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

million, an increase of approximately $0.4 million from $1.0 million in the prior year comparable period. Tax-effected equity compensation expense for the six months ended December 31, 2010 was higher than the comparable prior year period primarily because the first quarter fiscal 2011 expense included amortized expense related to three years of equity grants, while first quarter fiscal 2010 equity compensation expense included amortized expense for only two years of equity grants.

During the six months ended December 31, 2010, the Company generated cash from operations of $9.4 million and, at December 31, 2010, had $42.8 million of cash and investment balances and total debt of $30.7 million.  In January 2011, the Company acquired the net assets of Nerites Corporation, a developer of medical adhesives and anti-fouling coatings for $20 million in cash, of which $17 million was paid at closing with the remainder expected to be paid over the next two years.

Fiscal 2011 GuidanceThe Company currently expects total revenues for fiscal year 2011 will be in the range of $73.0 to $75.0 million.  Net sales and royalties are currently expected to be in the ranges of $46.7 to $48.3 million and $26.3 to $26.6 million, respectively. The Company had previously included approximately $1.5 million of endovascular milestone revenue in its guidance but has eliminated this from its current guidance due to the uncertainty of receiving these payments from Spectranectics.

The Company currently expects diluted earnings per share for fiscal 2011 will be in the range of $1.70 to $1.75 (excluding any in-process R&D charges and acquisition costs related to Nerites).  

Fiscal 2011 will include a significant investment in research and development, with total research and development spending for fiscal 2011 estimated to be approximately $17 to $18 million.  The Company plans to increase its clinical activities for the ECM products in the
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