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"Our operating businesses continued to deliver results in the second quarter, with our Medical Products segment sales exceeding $50 million," said Dr. William Hunter, President and CEO of Angiotech. "Our various promoted brands again exhibited strong sales performance in the quarter, and we believe that we can achieve our full year objectives for sales growth, margin improvement and new product introductions."
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Significant Recent Developments
On July 7, 2008, we announced that our Board of Directors authorized a transaction to establish separate operating and royalty businesses. For further information, please refer to the preliminary proxy statement filed with the SEC on July 22, 2008, available at www.sec.gov.
Second Quarter Financial Highlights
Financial Information
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This press release contains the condensed financial statements derived from the unaudited consolidated interim financial statements for the three- and six- month periods ended June 30, 2008, and 2007. Full unaudited consolidated interim financial statements and Management's Discussion and Analysis for the three- and six-month periods ended June 30, 2008, will be filed with the relevant regulatory agencies, as well as posted on our website at www.angiotech.com.
Amounts, unless specified otherwise, are expressed in U.S. dollars. Financial results are reported under GAAP unless otherwise noted. All per share amounts are stated on a diluted basis unless otherwise noted.
Use of Certain Non-GAAP Financial Measures
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Certain financial results presented in this press release include non-GAAP measures that exclude certain items. Adjusted net loss from continuing operations, adjusted net loss per share from continuing operations and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") exclude certain non-cash and non-recurring items such as acquisition related amortization charges, acquired in-process research and development relating to license agreements and acquisitions, stock-based compensation expense, foreign exchange gains or losses relating to translation of foreign currency cash and investment balances and other non-recurring items. Adjusted net loss from continuing operations, adjusted net loss per share from continuing operations and Adjusted EBITDA also exclude litigation expenses related to defending intellectual property claims. Revenue, as adjusted, excludes non-recurring, non-operating revenue derived from license agreements and other license revenue, net of license fees due to licensors and excludes amounts accrued for costs incurred. Adjusted net loss from continuing operations, adjusted net loss per share from continuing operations, revenue, as adjusted, and Adjusted EBITDA do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Management uses these non-GAAP or adjusted operating measures to establish operational goals, and believes that these measures may assist investors in analyzing the underlying trends in our business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for, or as superior to, financial reporting measures prepared in accordance with GAAP. We have provided a reconciliation of these measures to GAAP in the attached tables.
The financial outlook referred to above presents certain forward-looking, non-GAAP financial information for which at this time there is no calculable comparable GA
