Kensey Nash to Enter Into Mediation with St. Jude Medical over Angio-Seal Contrac... (han the rate at which such royalties are...)

Kensey Nash to Enter Into Mediation with St. Jude Medical over Angio-Seal Contract Disputes

Date:12/16/2011

han the rate at which such royalties are owed. Recognition of revenue at this reduced rate would reduce the Company's previous guidance for revenues by approximately $1.8 million and its earnings per share by approximately $0.14 in the Company's quarter ending December 31, 2011. Further, any resolution of these matters may have a positive or negative impact on the Company's results for future periods. Solely for these reasons, the Company is withdrawing its previously issued guidance for the quarter ending December 31, 2011, the other two remaining quarters of fiscal 2012 and for fiscal 2012 as a whole. Beginning with the Company's announcement of its results for the second quarter of fiscal 2012, the Company intends to provide updated guidance on a quarterly basis.

As of September 30, 2011, the Company was in a strong liquidity position, with $28.4 million of cash and $50.7 million of working capital. After considering the impact of St Jude's reduction in the rate of royalties they will be paying, the Company still expects to generate fiscal 2012 cash flow from operations of over $20 million.

Conference Call and Webcast. The Company will be hosting a teleconference regarding the matters discussed in this press release at 8:30 A.M., Eastern Time, today (Friday, December 16, 2011). To participate in the teleconference call, please dial 703-639-1413. Individuals interested in listening to the teleconference may also do so over the Internet at www.kenseynash.com. To do so, please go to www.kenseynash.com and choose the Investor Relations page. Please allow 15 minutes prior to the start of the call to register and download and/or install any necessary software. A replay of the teleconference will be archived at www.kenseynash.com and may
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