Corona SDK includes an image sheet feature to construct animated sprites (also known as sprite sheets).
Note
For more information on image sheets, refer to the following link at http://docs.coronalabs.com/guide/media/imageSheets/index.html.
Image sheets are an efficient way to save texture memory. They are recommended for complex character animation or when numerous types of animations are involved.
Image sheets require more coding and have more of an advanced setup. They require the construction of a large sheet of animation frames.