Kensey Nash (NASDAQ:KNSY), a medical device company that provides technologies for medical procedures, saw its fourth quarter profits for 2010 increase 25.6% year-over-year, while its profits for the entire fiscal year decreased by 3% on account of a decline in product sales.
The company reported profits of $5.9 million for the fourth quarter, or $0.60 per diluted share, on revenues of $21.9 million, compared to $4.7 million, or $0.41 per share, on revenues of $20.5 million for the prior year. The increase in profits and revenues were primarily the result of increased product sales in the quarter, it said. Sports medicine products experienced the most growth, posting a year-over-year increase of 58%.
However, product sales for the entire year decreased by 1%, which caused 2010 profits to fall, with spine products posting the largest decline in absolute terms. For fiscal 2010, the company had profits of $19.4 million, or $1.78 per diluted share, on sales of $80.6 million versus profits of $20 million, or $1.69 per diluted share, on sales of $82.1 million for fiscal 2009.
For the future, the company currently expects to earn $1.86 to $1.90 per diluted share on revenues between $81 million and $83 million for the fiscal year of 2011.
Kensey Nash is a medical device company based in Pennsylvania that provides solutions and technologies for a various medical procedures. The company primarily serves the cardiology, orthopaedic, sports medicine, spine, endovascular and general surgery markets.