Angiotech: royalties of $43.7 million boost third-quarter revenues to $86.3 million

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Angiotech Pharmaceuticals, Inc. said for the third quarter ended Sept. 30 it derived total revenues of $86.3 million primarily from its Pharmaceutical Technologies royalty revenues and Medical Products segments.

Royalty revenues of $43.7 million for the quarter included $42.0 million from sales by Boston Scientific Corp. of paclitaxel-eluting coronary stent systems.

The company reported product sales of $42.5 million.

Angiotech said its GAAP net income and net income per share for the quarter were $6.9 million and $0.09, respectively, while adjusted net income was $16.4 million, or $0.19 per share.

Adjusted EBITDA was $30.2 million.

Angiotech also announced company highlights for the period including a milestone and royalty buyout agreement with NuVasive, Inc. relating to its NeoDisc cervical disc replacement device and ongoing integration activities related to the AMI acquisition.

Total revenue generated by discontinued operations related to the acquisition of American Medical Instruments Holdings, Inc. amounted to $2.9 million during the third quarter. Operating income, revenues and expenses related to the discontinued operations are not included in the third-quarter or nine-month results, according to the company.

Looking ahead, the company expects total revenue for the year ending Dec. 31 in the range of $302 million to $306 million, down from previous estimates of $325 million to $335 million.

Royalty revenue is expected in the range of $36 million to $38 million during the fourth quarter and $164 million to $166 million for the full-year 2006. Previous full-year royalty revenue estimates were in the range of $170 million to $172 million.

Angiotech anticipates product sales of between $44 million to $46 million in the fourth quarter and between $138 million and $140 million for the full year, down slightly from previous full-year estimates of $155 million to $163 million.

Full-year 2006 adjusted net income per share is expected to be between $0.70 and $0.72.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.