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

6% to $26.0 million compared to $24.6 million in the prior year. Royalty income included $21.4 million in Angio-Seal(TM) royalties, up 3% from the prior year, and $4.4 million in royalties from Orthovita, up 19% from the prior year. Orthovita royalty growth was primarily due to the sales and marketing efforts of Orthovita, increase in its sales force and the full launch of the new VITOSS(R) Bioactive Foam product in the fourth fiscal quarter.

Earnings Per Share. Fiscal year 2008 adjusted diluted earnings per share* of $0.99, represents an increase of 87% compared to fiscal year 2007 adjusted diluted earnings per share of $0.53. Adjusted diluted earnings per share* for fiscal year 2008 excludes $11.4 million in net charges ($7.6 million in after-tax charges, or $0.61 per share tax effected), for the acceleration of stock awards, discontinuation of the Company's embolic protection platform, and sale of the Company's endovascular business. Adjusted diluted earnings per share* for fiscal year 2007 of $0.53 excludes $4.7 million in charges ($3.1 million in after-tax charges, or $0.25 per share tax effected) for the discontinuance of the Company's embolic protection platform. Including these items, reported diluted earnings per share for fiscal 2008 of $0.38, represents a 31% increase compared to fiscal year 2007 reported diluted earnings per share of $0.29.

* 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.

In the fiscal year ended June 30, 2008, the total tax-effected impact on earnings per share of equity compensation expense was $0.28, of which $0.16 related to the acceleration of stock awards and $0.12 related to equity compensation expense prior to the acceleration, equity compensation
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SOURCE Kensey Nash Corporation
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