Kensey Nash reports successful QuickCat launch, posts GAAP net income of $2.7 million for Q4

By Jennifer Lanning Drey

Eugene, Ore., Aug. 21 - Kensey Nash Corp. said its fourth quarter launch of the QuickCat extraction catheter helped the company achieve a 181% sequential increase over the previous quarter in net sales of endovascular products for the period ended June 30.

"The [QuickCat] sales of about $300,000 in the quarter certainly met our expectations and we're seeing some great trends in that area," said Joseph Kaufmann, president and chief executive officer of Kensey Nash, during a company conference call held Monday.

Kensey Nash reported GAAP net income of $2.7 million, or $0.23 per basic share and $0.21 per diluted share, on revenues of $18.4 million for the fourth quarter, according to a company news release.

The company reported GAAP net income of $3.3 million, or $0.29 per basic share and $0.27 per diluted share, on revenues of $16.3 for the fourth quarter of 2005, according to the release.

Sales of the more recently launched TriActiv FX device are also meeting the company's expectations, Kaufmann said Monday. The device was launched in late July.

In addition, Kensey Nash received Food and Drug Administration clearance in June for the ThromCat system, a third new product in its endovascular group.

The system is a new mechanical thrombectomy product designed to remove blood clots from a patient. The company is in the final stages of manufacturing validation and an inventory build for the launch of the ThromCat system, according to Kaufmann.

Kensey Nash expects to launch the ThromCat system in October. The company is awaiting approval of the system in Europe and hopes to be able to launch the product there in October or November as well, he said.

"We are excited about the initial QuickCat success along with the recent FX launch and the upcoming ThromCat introduction in the U.S. and Europe. Both our biomaterials and endovascular platforms are well positioned for growth in fiscal 2007, said Kaufmann in the news release.

Kensey Nash had cash, cash equivalents and investments of $27.1 million at June 30, compared to cash, cash equivalents and investments of $44.9 million at June 30, 2005, according to the release.

"As far as our cash is concerned, we'll be returning to generating cash in fiscal '07 and will be capitalizing on all of the investments that have been made in the past 18 months or so," Kaufmann said.

The company is also advancing its TriActiv ProGuard system, which is a new version of the TriActive system that incorporates a Local Flush and extraction technology designed for use in branched arteries during carotid stenting procedures.

The company expects to launch the ProGuard system for use in carotid arteries in the second half of the fiscal year.

Kensey Nash is a medical technology company based in Exton, Pa.

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