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

get='_new' href='http://studio-5.financialcontent.com/prnews?Page=Quote&Ticker=SPNC'> SPNC) following the Company's completion of the sale of its endovascular business in May 2008. As previously announced, these sales are at a reduced transfer price compared to the direct to market price reflected in the Company's historical sales figures. As a result of this reduced transfer price, sales of endovascular products during the quarter decreased 39% to $947,000 from $1.6 million in the prior fiscal year period, although overall net unit sales to Spectranetics increased when compared to prior fiscal year. Sequentially, compared with the second quarter of fiscal 2009, endovascular product sales increased by 8% in the third quarter, as Spectranetics continues to build sales momentum and integrate the endovascular business.

Royalty income increased 4% to $6.7 million in the third quarter of fiscal 2009 compared to $6.5 million in the comparable prior fiscal year period. Royalty income in the third quarter of fiscal 2009 included $5.3 million in Angio-Seal(TM) royalties and $1.4 million in royalties from Orthovita, Inc. (NASDAQ: VITA). Although Angio-Seal(TM) unit sales increased over the third quarter of the prior fiscal year, royalties were essentially flat with the comparable quarter of the prior fiscal year due to the negative impact of foreign currency exchange of approximately $300,000. Royalties from the Company's co-developed products with Orthovita increased 27% over the prior fiscal year period due to the continued success of the new VITOSS Bioactive FOAM products, as well as continuing sales of existing VITOSS FOAM products by Orthovita in the end-user marketplace.

Earnings Per Share. Third quarter diluted earnings per share of $0.42 represented an increase of 50% when compared with the $0.28 diluted earnings per sh
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SOURCE Kensey Nash Corporation
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11. Kensey Nash Announces the Closing on its Sale of the Endovascular Business to Spectranetics
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