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

tive Tax Rate and Biomaterial Sales excluding Cardiovascular Products because Kensey Nash management believes that in order to properly understand the Company's short-term and long-term financial trends, investors may wish to consider the impact of certain adjustments (such as in-process research and development charges, restructuring charges, insurance settlements, acquisition related charges including inventory step-up and related income tax adjustments). These adjustments result from facts and circumstances (such as business development activities, acquisitions, restructuring activities, and asset impairment events or developments) that vary in frequency and impact on the Company's results of operations. Kensey Nash management uses these non-GAAP measures to forecast and evaluate the operational performance of the Company, as well as to compare results of current periods to prior periods on a consolidated basis.   Adjusted EBITDA represents the Company's GAAP net loss adjusted for the acquired IPR&D charge and excludes interest, taxes, depreciation and amortization.  Adjusted Diluted Earnings Per Share and Adjusted Operating Margin is adjusted from GAAP results to exclude certain expenses described above.  These non-GAAP measures are provided to enhance the user's overall understanding of historical and current financial performance.  The Company believes the non-GAAP results provide useful information to both management and investors by excluding certain non-operating items, sales, non-cash expenses and expenses that the Company believes are not indicative of its core operating results or future performance.These non-GAAP measures provide investors and management with an alternative method for assessing Kensey Nash’s operating results.  Further, these non-GAAP measures are one of several primary indicators management uses for planning and forecasting.  Non-GAAP financial measures used by the Company may be calculated diffe
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