Angiotech Pharmaceuticals Inc reported a third-quarter loss on Thursday, hurt by delays in receiving revenue and a weak performance at its medical products arm.
Angiotech, which makes the coating for Boston Scientific Corp's stents, said it lost $12 million, or 13 cents a share, during the quarter, compared with a profit of $6.9 million, or 9 cents a share, for the same period last year.
Adjusted results, which exclude noncash and nonrecurring items, showed a loss of $3.1 million, or 4 cents, for the quarter. That is down from a profit of $16.4 million, or 19 cents, a year earlier.
Revenue was $68 million, down from $86.3 million for the same time last year. Analysts were expecting, on average, a loss of 5 cents a share and revenue of $74.1 million, according to Reuters Estimates. The company last month said it expected a per-share loss on both a net and an adjusted basis due to a poor performance at its recently acquired American Medical Instruments division.