11/14/2012 08:20 EST | Updated 01/14/2013 05:12 EST

Angiotech narrows third-quarter loss to US$8.6 million, even as revenue fell

VANCOUVER - Medical device developer Angiotech Pharmaceuticals, Inc., which restructured it operations last year, said it narrowed its third quarter net loss to US$8.6 million, from US$18.7 million in the year-earlier.

Those losses amounted to 67 cents per share in the most recent quarter, compared to $1.47 a year ago.

The Vancouver-based company, which reports in U.S. dollars, said revenue amounted to $56.6 million, down from $57.4 million during the same three months of 2011 as sales and royalty revenue dropped off.

"Sales growth, as adjusted for foreign currency fluctuations, was more modest in the third quarter as compared to the first two quarters of 2012, as our third quarter results were impacted by order patterns within certain of our larger distributors, as well as certain other less significant factors," the company said in a release.

"Given sales results observed subsequent to the end of the third quarter, we presently expect sales growth in our medical device products segment in the fourth quarter of 2012 consistent with the growth observed in the first two periods of the year."

However, expenses also fell, to $50 million from $75.5 million in the year-earlier quarter.

Angiotech restructured in May 2011 and eliminated $250 million in outstanding senior subordinated notes due in 2014 and $16 million in interest obligations in exchange for new shares in the company.