EXTON, Pa., Aug. 18, 2011 /PRNewswire/ — Kensey Nash
Corporation (NASDAQ:
KNSY), a medical device company primarily focused on
regenerative medicine for a wide range of medical procedures, today
reported the results for its fourth quarter and fiscal year ended
June 30, 2011.
Fourth Quarter Snapshot and Recent Developments
Diluted earnings per share of $0.34, which includes net Norian
acquisition items, see discussion below, compared to the Company’s
previous guidance of $0.31 – $0.33 and prior year diluted earnings
per share of $0.60, which included net insurance proceeds of $0.06
per share. Revenue of $18.7 million, within the Company’s previous
guidance of $18.7 – $19.2 million and 14% below the prior year
comparable quarter’s revenue of $21.9 million. Net sales of $12.1
million, below the Company’s previous guidance of $12.2 – $12.5
million and 20% below the prior year comparable quarter’s net sales
of $15.1 million. Royalty income of $6.6 million, in line with the
Company’s previous guidance of $6.5 – $6.7 million and 2% below the
prior year comparable quarter’s royalty income of $6.8 million.
Cash from operations of $5.0 million in the quarter. EBITDA* of
$6.2 million. Acquired the assets comprising the product lines of
Synthes Inc.’s (SIX: SYST.VX) Norian subsidiary (see the Company’s
May 24, 2011 press release). Entered into a new $35 million
unsecured revolving credit facility with Wells Fargo Bank, National
Association.
President and CEO Commentary “Overall our fourth quarter
results were generally in line with expectations. The second
half of our fiscal year showed dramatic improvement in revenue from
the first half in the spine and sports medicine areas of our
business. This second half revenue improvement, as well as our
current strong order flow from our customer
‘/>”/>
SOURCE