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

continues to build sales momentum and integrate the endovascular business.

Royalty income increased 5% to $6.8 million in the second quarter of fiscal 2009 compared to $6.5 million in the comparable prior fiscal year period. Royalty income in the second quarter of fiscal 2009 included $5.4 million in Angio-Seal(TM) royalties and $1.4 million in royalties from Orthovita, Inc. (Nasdaq: VITA). Although Angio-Seal unit sales exceeded the Company's expectations, royalties were flat with the comparable quarter of the prior fiscal year due to the negative impact of foreign currency exchange of approximately $200,000. The Company had previously assumed a U.S. Dollar to the Euro exchange rate of 1.44 for the second quarter period, but the average actual exchange rate was approximately 1.32. Royalties from the Company's co-developed products with Orthovita increased 28% over the prior fiscal year period due to the recent successful introduction of the new VITOSS(R) Bioactive Foam products, as well as continuing sales of existing VITOSS(R) FOAM products by Orthovita in the end-user marketplace.

Earnings Per Share. Second quarter diluted earnings per share of $0.44 represented an increase of 110% when compared with the $0.21 diluted earnings per share for the same period in fiscal 2008.

Diluted earnings per share exceeded the high end of the Company's previous guidance range of $0.40 to $0.42 primarily due to lower than anticipated operating costs and expenses of approximately $425,000, or $0.03 per share tax effected, which was in-turn offset by lower than anticipated Angio-Seal royalty income of approximately $200,000, or $0.01 per share tax effected, due to the adverse impact of foreign currency fluctuations. The variance in operating costs and expenses was primarily due to a $445,000, tax effected, favorable ma
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