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TheStreet Open House

Lower Stent Coatings Revenue Hurts Angiotech

Stocks in this article: ANPI

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

Angiotech Pharmaceuticals (ANPI) reported on March 5, 2009 that its Q4 FY08 net loss widened, hurt by a write-down of goodwill and lower stent coatings revenue. Q4 FY08 net loss was $76.96 million or $0.90 per share, compared to a loss of $27.86 million or $0.29 per share in Q4 FY07. Adjusted net loss narrowed to $2.62 million or $0.03 per share from $17.04 million or $0.20 per share. The most recent consensus estimate was a loss of $0.01 per share.

Total revenue dropped 13.0% to $62.08 million from $71.36 million in Q4 FY07. Royalty revenue plunged 42.3% to $15.68 million from $27.16 million. Product sales advanced 4.8% to $46.05 million from $43.94 million. However, License revenue surged 32.3% to $352,000 from $266,000.

License and royalty fees expenses declined 38.7% to $2.77 million, but the cost of products sold increased 0.2% to $23.62 million. Research and development expenses slipped 43.0% to $7.72 million from $13.56 million in Q4 FY07. Selling and administrative expenses dipped 20.2% to $21.38 million from $26.78 million.

ANPI's partner, Boston Scientific, recently received approval from the US Food and Drug Administration to market and sell the second generation TAXUS Liberte Paclitaxel-Eluting Coronary Stent System in the United States.

FY08 net loss widened to $741.18 million or $8.71 per share from $65.94 million or $0.66 per share a year ago. Annual revenue declined 1.5% to $283.27 million from $287.69 million in FY07.

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