Kensey Nash Corp. (NSDQ:KNSY) closed fiscal 2010 with a robust fourth quarter, but posted modest declines in both sales and earnings for fiscal 2010.
Kensey Nash reported net income of $5.9 million, or 60 cents per diluted share, on sales of $21.9 million during the three months ended June 30. That compares with profits of $4.7 million, or 41 cents per diluted share, on sales of $20.5 million during Q4 2009.
For the full year, sales slid 1.7 percent, to $80.6 million, down from $82.1 million during fiscal 2009. Net income was down 3.1 percent to $19.5 million, or $1.78 per diluted share, compared with $20.1 million, or $1.69 cents per diluted share last year.
President and CEO Joe Kaufmann credited an increase in revenues from the company’s sports medicine business for the strong fourth-quarter performance, saying the division more than offset declines for its spine business, "reflecting the overall weakness in this market," according to prepared remarks.
The strong Q4 results nudged the Exton, Pa.-based firm’s earnings outlook for fiscal 2011 above analysts’ expectations. Kensey Nash said it expects diluted EPS of $1.86 to $1.90, compared with the consensus forecast of $1.79 per share. Total revenues for fiscal 2011 are expected to be between $81.0 million and $83.0 million, according to a press release.
For the first quarter, Kensey Nash forecast diluted EPS of 41 cents to 43 cents on total revenues of $17.0 million to $17.3 million.
KNSY shares were flat at $22.86 in pre-market trading.