Joe Kaufmann, president and CEO of Kensey Nash, said that the results were in line with the company’s expectation, but high unemployment and the health insurance environment continue to negatively impact the industry. The company reported net sales of $10.9 million, a decrease from the second quarter of 2010 when the company reported $12.5 million in net sales.
During the second quarter, the company entered into a manufacturing agreement with and made a minority equity investment in Orteq Sports Medicine, a company focused on biodegradable polymer technology for meniscus repair. The company also acquired net assets of Nerites, a medical adhesives company, and signed a distribution with Arthrex for the European distribution of the company’s cartilage repair device.
The company reported net sales of $2 million in spine products, $2.6 million in sports medicine products and $4.8 million in total orthopedic products during the second quarter. The total orthopedic product net sales decreased from the second quarter of 2010 report of $6 million.
Read the Kensey Nash news release on the 2Q FY 2011 financial report.
Read other coverage on Kensey Nash:
– Kensey Nash Signs Distribution Agreement With Orteq Sports Medicine
– Kensey Nash Acquires Medical Adhesives and Coating Technology Company for $20M
