Kensey Nash reported revenue of $18.7 million for the fourth quarter of the 2011 fiscal year, which is 14 percent less than the revenue reported for the same period last year, according to a company news release.
Net sales were registered below the company's previous guidance, at $12.1 million, which was also a 20 percent decrease from the fourth quarter of last year. However, the revenues from the second half of the fiscal year were still stronger than the first half in the company's spine and sports medicine business. The company's president and CEO Joe Kaufmann attribute the lackluster performance to a challenging global economy and healthcare environment.
Sports medicine sales were $3.1 million during the fourth quarter, a 39 percent decrease from last year. The spine product sales did considerably better, totaling $4.1 million during the fourth quarter and representing a 19 percent increase over last year.
During the fourth quarter, Kensey Nash acquired Synthes' Norian product line.
Read the release about Kensey Nash.
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Sports medicine sales were $3.1 million during the fourth quarter, a 39 percent decrease from last year. The spine product sales did considerably better, totaling $4.1 million during the fourth quarter and representing a 19 percent increase over last year.
During the fourth quarter, Kensey Nash acquired Synthes' Norian product line.
Read the release about Kensey Nash.
Related Articles on Orthopedic Device Companies:
Titan Spine's Implant Sales Beat the Market Thus Far in 2011
InVivo Therapeutics Reports Increased Net Loss During Q2
TranS1 Revenues Continue to Slide in 2Q With 26% Decrease