related to Equity Compensation
Equity Compensation Expense $0.7 $0.5
Equity Compensation Expense
Per Share (net of tax) $0.04 $0.03
Fiscal Year 2008 Results
Revenues: Sales and Royalties. Total revenues for the fiscal year ended June 30, 2008 were $79.8 million, up 15% from total revenues of $69.5 million for the fiscal year ended June 30, 2007.
Net sales increased 20% to $53.8 million from $44.9 million recorded in the prior fiscal year. Net sales of biomaterials products increased 16% to $47.5 million from $41.1 million, primarily due to orthopaedic product sales, which increased 35% to $29.4 million from $21.8 million. Sports medicine and spine product sales increased, 27% and 47%, respectively, over the prior fiscal year period. Sports medicine product sales were led by a 27% increase in product sales to the Company's most significant customer in this market. The increase in spine product sales included $2.0 million of new product sales resulting from the Company's MacroPore Biosurgery asset acquisition, completed in May 2007. Sales to Orthovita increased $1.9 million due to strong end user sales of existing products and initial shipments for the new VITOSS(R) Bioactive Foam product line launched by Orthovita in the second calendar quarter of 2008. Sales of vascular closure product components to St. Jude Medical decreased $1.8 million, or 10%, from the prior year period, as anticipated and previously disclosed.
Sales of endovascular products during the 2008 fiscal year increased 64% to $6.2 million from $3.8 million in the prior year. Endovascular sales included direct sales to customers through the month of May, as well as sales of product to Spectranetics during the month of June, after the Company's completion of the sale of its endovascular business (see below).
Royalty income for the fiscal year increased
|SOURCE Kensey Nash Corporation|
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