Kensey Nash (KNSY) Adds $10M to Buyback; Raises Q4/FY08 Guidance, Issues Q1/FY09 Outlook

June 23, 2008 8:40 AM EDT

Kensey Nash Corporation (Nasdaq: KNSY) today announced that its Board has approved an increase in its $25 million buyback program by up to an additional $10 million of common stock. The Company intends to finance the repurchases using its available cash, which it forecasts at approximately $58.0 to $60.0 million by June 30, 2008. As of May 31, 2008, Kensey Nash had approximately 11,539,000 shares of Common Stock outstanding.

Kensey Nash raises its Q4 sales estimate, excluding endovascular product revenue, from $12.7-$12.9 million to $13-$13.2 million. Total sales are expected to be in the range of $21-$21.3 million, versus the consensus of $20.7 million. Q4 adj-EPS are expected to be in the range of $0.32-$0.33, versus the consensus of $0.29.

FY08 net biomaterials sales guidance excluding endovascular products move from $46.9-$47.1 million to $47.2-$47.4 million. Total revenues for the year are expected to be $78.9-$79.2 million, versus the consensus of $79.09 million. Adj-EPS for the year are expected to be in the range of $0.96-$0.97, versus the consensus of $0.98.

Q1 sales are expected to be $19.4-$19.9 million, versus $18.89 million. EPS for the quarter are expected to be $0.34-$0.36, versus $0.32.

Sees FY09 sales of $86.7-$89 million, versus $88.95 million. EPS are expected to be $1.57-$1.65, versus $1.48.

Kensey Nash Corporation, a medical device company, develops products and technologies in the fields of biomaterials and endovascular devices used in various medical procedures.

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