Healthcare Stocks Just Slightly Underwater; Stereotaxis Soars After Reporting Preliminary Q3 Revenue

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Healthcare stocks are narrowly lower, with the NYSE Healthcare Sector index sliding about 0.2% while shares of healthcare companies in the S&P 500 are down 0.1% as a group.

In company news, Stereotaxis ( STXS ) is up 46.5% at $5.23 a share, climbing as high as $5.54 after announcing preliminary Q3 results ahead of the medical device firm's upcoming rights offering.

Quarterly revenue is expected between $10.6 million to $11.1 million, down from $11.56 million during the same period last year and trailing the estimate of the lone analyst polled by Capital IQ by at least $100,000.

The company also said it added another order during Q3 for its Niobe robotic magnetic navigation system, boosting its backlog on Sept. 30 to between $5.2 million to $5.6 million. It had about $8.4 million in cash and equivalents on hand at the end of Q3 with an estimated cash burn of $1.0 million to $2.0 million each quarter.

STXS is planning to sell subscription rights to purchase up to 6.32 million shares of its common stock at $3 apiece, with current shareholders receiving subscription rights to purchase one additional share for each three shares or warrants they now own. If the offering is fully subscribed, the company will raise around $18.95 million in gross proceeds.

In other sector news,

(+) BMY, (+1.2%) Q3 earnings rise 12% to $0.46 per share, topping expectations by $0.02. Sales rose 9% to $4.07 billion, exceeding the $4.0 billion consensus.

(-) RPRX (-30.1%) Drug-maker says it will delay filing new-drug application for its Androxal drug candidate by around six months until late 2014 after the FDA requests one-year test data for the prospective treatment for low testosterone in men.



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Referenced Stocks: STXS

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