Key Developments For Kensey Nash Corp
Kensey Nash Corp (KNSY.O) (Nasdaq)
Kensey Nash Corporation Receives FDA 510(k) Clearance For Porcine Dermis Biologic Product
Kensey Nash Corporation announced that it has received 510(k) clearance for its first extracellular matrix (ECM) product, Medeor Matrix, from the U.S. Food and Drug Administration. The clearance allows for the use of Medeor Matrix in general surgery for the reinforcement and repair of soft tissue, including hernia repair and plastic and reconstructive surgical applications. Medeor Matrix is a porcine-based dermal extracellular matrix designed to act as a biologic scaffold to stimulate the deposition of organized tissues specific to an injured site. These ECM products facilitate rapid revascularization and are therefore quickly repopulated with cells from the host tissue and ultimately converted into functional living tissue. Medeor Matrix is manufactured using Kensey Nash's Optrix process, which gently disinfects tissues, inactivates viruses and removes cells while preserving extracellular matrix components.
Kensey Nash Corporation Lowers FY 2010 Revenue Outlook; Reiterates FY 2010 EPS Outlook; Issues Q2 2010 Outlook; Revenue Outlook Below Analysts' Estimates
Kensey Nash Corporation revised its fiscal 2010 outlook and expects total revenues to be in a range of $82.5-$86.0 million, net sales in the range of $55.5-$57.0 million, diluted earnings per share (EPS) to be in a range of $1.76-$1.80, which is consistent with its previous outlook. Included in the Company's fiscal 2010 guidance is an estimated second quarter pre-tax severance charge of $850,000 expected to be incurred in connection with a cost reduction plan primarily associated with reduced endovascular activities and lower production volume. Excluding the pre-tax severance charge, the Company expects fiscal 2010 adjusted diluted earnings per share (EPS) outlook to be in a range of $1.81-$1.85. For second quarter of 2010, it expects total revenues to be in the range of $19.3-$20.1 million, net sales to be in the range of $12.5-$13.0 million, diluted EPS of $0.37-$0.40. Excluding the pre-tax severance charge of $850,000, the Company expects second quarter of 2010 adjusted diluted EPS outlook to be in a range of $0.42-$0.45. According to Reuters Estimates, analysts were expecting the Company to report revenues of $86.7 million and EPS of $1.78 for fiscal 2010 and revenues of $21.5 million and non-GAAP EPS of $0.43 for second quarter of 2010.
Synthes Inc. and Kensey Nash Corporation Announces Strategic Agreement for Extracellular Matrix Products
Synthes Inc. and Kensey Nash Corporation announced a strategic agreement for products developed from Kensey Nash's extracellular matrix (ECM) technology. Under the agreement, Kensey Nash will develop and manufacture porcine dermis-based ECM products, which Synthes will market and distribute for select reconstructive surgical applications. Specific terms of the agreement were not disclosed.
Kensey Nash Corporation Issues Q1 2010 Mixed Guidance; FY 2010 Guidance In Line With Analysts' Estimates
Kensey Nash Corporation announced that first quarter of 2010, it expects net sales will be in the range of $13.0 to $13.2 million and total revenue are currently anticipated to be $19.8 to $20.2 million. The Company currently expects first quarter of 2010 diluted earnings per share (EPS) of $0.40 to $0.42 per share. For fiscal 2010, it expects total revenues will be in a range of $86.0 to $89.0 million and that net sales will be $58.0 to $60.0 million. The Company currently expects EPS for fiscal 2010 will be in a range of $1.76 to $1.80. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.39 on revenue of $20.7 million for first quarter of 2010; EPS of $1.79 on revenue of $86.5 million for fiscal 2010.
Kensey Nash Corporation Announces Agreement To Acquire Rights To OsseoFit Product
Kensey Nash Corporation announced an agreement whereby the Company will re-acquire the distribution rights, along with the trademark, inventory and other assets associated with the OsseoFit Bone Void Filler product line. Under the terms of the agreement, the Company and Biomet Sports Medicine agreed to terminate their existing OsseoFit distribution agreement. Pursuant to the agreement Biomet will return distribution rights for the OsseoFit Bone Void Filler product line to the Company, including rights to future applications or indications for the technology. The Company will have, exclusive worldwide rights to the OsseoFit Bone Void Filler product line, as well as future extensions of the technology including cartilage repair.
