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Kensey Nash Reports Fourth Quarter and Fiscal Year 2008 Results
Date:8/21/2008

tional $10.0 million of its issued and outstanding shares of Common Stock. Kensey Nash Corporation plans to repurchase its shares for cash, from time to time in the open market, through block trades or otherwise. The repurchase program does not require the Company to purchase any specific dollar value or number of shares, and it has no specified expiration date. Any purchases under the program will depend on market conditions and may be commenced or suspended at any time or from time to time without prior notice. As of June 30, 2008, the Company had approximately 11,640,000 shares of Common Stock outstanding.

Research and Experimentation Tax Credit. The Company is awaiting Congressional approval extending the Research and Experimentation (R&E) Tax Credit for calendar year 2008. Unless and until the 2008 R&E Tax Credit extension is approved, the Company can only claim research and development tax credits for work performed through December 31, 2007 as a component of its tax provision. Therefore, the current fiscal year effective tax rate of 27.5% excludes the tax benefit the Company would have received from the credit extension, which exclusion results in the loss of a benefit of approximately $200,000, or $0.02 per share. If Congress extends the R&E Tax Credit before the end of calendar year 2008, the Company anticipates recording a retroactive adjustment for the second half of fiscal year 2008 in fiscal year 2009.

* Diluted earnings per share excluding after-tax special charges are non-GAAP financial measures and should not be considered replacements for GAAP results. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the accompanying table to this release.

Conference Call and Webcast. The Company will host a conference call on Thursday, August 21, 2008 at 9:00 a.m. Eastern Time. To participate in the conference call, interested parties should dial 612-332-0345. In addition, a
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