|Healthcare Review: Cambrex Corporation, Elan Corporation, Palomar Medical, RTI Biologics, OraSure Technologies|
|By Staff and Wire Reports|
|Thursday, 07 February 2013 14:18|
The euro sank after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability, which investors took as a sign the bank is concerned about the euro's advance in recent days. Housing and retail stocks were the day's biggest decliners. The housing sector index was off 1 percent and the S&P housing index was off 0.5 percent.
Following are the notable movers at mid day on Thursday:
Cambrex Corporation (NYSE:CBM) stock gained 12.64% to $12.74 after the company’s fourth quarter sales increased by 4.8% and excluding the impact of foreign currency, sales increased 5.7% compared to the fourth quarter of 2011. Income from continuing operations for the fourth quarter of 2012 was $44.2 million or $1.44 per share compared to $3.0 million or $0.10 per share in the same period last year.
Elan Corporation, plc (ADR) (NYSE:ELN) shares climbed 4.26% to $9.80 after the company yesterday announced that it has agreed to restructure the Tysabri collaboration with Biogen Idec. Under the terms of the agreement, Elan will move from the current 50:50 business collaboration to an upfront payment of $3.25 billion and a double digit tiered royalty structure for the complete asset.
Palomar Medical Technologies Inc (NASDAQ:PMTI) shares jumped 4.07% to $9.98 in the early hour. The company announced its earnings results today. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.08. The company had revenue of $23.40 million for the quarter, compared to the consensus estimate of $22.81 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis.
RTI Biologics Inc. (NASDAQ:RTIX) stock fell 13.50% to $4.10 after the company reported Worldwide revenues of $44.6 million for the fourth quarter of 2012, increased 4% compared to the fourth quarter of 2011. For the fourth quarter of 2012, the company reported net income of $2.3 million and net income per fully diluted share of $0.04, based on 56.3 million fully diluted shares outstanding, compared to net income of $2.4 million or $0.04 per fully diluted share for the fourth quarter of 2011, based on 55.7 million fully diluted shares outstanding.
Looking forward, the company announced that for fiscal 2013, it expects revenues to be between $178-$182 million, net income per fully diluted share to be in the range of $0.17 to $0.19. For the first quarter of 2013, the Company expects revenues to be between $38 million and $39 million, and net income per fully diluted share to be approximately $0.02. Analysts are expecting the Company to report revenue of $189 million and EPS of $0.22 for fiscal 2013; revenue of $46 million and EPS of $0.05 for the first quarter of 2013.
OraSure Technologies, Inc. (NASDAQ:OSUR) shares dropped 13.75% to $6.07 in the early hour after the company yesterday announced that for first quarter of 2013, it expects total consolidated net revenues to range from $20.0-$21.0 million and is projecting a consolidated net loss of approximately $0.18-$0.19 per share. Analysts on an average were expecting the Company to report revenue of $29 million and EPS of $(0.05) for first quarter of 2013.