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Kensey Nash Reports Third Quarter and First Nine Month Fiscal Year 2009 Results
Date:4/22/2009

EXTON, Pa., April 22 /PRNewswire-FirstCall/ -- Kensey Nash Corporation (Nasdaq: KNSY), a leading medical technology company that provides innovative solutions and technologies for a wide range of medical procedures, today reported the results for its third quarter and first nine months of fiscal year 2009.

Third Quarter Fiscal 2009 Snapshot

  • EPS of $0.42, meeting the high end of previous guidance of $0.40-$0.42.
  • EBITDA of $9.2 million.
  • Operating margin of 37%.
  • Operating cash flow of $8.4 million.
  • Biomaterial sales of $12.9 million, representing an increase of 3% from third quarter of prior fiscal year.
  • Endovascular sales of $947,000, representing a decrease of 39% from third quarter of prior fiscal year.
  • Angio-Seal(TM) royalties of $5.3 million, essentially flat from third quarter of prior fiscal year. The negative impact of foreign currency translation decreased third quarter royalties by approximately $300,000.
  • Record orthopaedic royalties of $1.5 million, representing an increase of 27% from third quarter of prior fiscal year.
  • IDE submission for Cartilage US clinical trial in February 2009.
  • OsseoFit(TM) CE Mark Approval obtained in March 2009.

President and CEO Commentary

"Our third quarter performance was strong both from an operating perspective, as well as our product development pipeline," said Joe Kaufmann, President and CEO of the Company. "Third quarter revenue and earnings have kept pace with our targets despite the ongoing difficult economic environment. Our balance sheet continues to be strengthened by generating $8.4 million in operating cash flow this quarter, and $22
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