Angiotech addresses growth prospects for 2004, 2005 and 2006
24 Juni 2004 - 9:50PM
PR Newswire (US)
Angiotech addresses growth prospects for 2004, 2005 and 2006
VANCOUVER, June 24 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP) today hosted a
meeting with analysts and investors in New York and addressed the
Company's revenue and earnings prospects for the years ending
December 31 2004, 2005 and 2006. Amounts, unless specified
otherwise, are expressed in US dollars. Total revenue goals for
2004 range between $119 million and $121 million. These goals
include estimated royalty revenues, which are derived from
estimated 2004 worldwide TAXUS(TM) Express(2TM) paclitaxel-eluting
coronary stent system sales of approximately $2.1 billion to $2.2
billion. Net income for 2004 is expected to range between $0.68 and
$0.70 adjusted earnings per share (diluted), excluding any special
items, as compared to a net loss for 2003 of ($0.49) adjusted
earnings per share. Total revenue goals for 2005 range between $200
million and $215 million. These goals include estimated royalty
revenues, which are derived from estimated 2005 worldwide TAXUS
system sales of approximately $2.9 billion to $3.2 billion. Net
income for 2005 is expected to range between $1.00 and $1.10
adjusted earnings per share (diluted), excluding any special items.
Total revenue goals for 2006 range between $255 million and $290
million. These goals include estimated royalty revenues, which are
derived from estimated 2006 worldwide TAXUS system sales of
approximately $3.2 billion to $3.7 billion. Net income for 2006 is
expected to range between $1.22 and $1.42 adjusted earnings per
share (diluted), excluding any special items. "We expect 2004 will
be an extraordinary year for Angiotech, as we reach profitability
and begin to generate substantial operating cash flow," said David
Hall, Chief Financial Officer of Angiotech. "We continue to be
optimistic about the prospects for the TAXUS system to remain the
world's market-leading product in drug eluting coronary stents
through 2006 and beyond. We are also excited by our additional
products and pipeline, including our paclitaxel vascular wrap, as
well as VITAGEL(TM) and our numerous new orthopedic product
opportunities, which we expect will contribute meaningfully to our
financial results in 2006 and beyond. In addition, we plan to
continue to allocate considerable resources to research and new
product development in order to expand our rapidly growing pipeline
of drug-device opportunities." The financial estimates used in this
press release use non-GAAP or adjusted measures that exclude
certain items. Non-GAAP or adjusted financial information may
exclude such items as charges related to purchased in-process
research and development, acquisition-related amortization charges,
stock- based compensation expenses and certain foreign exchange
fluctuations related to the Company's domiciling of cash balances.
Management uses this financial information to establish operational
goals, and believes that non-GAAP or adjusted financial information
may assist investors in analyzing the underlying trends in the
Company's business over time. Investors should consider these
non-GAAP or adjusted measures in addition to, not as a substitute
for, or as superior to, financial information prepared in
accordance with GAAP. Further disclosure regarding this non-GAAP
disclosure will be provided in a subsequent news release.
Vancouver-based Angiotech Pharmaceuticals, Inc., a specialty
pharmaceutical company focusing on drug-coated medical devices and
biomaterials, is dedicated to enhancing the performance of medical
devices and biomaterials through the innovative uses of
pharmacotherapeutics. To find out more about Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP), please visit our
website at http://www.angiotech.com/. Statements contained herein
that are not based on historical or current fact, including without
limitation statements containing the words "anticipates,"
"believes," "may," "continue," "estimate," "expects" and "will" and
words of similar import, constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, events or developments to be materially different
from any future results, events or developments expressed or
implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business
conditions, both nationally and in the regions in which the Company
operates; technology changes; competition; changes in business
strategy or development plans; the ability to attract and retain
qualified personnel; existing governmental regulations and changes
in, or the failure to comply with, governmental regulations;
liability and other claims asserted against the Company; and other
factors referenced in the Company's filings with the United States
Securities and Exchange Commission or the Canadian securities
regulators. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company does not assume the obligation to update any
forward-looking statements. FOR ADDITIONAL INFORMATION:
--------------------------- Analysts: Rui Avelar, Angiotech
Pharmaceuticals, Inc. (604) 221-7676 ext 6996 Investors: Ian
Harper, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6933
Media: Eric Starkman, Starkman & Associates (212) 252-8545 ext
12 DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Analysts:
Rui Avelar, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext
6996; Investors: Ian Harper, Angiotech Pharmaceuticals, Inc., (604)
221-7676 ext 6933; Media: Eric Starkman, Starkman & Associates,
(212) 252-8545 ext 12
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