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

are for the same period in fiscal 2008. The improvement in 2009 earnings per share is primarily due to the elimination of the endovascular sales and marketing expenses, partially offset by anticipated increases in biomaterials research and development expenses.

In the three-month period ended March 31, 2009, the total tax-effected impact on earnings per share of equity compensation expense was $0.05, an increase from $0.01 in the prior year comparable period. Third quarter fiscal 2009 equity compensation expense was higher because fiscal 2009 expense included amortized expense related to two years of equity grants, while third quarter fiscal 2008 equity compensation expense included amortized expense only for one year of equity grants, resulting from the fiscal 2008 acceleration of stock awards triggered by a third party's significant open market purchase of the Company's Common Stock. In addition, the increase in equity compensation expense in the third quarter was due to the acceleration in the current period of the restricted stock awards of a former member of the Board of Directors, and a favorable mark-to-market adjustment on outstanding Stock Appreciation Rights in the comparable period of the prior fiscal year.

Nine-Month Results

Revenues: Sales and Royalties. Total revenues for the nine months ended March 31, 2009 were $61.6 million, up 6% from total revenues of $57.8 million in the prior fiscal year nine-month period.

Net sales increased 7% to $41.3 million for the first nine months of fiscal 2009 from $38.8 million in the comparable prior fiscal year period. Net sales of biomaterials products increased 13%, to $38.7 million from $34.2 million in the comparable prior fiscal year period, due to strong sales in both cardiovascular and orthopaedic product lines. Cardiovascular sales of $13.8 million, consisting primarily of sales of vascular closure product component
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SOURCE Kensey Nash Corporation
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