Kensey Nash Reports Fourth Quarter and Full Fiscal Year 2011 Financial Results
EXTON, Pa., Aug. 18, 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 fourth quarter and fiscal year ended June 30, 2011.
Fourth Quarter Snapshot and Recent DevelopmentsDiluted earnings per share of $0.34, which includes net Norian acquisition items, see discussion below, compared to the Company's previous guidance of $0.31 - $0.33 and prior year diluted earnings per share of $0.60, which included net insurance proceeds of $0.06 per share. Revenue of $18.7 million, within the Company's previous guidance of $18.7 - $19.2 million and 14% below the prior year comparable quarter's revenue of $21.9 million. Net sales of $12.1 million, below the Company's previous guidance of $12.2 - $12.5 million and 20% below the prior year comparable quarter's net sales of $15.1 million. Royalty income of $6.6 million, in line with the Company's previous guidance of $6.5 - $6.7 million and 2% below the prior year comparable quarter's royalty income of $6.8 million. Cash from operations of $5.0 million in the quarter. EBITDA* of $6.2 million. Acquired the assets comprising the product lines of Synthes Inc.'s (SIX: SYST.VX) Norian subsidiary (see the Company's May 24, 2011 press release). Entered into a new $35 million unsecured revolving credit facility with Wells Fargo Bank, National Association.
President and CEO Commentary "Overall our fourth quarter results were generally in line with expectations. The second half of our fiscal year showed dramatic improvement in revenue from the first half in the spine and sports medicine areas of our business. This second half revenue improvement, as well as our current strong order flow from our customer