This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Angiotech Cuts Guidance

Angiotech Pharmaceuticals (ANPI) reported disappointing third-quarter results and said its full-year financials will likely fall short of estimates, sending its shares sinking Wednesday.

The company reported revenue of $86.3 million, mostly from its medical-products segment and royalty revenue, in the third quarter. Analysts surveyed by Thomson First Call were expecting $95.9 million.

Of total revenue, $42 million came from sales of drug-coated stents by device maker Boston Scientific (BSX - Get Report). The stents use Angiotech's paclitaxel drug technology.

Angiotech earned $6.9 million, or 9 cents a share, but excluding charges, it would have had a profit of 19 cents. Still, analysts were looking for 20 cents a share.

Additionally, Angiotech reduced its full-year earnings and revenue guidance, partly because of costs it expects to incur in the fourth quarter for product development, sales and marketing. The company now sees a profit of 70 cents to 72 cents a share for 2006, down from its old projection of 79 cents to 81 cents a share.

The company expects to report revenue of $302 million to $306 million vs. its previous estimate of $325 million to $335 million. Product sales are expected to be $138 million to $140 million for the full year. Angiotech previously anticipated $155 million to $163 million.

Shares of Angiotech were slumping 7.9% to $8.75.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs