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

U.S. and outside the U.S.  However, due to the significant cost and risk of obtaining U.S. regulatory approval with the uncertain U.S. regulatory climate, restrictive clinical requirements, protracted patient enrollment and extended follow up timeframe for the Company's cartilage technology in the U.S., the Company is shifting its clinical activities for the cartilage product outside the U.S.  The Company plans to reallocate its research and development funds towards products with more predictable near term regulatory approval criteria.

The Company currently expects that its operating margin will be approximately 33% in fiscal 2011 and its balance sheet will continue to be strengthened by adding cash from operations for the full fiscal year of approximately $20 million (excluding any in-process R&D charges and acquisition costs related to Nerites).

The Company is currently estimating that third quarter fiscal 2011 total revenues will be in the range of $18.5 to $19.0 million. Net sales are currently expected to be in the range of $11.7 to $12.1 million, and royalties are currently expected to be in the range of $6.8 to $6.9 million.  The Company currently expects third quarter fiscal 2011 diluted earnings per share of $0.42 to $0.44 (excluding any in-process R&D charges and acquisition costs related to Nerites).  

Stock Repurchase Update. During the six months ended December 31, 2010, the Company repurchased 1,175,738 shares of Common Stock, at a total cost of approximately $30.0 million, or an average market price of $25.52 per share, using available cash.  This completed the latest $30 million repurchase program.  The Company had 8,523,360 shares of Common Stock outstanding as of December 31, 2010.  

Income taxes.  The Company currently estimates that its fiscal 2011 effective tax rate will be between 32% and 33%.  In the course of estimating the Company's annual eff
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SOURCE Kensey Nash Corporation
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