Kensey Nash Corporation Announces Achievement Of $6 Million Milestone From Spectranetics Corporation
EXTON, Pa., Dec. 12, 2011 /PRNewswire/ -- Kensey Nash Corporation (Nasdaq: KNSY) today announced that it was recently informed by Spectranetics Corporation (Nasdaq: SPNC) that they reached a cumulative $20 million in end-user sales of the endovascular product lines purchased from Kensey Nash in May 2008. Accordingly, this triggered achievement of a $6 million milestone payable to Kensey Nash. As previously disclosed, the Company expects to record approximately $5 million as revenue for the three months ending December 31, 2011, and the remainder will be deferred and recognized as revenue over the next year. The $6 million cash payment is expected to be received in February 2012.
About Kensey Nash Corporation. Kensey Nash Corporation is a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technologies. The Company is recognized as a leader for innovative product development and unique technology in the field of resorbable biomaterials. The Company has an extensive range of products which are sold through strategic partners in multiple medical markets, including the cardiology, orthopaedic, sports medicine, spine, endovascular and general surgery markets. For more information, visit www.kenseynash.com.
SOURCE Kensey Nash Corporation
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