM / 9 years ago

UPDATE 1-Italy's Sorin to settle US DoJ probe

* Expects to complete negotiations for $10 mln settlement

* Backs 2010 net profit outlook

March 12 (Reuters) - Italian medical device maker Sorin Group SORN.MI said it reached a preliminary agreement with the U.S. Department of Justice related to an investigation into the sales and marketing practices of its unit Ela Medical Inc and its former sales representatives.

Sorin expects to successfully complete negotiations required for a $10 million settlement, to be paid out in the third quarter.

The company, which makes devices to treat cardiac rhythm disorders, said the settlement will not impact its 2010 results and backed its 2010 net profit outlook of 33 million Euro ($45.4 million) to 37 million Euro ($50.9 million).

Sorin has already booked a provision for 7.2 million Euro ($9.9 million) for this event in its 2009 financial statements, the Milan-based company said.

Sorin said as part of the settlement no charges will be brought against the company, its employees or management and the settlement itself was not an admission of wrongdoing. ($1=0.7269 Euro) (Reporting by Anand Basu in Bangalore; Editing by Anthony Kurian)

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