Sector Update: Healthcare
Healthcare stocks are narrowly mixed with the NYSE Healthcare Sector Index rising about 0.2% and shares of healthcare companies in the S&P 500 falling about 0.2% as a group.
In company news, Symmetry Medical ( SMA ) was recently trading about 4.5% higher at near $10.05 a share after the maker of orthopedic implants and surgical tools raised its FY14 per-share earnings forecast after amending its credit agreement and paying down $67 million in mezzanine debt.
SMA said the reduced interest costs tied to the refinancing will likely add another $0.10 to its FY14 EPS. The company also expects its total leverage ratios to decline to 4 times equity through the first three months of 2014, 3.75 times equity through Q2, 3.5 times equity through the end of next year and 3.75 times equity in 2015 and beyond.
In other sector news,
(+) ANIP, (+20%, hit record highs) Acquires 31 generic drug products from Teva Pharmaceuticals ( TEVA ) for $12.5 mln in cash and an undisclosed share of future gross profits. Deal includes 20 solid-immediate release products, four extended-release and seven liquid products.
(-) WMGI, (-0.2% from near 52 week highs) Said Novartis' ( NVS ) vaccines and diagnostics unit will stop supplying WMGI's BioMimetic Therapeutics subsidiary with purified bulk recombinant human platelet-derived growth factor when their contract expires in December 2015.