Kensey Nash, a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology, has reported a revenue of $16.96m for the fiscal 2011, compared to $19.74m for the year 2010.
Kensey Nash has posted a net income of $3.84m, or $0.41 per diluted share for the full year ended 2011, compared to $4.88m, or $0.43 per diluted share, for the year 2010.
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 $25m.
Kensey Nash president and CEO Joe Kaufmann said that their fiscal 2011 first quarter revenues reflect a decrease in sports medicine product sales and Angio-Seal collagen product sales due to variations in customer ordering patterns in the quarter as well as continued weakness in the overall spine market, which has negatively affected near term orders.
“We believe the spine and sports medicine sales will improve in the second half of fiscal 2011, we expect the rate of improvement will be lower than we anticipated in our earlier fiscal 2011 guidance,” Kaufmann said.