Healthcare stocks are higher with the NYSE Healthcare Sector
Index climbing 0.3% and shares of healthcare companies in the
S&P 500 advancing 0.7% as a group.
In company news, Merge Healthcare (
) fell on Wednesday after the healthcare data company reduced its
non-GAAP subscription backlog totals over 25% from its prior
statements, saying a former sales employee falsified customer
The company said the backlog for its eClinical business at the
end of its September quarter was $41.2 million, down from a
previously reported 56.4 million.
MRGE said the falsified sales data was discovered following an
internal review. The company had not invoiced any of the customers
or recognized any revenue with respect to those contracts, meaning
the mistake will not affect any of its previously reported GAAP
Shares were down 6.8% in late trade at $2.35 each, mid-way
through its session range of $2.26 to $2.41 a share.
In other sector news,
(+) ARTC, Giving up big, early gains after paying $30 mln to
settle Justice Department probe into alleged securities fraud. The
government will charge the device-maker with one conspiracy charge
but will enter a two-year deferred prosecution agreement.
(-) QCOR, TheStreet.com labels the biotech stock "water-logged
and getting wetter," after falling below support levels and a much
wider-than-usual trading range for shares today.
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