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Angiotech announces preliminary third quarter financial results and updates fiscal 2007 outlook

VANCOUVER, Oct. 19 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced preliminary financial results from the third quarter ended September 30, 2007 and updated its financial outlook for the full year ending December 31, 2007, in conjunction with the release of Boston Scientific Corporation's (BSC) third quarter financial results earlier today. Angiotech will release its complete third quarter financial results, including Management's Discussion and Analysis of Financial Condition and Results of Operations, and hold its third quarter results conference call for analysts and investors, as scheduled on November 1, 2007.

Selected preliminary unaudited financial results for the third quarter are as follows:

- Total revenues were $68.0 million.

- Net product sales were $41.4 million and were derived primarily from

sales of our various single-use specialty medical devices as well as

from sales of medical device components to third parties.

- Royalty revenue was $26.6 million and included $24.9 million of

royalty revenue derived from sales by BSC of paclitaxel-eluting

coronary stent systems.

- Adjusted EBITDA (earnings before interest, taxes, depreciation and

amortization, adjusted to exclude certain non-cash and non-recurring

items) was $7.2 million. Excluding research and development expenses,

the significant majority of which are discretionary and relate

primarily to our Pharmaceutical Technologies segment, Adjusted EBITDA

would be $19.8 million.

- Cash and long-term investment

SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
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