The Company provides a range of products in the field of resorbable biomaterials and endovascular devices in endovascular and orthopaedic markets.
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Kensey Nash is a medical technology company providing solutions for a range of medical procedures in multiple medical markets, primarily in the cardiovascular, sports medicine and spine markets. It has invented the Angio-Seal Vascular Closure Device (Angio-Seal), a device designed to seal and close femoral artery punctures made during diagnostic and therapeutic cardiovascular catheterizations. The company has three customers St. Jude Medical, Arthrex, and Orthovita who were responsible for nearly 90% of sales and royalties in fiscal 2006.
The market for vascular closure devices grew by about 25% year-on-year annually during 2002-05. The strategic alliance agreement with St. Jude Medical ending in 2010, secures sales and royalty earnings for its key products Angio-Seal and Spine. The company also has an agreement with Orthovita, to whom it supplies products for use in repair of the spine and osteoporosis fractures, while generating significant royalty income. The company has commenced the ProGuard trial, as well as other product development initiatives for the current year. It has also successfully completed construction of and moved its operations to an improved facility.
For the six months ended 31 December 2006, Kensey Nash Corporation's revenues increased 27% reflecting an increase in sales of biomaterial and endovascular products and increased royalty income. Net product sales jumped 41% which was constituted by 32% increase in Bio-material sales and a 256% increment in Endovascular sales largely driven by the launch of the ThromCat catheter during the second quarter. Royalty income also advanced 8.5%. The company also witnessed a net profit as compared to a net loss during the same period due to control over cost of goods sold and administrative expenses. Selling expenses, however, witnessed an increase of 33% which has and will prove to be fruitful an increasing sales.
Given increasing sales and royalty incomes, the successful launch of ThromCat, new distributor relationships and long-term strategic alliances with St. Jude Medical and Orthovita, Kensey Nash emerges to be an outperformer.