Angiotech Pharmaceuticals ends 2012 with improved cash flow, $69 million liquidity, lower debt ratio

By Lisa Kerner

Charlotte, N.C., April 2 - Angiotech Pharmaceuticals, Inc. announced its financial results for the fourth quarter ended Dec. 31 on Tuesday.

According to president and chief executive officer Thomas Bailey, 2012 was a year of renewal for the company that included improved cash flow and liquidity.

Cash flow for the quarter was $30.8 million and $69.7 million for the full year.

Total liquidity at Dec. 31 was $69 million, which included $46.4 million in cash and cash equivalents and short-term investments and $22.6 million of borrowing capacity available under Angiotech's revolving credit facility.

There were no borrowings outstanding under the revolver at year-end, according to the company's earnings news release.

Angiotech's ratio of net debt to last 12 months adjusted EBITDA decreased to 3.3 at the end of 2012, from 6.1 at the end of 2011.

Restructuring and operational initiatives over the last two years lowered research and development expenses 81.2% for the quarter and 64.3% for the year.

Selling, general and administrative expenses declined 21.9% for the quarter and 16.8% for the year.

According to Angiotech, revenue from its medical device products increased by 6.1% to $221.3 million in 2012. Revenue from medical device products was up 11.7% for the fourth quarter.

The company reported consolidated adjusted EBITDA for the year ended Dec. 31 of $74.1 million, a 48.8% increase from the prior year.

Angiotech is a Vancouver, B.C., specialty pharmaceutical and medical device company.

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