July 22, 2014 11:45 AM ET

Healthcare Equipment and Supplies

Company Overview of Angiotech Pharmaceuticals Inc.

Company Overview

Angiotech Pharmaceuticals, Inc. develops, manufactures, and markets medical device products and technologies primarily in the areas of interventional oncology, wound closure, and ophthalmology worldwide. The company’s Medical Device Technologies segment offers single use medical device products and precision manufactured medical device components. This segment’s products include BioPince full core biopsy devices for obtaining tissue samples from patients for analysis and diagnosis of disease; Tru-Core and SuperCore disposable biopsy instruments that are designed to address various diagnostic procedures; T-Lok bone marrow biopsy devices, which are used for collecting bone marrow; and SKATER d...

355 Burrard Street

Suite 1100

Vancouver, BC V6C 2G8

Canada

Founded in 1989

1,364 Employees

Phone:

604-221-7676

Fax:

604-221-2330

Key Executives for Angiotech Pharmaceuticals Inc.

Angiotech Pharmaceuticals Inc. does not have any Key Executives recorded.

Angiotech Pharmaceuticals Inc. Key Developments

Angiotech Pharmaceuticals, Inc. Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2013

Angiotech Pharmaceuticals Inc. reported financial results for the fourth quarter and full year ended December 31, 2013. For the year, the company reported product revenue of USD 128.8 million, an increase of 5% from USD 123.1 million recorded in 2012. The year-over-year improvement in sales was primarily driven by strong demand for its core suture lines and its microsurgical knives in the US and Asia and continued growth in the overall sales of its various knotless suture product lines. Royalty revenue for 2013 was USD 5.5 million, down 64% from USD 15.1 million recorded in 2012. Adjusted EBITDA for the year ended December 31, 2013 was USD 36.7 million, a reduction of 19% from USD 45.1 million recorded in 2012. For the quarter, the company’s product revenue was USD 30.2 million, down 6% from USD 32.1 million in the fourth quarter of 2012. Quarter-over-quarter results were impacted primarily by buying patterns of certain of its OEM and private label customers, including Ethicon, its sole private label customer for its knotless suture product lines, and competitive pressure in the U.S. for direct sales of Quill. Royalty revenue was USD 1.6 million, down 47% from USD 3.0 million in the fourth quarter of 2012. Compared to 2013, royalties were also down in both fourth quarter and the year in 2013 compared to last year due to a reversal of royalties earned in prior periods from Cook associated with their voluntary recall of Zilver PTX drug-eluting stents in April 2013. Adjusted EBITDA was USD 6.9 million, down 41% from USD 11.7 million in the fourth quarter of 2012.

Angiotech Pharmaceuticals Announces Board Changes

Angiotech Pharmaceuticals Inc. announced that its shareholders and Board of Directors have approved changes to the company's executive management team and Board of Directors. Effective October 8, Thomas Bailey and Angiotech mutually agreed that Mr. Bailey would transition from his current role as President and CEO of Angiotech, and into a Board role. As of that same date, at the company's Annual General Meeting, Mr. Bailey was elected by the company's shareholders to serve on Angiotech's Board of Directors. Victor Diaz, who has been named President and Chief Operating Officer, and Ms. Tammy Neske, Chief Business Officer, will report to the Board of Directors, and their respective roles and responsibilities will remain generally unchanged. Mr. Jay Dent will continue to serve as Senior Vice President and Chief Financial Officer.

Angiotech Pharmaceuticals Inc., Q2 2013 Earnings Call, Aug 08, 2013

Angiotech Pharmaceuticals Inc., Q2 2013 Earnings Call, Aug 08, 2013

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