Shares of the specialty pharmaceutical and medical device company plummeted $2.49, or 33.1 percent, to $5.04 in midday trading. The stock earlier traded as low as $4.86, after ranging from $5.28 to $9.81 for the past year.

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Angiotech also lowered its medical product revenue outlook to a range of $171 million to $173 million, from a previous estimate of $190 million to $210 million.

Angiotech cut its 2007 royalty revenue outlook to a range of $118 million to $120 million, from a prior forecast of $130 million to $135 million. Angiotech records royalty revenue from Boston Scientific's drug-eluting cardiac stents which use Angiotech's paclitaxel drug coating.

Boston Scientific reported third-quarter sales of paclitaxel-eluting stents fell to $448 million from $572 million a year ago.

Analysts polled by Thomson Financial expect Angiotech to report 2007 revenue of $315.3 million.

Angiotech said it expected modestly lower full-year revenue from the recently acquired American Medical Instruments Inc. compared to initial forecasts, due in part to its discontinuation of certain product lines.

Angiotech also cited unexpectedly long regulatory review times, primarily for its Vascular Wrap product candidate in the European Union. Angiotech said it had expected the product candidate to be approved for sale in the EU by the third quarter. Now it believes that won't occur until the first half of 2008.

Angiotech also cut its 2007 sales guidance for new product lines to $10 million to $30 million.