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Kensey Nash Reports Fourth Quarter and Full Fiscal Year 2011 Financial Results
Date:8/18/2011

1.83Inventory Step Up Charge$0.8 million$0.3 million--$1.0 millionEPS Impact of Inventory Step Up Charge$0.06$0.02--$0.08Adjusted EPS Guidance$0.29 - $0.32$0.64$0.44$0.51$1.88 - $1.91Significantly affecting the Company's revenue and earnings per share guidance is the expected achievement of a $6.0 million cash milestone from Spectranetics Corporation (SPNC) in the second quarter of fiscal 2012 of which a portion would be deferred and recognized over the expected period of performance.  This milestone is due to the Company when SPNC reaches a cumulative $20 million in end user sales of the product lines purchased by SPNC from the Company in May 2008.  Also affecting the Company's quarterly trend of revenue are product sales to St. Jude Medical during the second half of fiscal 2012.  St. Jude Medical has reached its contractual minimums for collagen plug purchases in calendar year 2011 and therefore the Company is not currently forecasting sales to St. Jude Medical in the first two quarters of fiscal 2012, the remainder of calendar 2011.  The Company is currently forecasting $4.0 million in St. Jude Medical collagen plug sales in the third and fourth quarters of fiscal 2012, based upon a St. Jude Medical purchase order of collagen plugs scheduled to be shipped during those quarters.

Stock Repurchase Update.  During the fiscal year ended June 30, 2011, the Company repurchased 1,175,738 shares of Common Stock, at a total cost of approximately $30.0 million, or an average market price of $25.52 per share, using available cash.  This completed the latest $30 million repurchase program.  The Company had 8,612,590 shares of Common Stock outstanding as of June 30, 2011.Income Taxes.  The Company's effective tax rate for fiscal 2011 was a tax benefit of approximately (4%), primarily as a result of the acquired in-process research and development charge in its third quarter ended March 31, 2011 (31% on adjusted pre-tax
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