Canadian devicemaker Angiotech Pharmaceuticals posted $5.3 million in net income last year, a vast improvement over 2011's $22 million loss and one the company credits to its expanding share of the biopsy market.
Angiotech boosted its revenue by 6.1% to $221.3 million on the year, due to an increased sales push around its most competitive devices and some stabilization in its manufacturing process, the company said.
"2012 was a year of exceptional renewal for Angiotech, with our teams turning our back-to-basics, balanced turnaround approach into improved revenue growth, a doubling of the operating profitability of our Medical Device Products Business and a significantly improved cash flow and liquidity position," CEO K. Thomas Bailey said in a statement.
This is the last year Angiotech will be reporting profits from its interventional devices business--and the last year it'll report whatsoever--as the company has signed a deal to sell the unit to Argon Medical Devices for $362.5 million and in the process will cease to be a voluntary reporting public issuer.
The interventional unit accounted for about $101.6 million of Angiotech's 2012 revenue, the company said, but the sale will allow the company to pay down all its debt and invest in its remaining surgical products and royalty licensing businesses, which accounted for $138.2 million last year.
Angiotech's "back to basics" approach has helped it scrape back to profitability after filing for bankruptcy protection back in 2011, and Bailey said the post-interventional version of his company is poised for continued growth.
- read Angiotech's full results