- Angiotech expects to post a net loss on a GAAP and adjusted basis for
the third quarter, pending finalization of certain tax items.
With the third quarter results as reported, we are updating our full year 2007 outlook as follows:
- We are updating our full year 2007 expected royalty revenue range
to $118 million to $120 million, based on third quarter paclitaxel-
eluting stent sales of $448 million announced by BSC in its third
quarter earnings release earlier today and from which we will derive
and record royalty revenue in our fourth quarter of 2007. BSC
announced on October 16 that it plans to present a broad range of
clinical trial data reinforcing the safety and efficacy of TAXUS(R)
coronary stent systems at the upcoming Transcatheter Cardiovascular
Therapeutics (TCT 2007) scientific symposium, which runs from
October 20 to 25 in Washington, DC.
- We are revising our 2007 medical product sales outlook to a range
of $171 million to $173 million, from our previous range of
$190 million to $210 million. Our previous range included expected
revenue of $180 million to $190 million from medical products
obtained in the acquisition of American Medical Instruments, Inc.
(AMI) and $10 million to $30 million from new product lines. We
expect fourth quarter net medical product sales to be between
$42 million and $44 million.
- Our full year 2007 outlook for revenue derived from sales of medical
products obtained from AMI is modestly lower as compared to our
original expectations as a result of our decision to de-emphasize or
discontinue certain product lines that were generating limited or
negative contribution margins in the second half of 2007. In
addition, our previously announced decisi
|SOURCE Angiotech Pharmaceuticals, Inc.|
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