|Healthcare Review: Cyberonics, MWI Veterinary Supply, Rockwell Medical, Exactech, Cryolife Inc.|
|By Staff and Wire Reports|
|Monday, 04 February 2013 14:09|
Friday was only the tenth time in its history that the Dow closed above 14,000. The first was in July 2007; the rest were in October of that year. The index closed Friday just 155 points shy of its record high, set that October. The rally was powered by solid economic data, including a January jobs report that showed the labor market is strengthening gradually. A broad measure of manufacturing also rose sharply.
Following are the notable movers at mid day on Monday:
Cyberonics, Inc. (NASDAQ:CYBX) stock gained 8.39% to $48.07 after the company today announced that the lawsuit filed by former employee Andrew Hagerty in federal district court in Massachusetts was voluntarily dismissed without prejudice by Mr. Hagerty on February 1, 2013. The company has asserted that, under the terms of his employment, Mr. Hagerty's claims are subject to binding arbitration. Mr. Hagerty has the right to re-file the lawsuit or to pursue a resolution through binding arbitration.
MWI Veterinary Supply, Inc. (NASDAQ:MWIV) stock gained 7.46% to $124.12 after the company today reported a first quarter net income of $16.8 million or $1.32 per share from $13.20 million or $1.05 per share in the same period last year. Analysts expected the company to earn $1.19 per share for the quarter. Revenues totaled $572.8 million, up 24% from $461.90 million last year. Analysts expected revenues of $532.13 million.
Rockwell Medical Inc. (NASDAQ:RMTI) stock climbed 3.88% to $6.66 after the company announced successful topline results from the PRIME clinical study of Soluble Ferric Pyrophosphate (SFP), its investigational iron-delivery drug currently in Phase 3 clinical studies for the treatment of iron deficiency in hemodialysis patients. The PRIME study demonstrated that regular administration of SFP-iron via dialysate reduced the usage of erythropoietin stimulating agents (ESAs) during hemodialysis by 37.1% while maintaining iron balance and maximizing iron delivery.
Exactech, Inc. (NASDAQ:EXAC) shares decreased 5.48% to $18.10 in the early hour.
The company, on Jan. 22, announced that it expects to report revenue for the fourth quarter of 2012 of $59.7 million, an increase of 13% compared to $53.1 million for the fourth quarter of 2011 which will result in full year unaudited revenues of $224.8 million, compared to $205.4 million for 2011, a 9% increase. For the full year 2012, U.S. sales increased 9% to $145.6 million and international sales increased 9% to $79.2 million. During the fourth quarter, U.S. sales grew 13% to $38.3 million and international sales increased 13% during the quarter to $21.5 million.
Cryolife Inc. (NYSE:CRY) stock declined 4.73% to $6.25. The company, on Feb. 1, said it received a warning letter from U.S. health regulators after they determined the company failed to adequately address earlier concerns over the manufacturing of its medical devices and other products.
Additionally, the company announced that 2012 fourth quarter and year end financial results will be released on Thursday, February 14, 2013.