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Health Care Sector Update for 02/16/2017: MOH,CVRS,CFMS

Top Health Care Stocks

JNJ +0.75%

PFE +0.25%

MRK +0.18%

ABT +0.14%

AMGN 0.00%

Health care stocks were slightly lower in late trade, with the NYSE Health Care Index slipping about 0.1% while shares of health care companies in the S&P 500 were down 0.2% as a group.

In company news, Molina Healthcare Inc. ( MOH ) plunged Thursday after the Medicaid benefits administrator last night reported swung to a surprise Q4 net loss and also guided FY17 net income missing Wall Street expectations.

Excluding one-time items, the company recorded an adjusted net loss of $1.54 per share during the three months ended Dec. 31, reversing a $0.58 per share non-GAAP profit during the year-ago period and lagging the Capital IQ consensus expecting net income of $0.75 per share.

Total revenue rose to $4.46 billion during the three months ended Dec. 31 from $3.87 billion during the same quarter last year, also trailing the $4.56 billion Street view.

The company also is expecting FY17 adjusted earnings of $2.09 per share, well under the Street view looking for $3.69 per share.

MOH shares were down just over 17% at $49.71 each, recovering somewhat from a prior slide to a session low of $48.55 a share.

In other sector news,

(+) CVRS, Signs distribution agreement with a Mitsubishi subsidiary, including an initial order for 12 CorPath GRX Systems and a $2 million advance payment.

(-) CFMS, Q4 net loss of $0.37 per share is $0.06 wider than the Capital IQ consensus. Revenue rises 13.6% year over year to $21.7 mln, exceeding the $21.32 mln Street view. Guides Q1, FY17 revenue below analyst means.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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