Kensey Nash 1Q profit falls on flat product sales

Kensey Nash's fiscal 1st-quarter profit falls slightly on flat sales, lower royalties

• On 3:57 pm EDT, Thursday October 22, 2009

EXTON, Pa. (AP) -- Medical technology company Kensey Nash Corp. said early Thursday its fiscal 2010 first-quarter profit fell slightly on flat biomaterial sales and lower royalty income.

The company earned $4.9 million, or 43 cents per share, down from net income of $5.2 million, or 43 cents per share, a year prior. Revenue fell 2 percent to $19.7 million from $20.1 million. The fiscal quarter ended Sept. 30.

Analysts polled by Thomson Reuters expected profit of 40 cents per share on revenue of $20.4 million.

Kensey Nash sells biomaterials, which are used in implants and can treat or replace tissue, and endovascular products, which are used in the treatment of blocked blood vessels. It said sales of biomaterials products remained flat at about $12.6 million. Endovascular product sales rose 8 percent to $857,656. But, royalty revenue fell 6 percent to $6.3 million.

Looking ahead, the company said it expects adjusted second-quarter profit between 42 cents and 45 cents per share and full-year adjusted profit between $1.81 and $1.85. The fiscal second-quarter ends Dec. 31 and the full-year ends June 30.

Analysts expect second-quarter profit of about 43 cents per share and a 2010 profit of $1.75 per share.

Shares of Kensey Nash fell 50 cents to $25.21 in afternoon trading.

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