Sector Update: Health Care Stock Mostly Lower; Pacira Pharma Pares Q2 Net Loss After Revenue Triples


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Health care stocks were lower Thursday afternoon, with the NYSE Health Care Sector Index falling 1.4% and shares of health care companies in the S&P 500 down 1.5% as a group.

In company news, Pacira Pharmaceuticals Inc. ( PCRX ) was higher this afternoon after the drug-maker reported a nearly three-fold jump in revenue during the three months ended June 30 compared to the same quarter last year and narrowed its quarterly net loss by two-thirds.

Its Q2 net loss was $5.0 million, or $0.14 per share, improving on a $14.0 million net loss last year. Excluding non-recurring items, the company earned $1.5 million, or $0.04 per share, reversing a non-GAAP net loss of $10.8 million in the year-ago period and crushing analyst expectations looking for a $0.21 per share net loss.

Total revenues rose 276% year over year to $47.2 million, also topping the Capital IQ consensus by $5.03 million. The quarter included around $44.9 million in sales of the company's Exparel nerve-block injection for post-surgical pain.

PCRX shares were ahead about 6.8% at $93.84 apiece in mid-day trade, just under its session high of $93.94 a share. The stock has traded within a 52-week range of $30.75 to $94.30 a share, rising over 167% in value over the past 12 months.

In other sector news,

(+) HOLX, (+0.1%) Q3 EPS of $0.37 tops estimates by $0.03 per share. Revenue advances 1% to $632.6 mln, beating consensus by $10.78 mln. FY14 earnings forecasts is at least $0.04 better than expectations; revenue outlook exceeds Street by at least $20 mln.

(-) EDAP, (-43.7%) FDA advisory panel votes 3-to-5 with one abstention against the safety and 0-to-9 for the efficacy of its Ablatherm-HIFU prostate cancer drug candidate. Vote on the risk-benefit ratio was 0-to-8 against with one abstention.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: PCRX

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