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

of $13.6 million.
  • Biomaterial product sales of $25.8 million, representing an increase of 19% from prior fiscal year period.
  • Orthopaedic royalties of $2.9 million, representing an increase of 33% from prior fiscal year period.

    • President and CEO Commentary

    "Our second quarter results demonstrated that our business fundamentals remain solid," said Joe Kaufmann, President and CEO of the Company. "For the second consecutive quarter, we have achieved record earnings and double digit increases in our biomaterial sales and orthopaedic royalties. Our balance sheet continued to strengthen by generating $4.7 million in operating cash flow in the quarter and $13.6 million through the first half of our fiscal year, and we currently expect our operating cash flow for the full fiscal year will be over $25 million. Our Angio-Seal royalties remained solid at $5.4 million despite the negative impact of foreign currency exchange of approximately $200,000. We have continued to make significant progress with both of our cartilage repair and extracellular matrix technology programs during the quarter and both programs remain on schedule. Additionally, our endovascular development programs have continued on schedule and we expect to achieve an additional milestone by the end of our fiscal year. Obviously, the current economic climate continues to be a concern and the deterioration of the Euro has adversely impacted our Angio-Seal royalties in the second quarter and our royalty expectations for the fiscal year."

    Second Quarter Results

    Revenues: Sales and Royalties. Total revenues increased 6% to $20.8 million in the Company's fiscal quarter ended December 31, 2008, from $19.6 million in the comparable prior fiscal year period.

    Net sales increased 6% to $14.0 million in the second quarter of fiscal 2009 from $13.1 million in the sec
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