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.



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Referenced Stocks: PCRX

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