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Kensey Nash Reports Second Quarter Fiscal Year 2011 Financial Results
Date:2/1/2011

EXTON, Pa., Feb. 1, 2011 /PRNewswire/ -- Kensey Nash Corporation (Nasdaq: KNSY), a medical device company primarily focused on regenerative medicine for a wide range of medical procedures, today reported the results for its second quarter ended December 31, 2010.  

Second Quarter Snapshot and Recent Developments

  • Diluted EPS of $0.38, in line with the Company's previous guidance of $0.37-$0.40, and representing an increase from the prior year comparable quarter's diluted EPS of $0.32 and a decrease from the prior year comparable quarter's adjusted diluted EPS*of $0.43.
  • Revenue of $17.4 million, in line with the Company's previous guidance of $17.0-$17.8 million and representing a decrease from the prior year comparable quarter's revenue of $19.1 million.
  • Net sales of $10.9 million, in line with the Company's previous guidance of $10.3-$11.0 million and representing a decrease from the prior year comparable quarter's net sales of $12.5 million.
  • Royalty income of $6.5 million, below the Company's previous guidance of $6.7-$6.8 million and representing a decrease from the prior year comparable quarter's royalty income of $6.6 million.
  • Operating margin of 29%.
  • Cash from operations of $2.2 million in the quarter.
  • EBITDA* of $6.8 million.
  • Entered into a manufacturing agreement with, and made a minority equity investment in, Orteq Sports Medicine, a medical device company specializing in the field of biodegradable polymer technology for meniscus repair.
  • Signed distribution agreement with Arthrex, Inc. for the European distribution of the Company's Cartilage Repair Device.
  • Acquired the net assets of Nerites Corporation, a developer of medical adhesives and anti-fouling coatings (See the Company's January 31, 2011 press release).

  • President and CEO Commentary "Although our secon
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