Kensey Nash swings to Q1 loss
Medical technology company Kensey Nash Corp. (Nasdaq: KNSY) said it swung to a loss in its first quarter of fiscal year 2008 due to pre-tax charges for the acceleration of stock awards and the discontinuation of the company’s embolic protection platform.
For the three months ended Sept. 30, including one time charges, the Exton, Pa.-based firm recorded a loss of $0.02 per share, compared with earnings of $0.11 for the same quarter last year. Excluding the charges, Kensey earned $0.16 per share, above the consensus of three analysts polled by Thomson of $0.13 per share.
Adjusted earnings per share were significantly stronger in comparison with the prior year period on account of increases in sales of biomaterials and endovascular products as well as increased royalties and improved gross margins.
The pre-tax charges included a $3 million charge, or $0.16 per share tax-effected, for the acceleration of stock awards and approximately $325,000, or $0.02 per share tax-effected, of charges related to the discontinuation of the embolic protection platform.
Total revenues, were $17.6 million for the quarter, inline with the consensus of four analysts polled by Thomson Financial of $17.61 million. The current quarter’s sales represent an increase of 8% over the prior year’s first-quarter sales of $16.3 million.
Shares of Kensey Nash (KNSY) gained $1.45, or 5.75%, to $26.65 at 12:13 ET. Shares of Kensey Nash have been trading in the range of $22.26 to $33 for the past 52 weeks.
