Angiotech Pharmaceuticals Inc., which makes the Taxus drug-coated coronary stent and other medical devices, said Wednesday its third-quarter profit fell 13 percent, weighed down by charges.

The company also cut its outlook for the full year. Shares sank 75 cents, or 7.9 percent, to $8.75 in premarket electronic trading on the results.

Quarterly net income dropped to $6.9 million, or 9 cents per share, from $15.9 million, or 19 cents per share during the same period last year.

Excluding certain litigation expenses and other charges, earnings from continuing operations totaled $16.4 million, or 19 cents per share, in the latest quarter.

Analysts polled by Thomson Financial forecast a profit of 20 cents per share.

Revenue rose 80 percent to $86.2 million, from $47.9 million in the year-ago quarter. Wall Street was expecting revenue of $94.9 million for the quarter.

The company said the royalty revenue from its pharmaceutical technologies segment and sales from its Medical Products division drove the upswing.

Angiotech Pharmaceuticals lowered its expectations for full-year revenue to $302 million to $306 million, from $325 million to $335 million, due to lower-than-expected sales of drug-coated stents and other devices, and discontinued operations.

For the year, the company expects to earn 70 cents to 72 cents per share, down from prior guidance for 79 cents to 81 cents due to the sales shortfalls and a rise in other expenses in the fourth quarter.

Analysts are currently expecting the company to post a profit of 74 cents on million in revenue.