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.