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Kensey Nash Q2 revenues down 9%

Kensey Nash has reported total revenues of $17.35m for the fiscal second quarter ended 31 December 2010, a decrease of 9%, compared to $19.07m for the same period in 2009.

For the second quarter of 2010, the company posted a net income of $3.33m, or $0.38 per diluted share, compared to a net loss of $3.65m, or $0.32 per diluted share, for the same period in 2009.

For the six months ended 31 December 2010, the company posted a net income of $7.17m, compared to $8.54m for the same period in 2009.

Total revenues for the six months of 2010 were $34.31m, compared to $38.81m for the same period in 2009.

Kensey Nash currently expects total revenues for fiscal year 2011 will be in the range of $73m to $75m. Net sales and royalties are currently expected to be in the ranges of $46.7m to $48.3m and $26.3m to $26.6m, respectively.

The company currently expects that its operating margin will be approximately 33% in fiscal 2011 and its balance sheet will continue to be strengthened by adding cash from operations for the full fiscal year of approximately $20m (excluding any in-process R&D charges and acquisition costs related to Nerites).

The company is currently estimating that third quarter fiscal 2011 total revenues will be in the range of $18.5m to $19m. Net sales are currently expected to be in the range of $11.7m to $12.1m, and royalties are currently expected to be in the range of $6.8m to $6.9m.

The company currently expects third quarter fiscal 2011 diluted earnings per share of $0.42 to $0.44 (excluding any in-process R&D charges and acquisition costs related to Nerites).

Kensey Nash president and CEO said they expect their sports medicine and spine product sales will increase by approximately 30% and 50% sequentially in our third quarter.