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Kensey Nash Provides 4th Quarter Fiscal 2008 and Fiscal Year 2009 Guidance
Date:6/23/2008

tinued to outperform our target of 25% annual growth, which we provided at the start of this fiscal year. We completed the sale of our Endovascular business in the fourth quarter and are looking forward to a successful strategic relationship with Spectranetics."

First Quarter Fiscal 2009

For the first quarter of fiscal year 2009, the Company believes that its net sales will be in the range of $13.0 to $13.4 million, representing a 13% to 16% increase from the prior year period. Royalties are expected to be in the range of $6.4 to $6.5 million, a 5% to 7% increase from the prior year period. Total revenues are anticipated to be in the range of $19.4 to $19.9 million, a 10% to 13% increase from the prior year period.

The Company expects fiscal 2009 first quarter diluted earnings per share of $0.34 to $0.36 per share, an increase of 113% to 125% compared to adjusted diluted earnings per share of $0.16 for the same period in fiscal year 2008. Adjusted diluted earnings per share for the first quarter of fiscal year 2008 exclude after-tax charges of $2.2 million, or $0.17 per share, for the acceleration of stock awards and discontinuation of the Company's embolic protection platform. Including these items, the 2008 first quarter reported diluted loss per share was ($0.02).

Fiscal Year 2009

The Company believes total revenues for fiscal year 2009 will be in a range of $86.7 to $89.0 million, which would represent growth of approximately 10% to 12% over estimated fiscal 2008 total revenues, and that net sales will be in the range of $58.0 to $60.0 million. The Company anticipates fiscal 2009 royalty income in a range of $27.5 to $28.0 million.

Joe Kaufmann noted, "We will continue to invest in research and development to drive future revenue growth, with total research and development spending for fiscal 2009 estimated to be $21.0 million. Approximately 60% of this funding will be dedicated to the biomaterials side of our business t
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SOURCE Kensey Nash Corporation
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