Kensey Nash Reports Fourth Quarter and Fiscal Year 20... (loss pershare was ($0.02). The Compan...)

Kensey Nash Reports Fourth Quarter and Fiscal Year 2008 Results

Date:8/21/2008

loss per share was ($0.02).

The Company expects that its net sales will be in a range of $13.0 to $13.4 million, which would represent a 13% to 16% increase from the prior year period. The Company is raising its previously announced royalty income guidance and is now expecting to be in a range of $6.5 to $6.6 million, a 7% to 9% increase from the prior year period. Previous royalties guidance was expected to be in a range of $6.4 to $6.5 million. Total revenues are now anticipated to be in a range of $19.5 to $20.0 million, an 11% to 14% increase from the prior year period.

Guidance for Fiscal Year Ending June 30, 2009 (Fiscal 2009)

The Company expects total revenues for fiscal 2009 will be in a range of $86.7 to $89.0 million, which would represent growth of approximately 9% to 12% over fiscal 2008 total revenues, and that net sales will be in a range of $58.0 to $60.0 million, an 8% to 12% increase from fiscal 2008. The Company anticipates fiscal 2009 royalty income to be in a range of $27.8 to $28.1 million, a 7% to 8% increase from fiscal 2008. Revenue under certain arrangements with Spectranetics, excluding sales, is expected to generate approximately $900,000 during fiscal 2009.

Total research and development spending for fiscal 2009 is estimated to be $21.0 million, with approximately 60% of this funding dedicated to the biomaterials side of its business. The Company is forecasting significant investment in its cartilage repair product this coming year, where efforts will be dedicated to pre-clinical and clinical programs to further this product toward regulatory approval. Even with this increase in research and development spending, the Company expects that its operating margins will continue to substantially improve and exceed 30% in fiscal year 2009. The Company believes earnings per share for fiscal 2009 will increase between 62% and 69% over its 2008 adjusted results, to a range of $1.60 to $1.67 per share.

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SOURCE Kensey Nash Corporation
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