Angiotech Pharmaceuticals falls to 52-week low, expects Q3 loss
Shares of Angiotech Pharmaceuticals Inc. (Nasdaq: ANPI) have sunk to a 52-week low following news before the start of trading that the company expects a third-quarter net loss and has lowered its fiscal 2007 outlook.
A slowdown in sales will result in a net loss for the three months ended Sept. 30, the Vancouver-based specialty pharmaceutical and medical device company announced today. Wall Street was projecting a profit of $0.06 per share, according to a poll of eight analysts by Thomson Financial.
Angiotech said it expects revenues of $68 million for the quarter, 11.5% lower than the $76.8 million projected by analysts. Significantly, the company reported that the sales revenue from certain new products will show up during the first part of 2008, not as expected in the second half of 2007.
Consequently, full year 2007 adjusted EBITDA outlook range was lowered to between $47 million and $50 million, compared with a previous forecast of between $85 million and $95 million.
The final results for the third quarter will be released on Nov.1.
At 3:29 p.m. ET, Angiotech Pharmaceuticals (ANPI) shares had lost $2.60, or 35%, to $4.93, a new 52-week low. The previous 52-week low was $5.28, established on Apr. 2. The 52-week high of $9.81 was set on Oct. 19.
