Kensey Nash Corporation is a medical device company known for providing innovative product development and advanced technology for a wide range of medical procedures. Their expertise in the design, development, manufacture and processing of resorbable biomaterials for medical applications. Biomaterials are substances that treat, augment, or replace tissue, organs or body functions and are used regularly as components and elements in a wide variety of resorbable or permanent implants. These include cartilage regeneration, small diameter arterial substitution, tissue reinforcement and repair and controlled release drug delivery.
To give an overview of the 1st Qtr numbers, here is a brief summery. Total revenues increased 14% to $20.1 million in the Company’s first fiscal quarter ended September 30, 2008, from $17.6 million in the comparable prior fiscal year period. Net sales of biomaterials products increased 25% to $12.7 million from $10.2 million in the comparable prior year period, due to strong sales in both orthopaedic and cardiovascular product lines.
First quarter diluted earnings per share of $0.43 represented an increase of 169% when compared with the $0.16 adjusted diluted earnings per share for the same period in fiscal 2008. During the quarter, the Company generated cash from operations of $10.3 million and reported $77.9 million in cash and interest bearing investment balances and total debt of $33.8 million as of September 30, 2008.
“We are pleased to report an excellent start to our fiscal year 2009 with total revenue of $20.1 million, record earnings and over $10 million in operating cash flow. These results were driven by strong orthopaedic product sales and by Orthovita royalties, which increased 38% in the quarter,” commented Joe Kaufmann, President and CEO of the Company.
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