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

rk-to-market adjustment on outstanding Stock Appreciation Rights.

Tax-effected equity compensation expense did not have a negative impact on diluted earnings per share for the period ended December 31, 2008 due to the favorable mark-to-market adjustment on outstanding Stock Appreciation Rights described above. In the period ended December 31, 2007, the total tax-effected impact on earnings per share of equity compensation expense was $0.04.

Six-Month Results

Revenues: Sales and Royalties. Total revenues for the six months ended December 31, 2008 were $40.9 million, up 10% from total revenues of $37.2 million in the prior fiscal year six-month period.

Net sales increased 11% to $27.4 million for the first six months of fiscal 2009 from $24.7 million in the comparable prior fiscal year period. Net sales of biomaterials products increased 19%, to $25.8 million from $21.7 million in the comparable prior fiscal year period, due to strong sales in both orthopaedic and cardiovascular product lines. Orthopaedic sales increased 13%, to $15.1 million from $13.4 million in the prior fiscal year period, primarily due to increased sales of products in the Company's sports medicine and spine product portfolios. Sports medicine sales increased 18% over the prior fiscal year six months, and spine product sales increased 7% from the prior fiscal year. Cardiovascular sales of $9.2 million, consisting primarily of sales of vascular closure product components to St. Jude Medical, increased 26%, from $7.4 million in the prior fiscal year period.

Sales of endovascular products during the first six months of fiscal 2009 decreased 45% to $1.7 million from $3.0 million in the prior fiscal year period, although overall net unit sales to Spectranetics increased compared to prior fiscal year end-user unit sales.

Royalty income increased 8% to $13.5 million for
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SOURCE Kensey Nash Corporation
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