The Company expects fiscal 2009 third quarter diluted earnings per share of $0.40 to $0.42 per share, representing an increase of 43% to 50% compared to diluted earnings per share of $0.28 for the same period of fiscal year 2008. The Company expects this significant improvement from the prior fiscal year primarily due to anticipated increases in biomaterial sales and royalties, coupled with the elimination of the endovascular sales and marketing expenses, partially offset by an anticipated increase in biomaterials research and development expenses.
Updated Guidance for Fiscal Year Ending June 30, 2009 (Fiscal 2009)
The Company is reaffirming its previous guidance estimate for diluted earnings per share in a range of $1.62 to $1.69 for fiscal 2009. Net sales are currently estimated to be in a range of $55.0 to $55.5 million, representing a 2% to 3% increase from the prior fiscal year. Biomaterial sales are expected to be in the range of $51.0 million to $51.4 million, representing an increase of 7% to 8% from the comparable prior fiscal year quarter, and endovascular sales are expected to be approximately $4.0 million, representing a decrease of 36% from the prior fiscal year. Royalties are currently estimated to be in a range of $27.0 to $28.0 million, representing a 4% to 8% increase from the prior fiscal year. Royalty guidance has been lowered by approximately $1.0 million due to the negative effects of changes in foreign currency exchange rates. The Company's previous guidance estimated that the U.S. Dollar to Euro exchange rate would average 1.44, but the Company has revised its estimate to approximately 1.33 for the remainder of fiscal 2009 based on current market conditions. Despite decreases in revenue expectations from the Company's previous guidance, the Company's diluted earnings per share guidance remains unchan
|SOURCE Kensey Nash Corporation|
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