Exton, Pa.-based Kensey Nash reported revenue and net sales growth in the double digits during the first quarter of 2012 over the first quarter of 2011, according to a Kensey Nash news release.
The company reported an 18 percent increase in revenue to $20 million and a 29 percent increase in net sales to $14 million. Both numbers exceeded expectations. Kensey Nash President Joe Kaufman attributed the company's success to strong growth in the spine and sports medicine markets, as well as the acquisition of Norian from Synthes.
The company's sports medicine products experienced a 36 percent increase to $3.6 million while the spine products had a 113 percent increase to $5.4 million. Total orthopedic product sales were increased by 140 percent to $12.7 million, but were offset by a 95 percent decrease in cardiovascular product sales.
The large increase in spine sales is partially due to Stryker's acquisition of Orthovita, Kensey Nash's strategic partner. There was also a recovery of spine product sales during the first quarter since reductions in customer inventory levels during the first quarter of previous year.
The company's full year earnings declined due to the loss of sales in the collagen market as well as increased research and development expenses.
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The company's sports medicine products experienced a 36 percent increase to $3.6 million while the spine products had a 113 percent increase to $5.4 million. Total orthopedic product sales were increased by 140 percent to $12.7 million, but were offset by a 95 percent decrease in cardiovascular product sales.
The large increase in spine sales is partially due to Stryker's acquisition of Orthovita, Kensey Nash's strategic partner. There was also a recovery of spine product sales during the first quarter since reductions in customer inventory levels during the first quarter of previous year.
The company's full year earnings declined due to the loss of sales in the collagen market as well as increased research and development expenses.
Related Articles on Orthopedic Device Companies:
K2M Hires 3 New International Team Leaders
11 Spine Devices Receive FDA 510(k) Clearance in September
15 Orthopedic and Spine Device Company Executive Moves