Kensey Nash Corp. (NSDQ:KNSY) landed a $6 million payout from Spectranetics Corporation (NSDQ: SPNC) for reaching a $20 million milestone in sales.
Spectranetics purchased lines of Kensey Nash’s endovascular products in May 2008. They reached a cumulative $20 million in end-user sales, triggering a $6 million milestone payable to Kensey Nash.
The Exton, Pa.-based med-tech company expects to receive the $6 million cash payment in Feb. 2012, according to a press release.
Last month, Kensey Nash landed a $1.9 million small business innovation research grant from the National Institutes of Health.
The two-year, $1.9 million grant will allow the regenerative medicine developer to investigate the ability of its bioadhesive mesh to improve standard sutured tendon repair.
Kensey has had a tough year so far, sinking hard during the three months ended June 30, posting a 15 percent decrease in sales to $18.7 million, compared to $21.9 million in sales during the same period last year.
Profits dove 50 percent to $2.9 million, compared to $5.9 million, or 60 cents per diluted share in Q4 of 2010.
Sales for the full year sank 11 percent to $71.6 million, or 23 cents per diluted share, from $80.6 million, or $1.78 per diluted share, for FY 2010.
It’s Q1 2012 profits were no better. Kensey posted $2.26 million on the three months ended Sept. 30. That compared with profits for $3.8 million on sales of $17.0 million during the same period last year.