UPDATE 1-Kensey Nash profit lags Street; sees Q2 below mkt view
* Q1 EPS $0.41 vs est $0.42
* Q1 rev $17 mln vs est $17.3 mln
* Sees Q2 EPS $0.37-$0.40 vs est $46
* Cuts FY11 outlook
* Shares down as much as 12 pct
Oct 21 (Reuters) - Medical device maker Kensey Nash Corp KNSY.O posted a first-quarter profit that missed analysts' estimates by a cent and forecast second-quarter results below market view, as it expects economic softness to continue to hurt sales of its spine and sports medicine products.
The Pennsylvania-based company sees second-quarter earnings of 37-40 cents a share, compared with analysts' estimates of 46 cents a share.
It expects revenue of $17-$17.8 million, compared with estimates of $20 million.
The company also cut its fiscal 2011 outlook. Kensey Nash now expects to earn $1.75-$1.80 per share on revenue of $75-$78.0 million.
It had previously forecast earnings of $1.86-$1.90 a share, on revenue of $81-$83 million. [ID:nASA00OHC]
July-September earnings were $3.8 million, or 41 cents a share, compared with $4.9 million, or 43 cents a share, a year ago.
Revenue fell 14 percent to $17 million.
Analysts on an average estimated first-quarter earnings of 42 cents a share on revenue of $17.3 million, according to Thomson Reuters I/B/E/S.
The company's shares, which have gained almost 17 percent since its previous quarterly results, were trading down 8 percent at $26.65 Thursday morning on Nasdaq. They touched a low of $25.29 earlier in the session. (Reporting by Rajarshi Basu in Bangalore; Editing by Maju Samuel)
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