Top Healthcare Stocks
Healthcare stocks were narrowly lower today with the NYSE
Healthcare Sector Index slipping about 0.2% and shares of
healthcare companies in the S&P 500 also falling about 0.1% as
In company news, Invacare Corp (
) slid to a 20-year low Thursday after the medical devices
manufacturer posted a wider Q2 net loss and revenue trailing
analyst expectations and said its chief executive officer will
retire from the company next week.
IVC shares were off about 16% at $14.76 each, earlier falling to
their lowest share price since July 1994 at $14.41 a share. Over
the past 12 months, the stock has declined slightly less than 6% in
The company recorded a $0.36 per share net loss, exceeding the
the Capital IQ consensus by $0.14 per share. Revenue declined 3.9%
year over year to $331.3 million, also lagging estimates by around
"Clearly, Invacare's businesses outside of Europe are under
pressure and we are not pleased with the second quarter's
consolidated financial results," CEO Gerald Blouch said in prepared
remarks, adding the company is focused on improving free cash flow
and restoring profitability in its North American and Asia/Pacific
"We also are working to establish a new credit facility with our
banks, as our existing credit facility matures in October 2015,"
Separately today, IVC said Blouch will step down from the
company on July 31 and will be replaced on an interim basis by
Chief Financial Officer Robert Gunbranson.
In other sector news,
(+) SPNC, FDA approves the company's Turbo-Tandem and Turbo
Elite peripheral laser atherectomy devices for treating in-stent
(-) INCY, Reports 43.4% response rate among patients with
polycythemia vera treated with its ruxolitinib drug candidate and a
29.6% response among patients treated with hydroxyurea, failing to
produce a statistically significant reduction in symptoms.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.