Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended Decembe...(rative expenses were $21.4 million and ...)

Date:3/5/2009

rative expenses were $21.4 million, and as adjusted to exclude non-cash stock-based compensation expenses, non-recurring termination related costs and intellectual property litigation costs, were $19.0 million. These results compare to $23.4 million and $20.5 million, respectively, in the third quarter of 2008 and to $26.8 million and $23.5 million, respectively, in the comparable period of 2007. Importantly, we were able to achieve higher sales during 2008 on lower absolute levels of selling, general and administrative expenses as compared to 2007. - GAAP net loss and net loss per share from continuing operations for the quarter were $77.0 million and $0.90, respectively, compared to $27.9 million and $0.29 for the fourth quarter of 2007. The increase in the net loss of $49.1 million is due primarily to a write-down of goodwill recorded during the quarter. Under GAAP, circumstances that could indicate a "goodwill impairment" include significant declines in a company's share price, adverse changes or outcomes in legal or regulatory matters, technological advances that may significantly impact a company's or a partner's products or services, or unanticipated competition. Due to the continued decline in our market value in the fourth quarter of 2008 and the further negative indicators for the capital markets and the economy as a whole, we updated our impairment tests of goodwill and acquired intangible assets and concluded a further impairment had occurred in the carrying amounts of goodwill associated with both our Medical Products and Pharmaceutical Technologies segments. Accordingly, we recorded an impairment charge to goodwill, which is a non-cash accounting item, of $50.3 million in the fourth quarter of 2008, in addition to
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