VANCOUVER, Feb. 14 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced unaudited interim and annual consolidated financial results for the fourth quarter and year ended December 31, 2007. The unaudited financial results are subject to further review and potential adjustment as described under the section "Financial Information".
"Throughout 2007, we continued to build our business with the launch of new products, the receipt of regulatory approvals, and the establishment of new partnerships. We expect our new product pipeline and our portfolio of innovative currently marketed products to provide growth and opportunity in 2008 and beyond," said Dr. William Hunter, President and CEO of Angiotech.
"With our expanded sales and marketing team in place and many of our
reorganization activities completed, we believe that we are well positioned
to achieve our targets for sales growth and gross margin improvements in
the coming year," said Tom Bailey, Chief Financial Officer of Angiotech.
"We are confident that during 2008 we will begin to realize returns on the
various investments we have made in our business over the last two years."
Fourth Quarter Financial Highlights
- Total revenue, as adjusted for non-recurring items, was
$70.7 million. Total revenue under generally accepted accounting
principles (GAAP) was $71.4 million.
- Net product sales, as adjusted, were $43.5 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. Net produ
|SOURCE Angiotech Pharmaceuticals, Inc.|
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