Healthcare Stocks Slump; Uroplasty Climbs to Two-Year High After Growing Fiscal Q3 Sales 14%

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Healthcare stocks were sharply lower with the NYSE Healthcare Sector Index plunging over 1.9% while shares of healthcare companies in the S&P 500 dropped 2.2% as a group.

In company news, Shares of Uroplasty Inc. ( UPI ) rallied Friday, hitting a two-year high, after the maker of medical devices to treat voiding dysfunctions reported a 14% jump in fiscal third-quarter sales and forecast even stronger revenue growth for the current quarter.

UPI was up 31.4% at $4.60 just before the closing bell, earlier streaking to $5.40 a share, its highest level since October 2011.

For the quarter ended Dec. 31, the company posted a net loss of $0.03 per share, unchanged from the year-ago loss. Excluding one-time items, the company had an operating loss of about $277,000 in the latest quarter, compared with an operating loss of about $135,000 in the year-earlier period. No analyst estimates were available for comparison via Capital IQ.

Net sales climbed 14% to $6.4 million. Sales of its Urgent PC Neuromodulation System in the U.S. jumped 19% to $3.2 million while sales of Macroplastique in the U.S. rose 11% to $1.5 million. Total net sales outside the U.S. increased 11% to $1.6 million.

For the ongoing fiscal fourth quarter, the company forecast year-over-year revenue growth of 25% to 30%.

In other sector news,

(+) BDSI, Together with Endo Health Solutions Inc. ( ENDP ), the drug-maker announces positive top-line results from Phase III efficacy study of their BEMA buprenorphine for the treatment of moderate to severe chronic pain in patients. ENDP was lower today.

(-) KIPS , Prices underwritten public offering of 5.525 mln shares of its common stock at 70 cents each, generating $3.675 mln gross proceeds. Net proceeds are slated for development, clinical trials and seeking regulatory approval for the company's eSVS Mesh in the U.S. and abroad.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ENDP , UPI

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