Top Healthcare Stocks
Healthcare stocks are little changed, with NYSE Healthcare
Sector index declining about 0.1% while shares of healthcare
companies in the S&P 500 are down less than 0.1% as a
In company news, Boston Scientific (
) is down 5.5% at $11.61 a share, little changed since its initial
slide this morning that followed the medical device conglomerate's
announcing a restructuring program expected to cut costs by between
$150 million and $200 million per year while reducing headcount by
between 1,100 and 1,500 positions worldwide.
BSX expects to take a pre-tax charge of between $175 million and
$225 million as a result of the restructuring program, slated to
start before the end of the year with a completion target of late
The company reported Q3 earnings of $0.17 per share, up $0.01
from a year ago and beating the Capital IQ consensus by $0.08 per
share. Revenue was unchanged year over year at $1.74 billion,
roughly in-line with forecasts.
For FY13, the company is expecting adjusted EPS between $0.69
and $0.71 per share, topping analyst estimates looking for $0.44
per share. Sales are seen between $7.09 billion and $7.14 billion,
straddling the Street view looking for $7.1 billion in sales.
Separately, the company said Chief Financial Officer Jeffrey
Capello will retire before Dec. 31, and will be replaced by
corporate controller Daniel Brennan.
In other sector news,
(+) MMSI, (+16.0%) Q3 earnings of $0.25 per share top estimates
by $0.12. Revenue increases 20.1% year over year to $115.2 mln,
also beating expectations by $6.3 mln.
(-) VAR, (-6.8%) Q4 earnings of $1.08 per share miss by $0.03.
Revenue climbs 1.8% over year-ago period to $770 mln, also trailing
expectations by $8.14 mln. Issues downside Q1, FY14 guidance,
including Q1 EPS lagging Street view by at least $0.05 per
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