Kensey Nash raises full-year, 1Q profit outlook

The company expects profit, excluding charges, between $1.60 and $1.70 per share on revenue between $86.7 million and $89 million. Previously, Kensey Nash said it expected full-year profit between $1.57 and $1.65 per share.

Analysts polled by Thomson Financial expect full-year profit of $1.61 per share.

"The company is forecasting significant investment in its cartilage repair product this coming year, where efforts will be dedicated to pre-clinical and clinical programs to further this product toward regulatory approval," Kensey Nash said in a statement. "Even with this increase in research and development spending, the company expects that its operating margins will continue to substantially improve and exceed 30 percent in fiscal year 2009."

During the first fiscal quarter, which ends Sept. 30. the company now expects profit between 37 and 38 cents per share, excluding charges. Revenue is expected to range from $19.5 million to $20 million.

Previously, the company said it expected first-quarter profit between 34 cents and 36 cents per share on revenue between $19.4 million and $19.9 million.

Analysts expect first-quarter profit of 34 cents per share.

Shares of Kensey Nash closed at $33.50 Wednesday.