Thursday, medical device company Kensey Nash Corp.(KNSY) reported decline in profit for the first quarter compared to last year, hurt by a decrease in net sales across the segments. However, earnings for the quarter came in ahead of Street expectations. The company also provided guidance for the second quarter and full-year 2010.
Kensey's net income for the first quarter decreased to $4.9 million from $5.2 million in the same quarter last year. Per share earnings remained flat at $0.43 compared with last year. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $19.7 million, down 2% from $20.1 million in the year-ago period. Analysts expected the company to report revenue of $20.44 million for the quarter.
Segment-wise, biomaterials products net sales decreased to $12.6 million from $12.7 million, Orthopaedic net sales decreased to $6.4 million from $8.0 million and Spine products net sales declined to $2.7 million from $3.7 million last year. Net sales of sports medicine products decreased 10%, cardiovascular sales increased to $4.9 million from $4.0 million and endovascular sales increased to $858 thousand from $792 thousand in the prior-year period.
Looking ahead to the second quarter, the company expects total revenues to be in the range of $19.3 million to $20.1 million and net sales in the range of $12.5 million to $13.0 million. The company expects earnings in the range of $0.37 to $0.40 per share. Excluding items, earnings are expected to be in a range of $0.42 to $0.45 per share. Analysts currently anticipate the company to earn $0.43 per share on revenue of $21.56 million
For the full year 2010, the company expects total revenues in the range of $82.5 million to $86 million and net sales in the range of $55.5 million to $57 million. Earnings are expected to be in the range of $1.76 to $1.80 per share, with adjusted earnings in the range of $1.81 to $1.85 per share.Analysts currently anticipate the company to earn $1.75 per share on revenue of $86.62 million.
Kensey lasted traded at $25.24, down $0.47 or 1.83%, on a volume of 0.52 million shares on the NYSE.
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