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

ith amortized expense for only two years of equity grants in the first quarter of that year).

During the fiscal year ended June 30, 2011, the Company generated cash from operations of $20.4 million and, at June 30, 2011, had $21.9 million of cash and investment balances and total debt of $30.0 million.  In January 2011, the Company acquired the net assets of Nerites Corporation for $20 million, of which $17 million was paid with cash on hand at closing, with the remainder expected to be paid over the next two years.  In May 2011, the Company acquired assets comprising the product lines of Synthes Inc's Norian subsidiary for $26 million, of which approximately $12 million was paid with cash on hand, with the remainder expected to be paid at the earlier of the transfer of manufacturing to the Kensey Nash facility or 18 months after closing.  In addition, in May 2011, the Company entered into a new $35 million unsecured credit facility to provide the Company the flexibility to finance its growth plans at attractive rates and to otherwise enhance the Company's liquidity position.

Fiscal 2012 Guidance.  The Company is increasing top line and bottom line guidance for fiscal 2012.  Total revenues are expected to be approximately $92 million, representing an approximate 28% increase from fiscal 2011.  Fiscal 2012 includes an estimated $14 million in net sales resulting from the Norian acquisition and also reflects new orders received under the St. Jude Medical collagen contract of approximately $6.4 million, of which $4.0 million will be shipped in the second half of fiscal 2012 (compared to $3.0 million included in our previous guidance) and $2.4 million in the first half of fiscal 2013.  The $6.4 million of new orders for calendar year 2012 are $2.9 million higher than the contractual minimum. The Company expects its sports medicine and spine product sales to grow year over year by approximately 25% to 30%, building
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