Joe Kaufmann, president and CEO of Kensey Nash, attributes the decrease in net sales to a decrease in sports medicine product sales due to variations in customer ordering patterns and weakness in the overall spine market. He also says high unemployment and challenges in the health insurance environment reduced the number of procedures during this quarter.
Total orthopedic products reached $5.3 million, an 18 percent decrease from last year’s $6.4 million during the first quarter. The company reported revenue of $17 million, a decrease from last year’s first quarter revenue reported as $19.7 million.
Mr. Kaufmann expects to see an increase in net revenue and sales, though the rate of improvement could be lower than anticipated earlier in the year.
Read the Kensey Nash report on Q1 FY 2011 results.
Read other coverage on Kensey Nash:
– Kensey Nash Reports Revenue of $21.9M
– Kensey Nash Receives CE mark for Cartilage Repair Device
– Kensey Nash Reprots Flat Biomaterials Sales, Decline in Orthopedic/Spine Sales
