EXTON, Pa., Oct. 20, 2011 /PRNewswire/ -- Kensey Nash Corporation (NASDAQ: KNSY), a medical device company primarily focused on regenerative medicine for a wide range of medical procedures, today reported the results for its first fiscal quarter ended September 30, 2011.
First Quarter Snapshot and Recent Developments
- Adjusted diluted earnings per share* of $0.32, which excludes Norian inventory step-up amortization (see discussion below), compared to the Company’s previous guidance of $0.29 - $0.32 and prior year diluted earnings per share of $0.41. As reported diluted earnings per share were $0.26.
- Revenue of $20.0 million, in line with the Company’s previous guidance of $19.5 - $20.0 million and an 18% increase from the prior year comparable quarter’s revenue of $17.0 million.
- Net sales of $14.0 million, exceeding the Company’s previous guidance of $13.6 - $13.9 million and a 29% increase from the prior year comparable quarter’s net sales of $10.9 million.
- Royalty income of $6.0 million, in line with the Company’s previous guidance of $5.9 - $6.1 million and slightly below the prior year comparable quarter’s royalty income of $6.1 million.
- Cash from operations of $7.8 million in the quarter.
- Adjusted EBITDA* of $6.5 million.
President and CEO Commentary
“Despite the persistent high unemployment levels and the challenging economic climate, our results for the first quarter were at the upper end of our guidance and we remain on track to achieve our fiscal 2012 guidance expectations. Our sales for the quarter increased 29% over prior year driven by strong organic growth in spine and sports medicine along with a major contribution from our recent Norian acquisition, which more than offset the loss of over $4 million in St. Jude collagen product sales. Although our earnings declined year over year, as we anticipated due to the loss of the collagen sales and an increase in R&D expense, we expect to see improvement throughout the balance of the fiscal year,” commented Joe Kaufmann, President and CEO of the Company.
