April 30, 2009 / 1:26 PM / 9 years ago

UPDATE 1-Angiotech profit rises, liquidity worries linger

* EPS $0.14 cents vs $0.19

* Revenue $88.3 mln vs $76.7 mln

* Royalty revenue $17.1 mln

* Shares down 80 pct in past year (In U.S. dollars; adds details)

TORONTO, April 30 (Reuters) - Angiotech Pharmaceuticals Inc ANP.TO reported a first-quarter profit on Thursday, helped by a one-time payment from a licensing agreement and lower research costs.

The Vancouver, British Columbia-based company, which makes the coating for Boston Scientific Corp’s (BSX.N) stents, said it earned $12.4 million, or 14 cents a share, for the quarter ended March 31, compared with a loss of $15.8 million, or 19 cents a share, in the same time last year.

Angiotech said the 2009 results included a $25 million one-time payment from one of its licensing partners.

Excluding noncash and nonrecurring items, the company earned $889,000, or 1 cent a share, compared with a loss of $3.9 million, or 5 cents a share, for the same time last year.

Revenue was $88.3 million, up from $76.7 million for the same time last year. After stripping out the licensing revenue, the company said revenue was $63 million.

Analysts were expecting an average loss of 1 cent a share and revenue of $63 million, according to Reuters Estimates.

Royalty revenue from the stents, tiny devices used to prop open arteries, dropped 40 percent during the quarter to $17.1 million.

The company, whose stock has fallen almost 80 percent in the past year on liquidity worries, reiterated on Thursday that a continued fall in the revenue derived from stents could force it to seek alternative funding sources through debt, equity or other securities offerings, as well as to consider reorganization, restructuring or other strategic alternatives.

Late last year the company hired an adviser to evaluate its options. This came after it canceled a key funding deal with two private equity investors in September, stoking liquidity concerns. ($1=$1.19 Canadian) (Reporting by Scott Anderson; Editing by Brian Moss)

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