Kensey Nash: first-quarter revenue up 28%, earnings per share rise 57%

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Kensey Nash Corp. said its revenue increased by 28% to $16.3 million for the first quarter of fiscal 2007 from $12.7 for the first quarter of fiscal 2006.

Earnings per share rose by 57% to $0.11 for the quarter ended Sept. 30, including $0.04 per share of equity compensation expense.

The company also reported a 41% increase in net sales to $10.6 million for the quarter from $7.5 million for the prior-year quarter.

For the first quarter of fiscal 2007, pro forma income from operations was $2 million, compared with $800,000 for the same period of 2005.

The company had $29.2 million of cash, cash equivalents and investments at Sept. 30, compared with $27.2 million at June 30.

"Over the last several months we have achieved successful commercialization of multiple new spine products, which bodes well for our long-term outlook," president and chief executive officer Joe Kaufmann said in a company news release.

"We were also pleased to see that Angio-Seal component sales were a major contributor during the quarter, due to the ongoing strength of end-user sales."

The Exton, Pa., medical technology company expects second-quarter net sales to be between $11.4 million and $12.2 million and revenues to be between $17.4 million and $18.4 million.

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