Royalty income increased 8% to $7.0 million compared to $6.5 million in the comparable prior year period. Royalty income included $5.7 million in Angio-Seal(TM) royalties and $1.2 million in royalties from Orthovita, Inc. (Nasdaq: VITA). Angio-Seal royalties were up 5% from the comparable quarter of the prior fiscal year due to higher than expected end-user sales while Orthovita royalties were up 21% primarily due to the full launch of the new VITOSS(R) Bioactive Foam product during the quarter and continued strong end-user sales by Orthovita in the marketplace.
"We are extremely pleased with our fourth quarter and fiscal 2008 results as we exceeded our previous expectations. Our orthopaedic biomaterials sales were excellent in the quarter and throughout the fiscal year. Angio-Seal royalties were better than expected in the quarter and the Orthovita royalties continued strong, increasing 21% in the quarter and 19% in the fiscal year. Additionally, we closed the sale of our endovascular business to Spectranetics during the quarter and are looking forward to a successful partnership with them," commented Joe Kaufmann, President and CEO of the Company.
Earnings Per Share. Fourth quarter adjusted diluted earnings per share*
of $0.35 represent an increase of 218% when compared with the $0.11
adjusted diluted earnings per share for the same period in fiscal year
2007. Adjusted diluted earnings per share* exclude the $8.1 million in net
charges ($5.4 million in after-tax charges, or $0.44 per share
tax-effected), related to the sale of th
|SOURCE Kensey Nash Corporation|
Copyright©2008 PR Newswire.
All rights reserved