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Kensey Nash Reports Strong Second Quarter and First Six Month Fiscal Year 2009 Results
Date:1/28/2009

ged due to the Company's expectation of lower then previously expected operating costs and expenses.

Share Repurchase Update. During the quarter ended December 31, 2008, the Company repurchased and retired 401,371 shares of Common Stock at a total cost of approximately $10.4 million, or an average market price of $25.99 per share, using available cash. The stock repurchases were executed under the remainder of the $25 million repurchase plan approved by the Board on September 25, 2007, and the $10 million repurchase plan approved by the Board on June 23, 2008, and marked the completion of both of the Company's existing stock repurchase programs. As of December 31, 2008, the Company had 11,512,752 shares of Common Stock outstanding.

Research and Experimentation Tax Credit. As a result of the October 2008 Congressional approval of an extension of the Research and Experimentation (R&E) Tax Credit, the Company recorded retroactive adjustments to its tax provision during its fiscal quarter ended December 31, 2008. The adjustments reflect the fact that the legislation is retroactive to January 1, 2008 and, therefore, reduced the Company's effective tax rate to approximately 30% for the second quarter. The Company anticipates its effective tax rate for each of the third and fourth quarters of fiscal 2009 to be approximately 33%, including the related quarter's R&E Tax Credit effect on the tax provision.

* Diluted earnings per share and adjusted EBITDA excluding after-tax special charges and EBITDA 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.

Conference Call and Webcast. The Company will host a conference call on Wednesday, January 28, 2009 at 9:00 a.m. Eastern Tim
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