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

ery sales, of $1.3 million, consisting primarily of the new ECM product, the XCM Biologic, increased 62% from $0.8 million in the prior fiscal year, and increased 14% sequentially from $1.1 million in the third quarter of fiscal 2011.  Sales of ECM products were $0.9 million in the fourth quarter of fiscal 2011, compared to $0.7 million in the prior year primarily related to inventory stocking orders by Synthes of the new XCM Biologic product.  The Company expects to experience further increases in ECM product sales during fiscal 2012 from continued expansion in the U.S. and other markets outside the U.S.

Royalty income of $6.6 million decreased 2% from $6.8 million in the prior fiscal year but increased 2% sequentially from $6.5 million in the third quarter of fiscal 2011. Royalty income in the fourth quarter included $4.9 million in Angio-Seal™ royalties and $1.5 million in royalties from Orthovita.  Angio-Seal™ royalties decreased 6% in the fourth quarter of fiscal 2011 compared to the prior fiscal year, which may be the result of increased competition and a reduction in the use of closure devices.  Royalties from Orthovita increased by approximately 8% compared to the prior fiscal year.

Earnings Per Share.  Fourth quarter diluted earnings per share was $0.34 (which includes net Norian acquisition items including transaction costs of $0.5 million, acquired inventory step-up non-cash expense of $0.3 million and acquired intangible asset non-cash amortization expense of $0.1 million, offset by the purchase method of accounting non-cash gain on bargain purchase after deferred taxes of $0.5 million for the excess of the fair values of the net assets acquired over the purchase price) compared to diluted earnings per share of $0.60 for the same quarter of fiscal 2010 (which included the net insurance proceeds described below).  Positively affecting the fourth quarter fiscal 2011 earnings per share when com
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SOURCE Kensey Nash Corporation
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