Thursday, Kensey Nash Corp. (KNSY), a medical technology company, reported a profit for its fourth quarter ended June 30, 2009. The profit is attributable primarily to the decline in the company's direct expenses, selling, general and administrative expenses, and absence of a charge related to endovascular business.
Net income for the quarter was $4.71 million or $0.41 per share, compared with a loss of $1.09 million or $0.09 per share. The loss per share for the year-ago period included after-tax charges resulted from sale of the company's endovascular business to Spectranetics.
On average, five analysts polled by Thomson-Reuters expected the company to earn $0.39 per share. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined by 7% to $20.50 million from $21.97 million in the year-ago period. Five Wall Street analysts estimated revenues of $20.72 million.
Kensey's direct expenses fell to $5.78 million from $9.09 million year-ago, while selling, general and administrative expenses declined to $2.58 million from $9.08 million year-ago.
Looking ahead, the company currently expects first quarter fiscal 2010 earnings per share to be in the range of $0.40 - $0.42 and revenues to be in the range of $19.8 million - $20.2 million. Analysts estimate earnings of $0.37 per share on revenues of $22.02 million for the quarter.
For the full year 2010, the company currently expects earnings per share to range between $1.76 - $1.80 and total revenues to range between $86 million - $89 million. Analysts estimate earnings of $1.78 per share and revenues of $89.21 million.
On March 18, 2009, Kensey announced that its board of directors approved a stock repurchase program allowing the company to repurchase up to a total of 600,000 of its issued and outstanding shares of common stock.
Net income for the six months ended June 30, 2009 was $20.07 million or $1.69 per share, compared with $4.78 million or $0.38 per share in the year-ago period.
Year-to-date total revenues were $82.1 million, up 3% from total revenues of $79.8 million in the prior year period.
KNSY is currently trading on Nasdaq at $28.38.
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