Markets

Health Care Sector Update for 08/03/2018: TSRO,CERN,VREX

Top Health Care Stocks

JNJ +0.19%

PFE -0.23%

ABT +0.39%

MRK +0.09%

AMGN flat

Health care stocks were mixed in early trading.

Among health care stocks moving on news:

- Tesaro ( TSRO ) dropped almost 11% ahead of Friday's opening bell after reporting a Q2 net loss that widened to $3.04 per share from $2.82 per share last year and lagged the Capital IQ consensus by $0.46 per share. Revenue rose to $57.21 million from $29.46 million last year but also also trailed the Street view by $7.21 million. The oncology drugmaker cut its 2018 revenue forecast by $60 million to a new range of $250 million to $265 million. The Street is $302.93 million.

In other sector news:

+ Cerner Corp ( CERN ) rose nearly 3% in early trading Friday after reporting improved Q2 net income and revenue over year-ago levels and also exceeding Wall Street projections. The electronic health care records company also issued a Q3 earnings outlook trailing the Capital IQ consensus expectations for $0.65 per share by at least $0.01 per share. Its FY18 forecast straddled the analyst mean expecting a $2.50 per share profit on $5.371 billion in revenue.

- Varex ( VREX ) plunged nearly 23% in pre-market trading Friday morning after the X-ray imaging company reported fiscal Q3 net income and revenue trailing analyst estimates and also cut its FY18 forecasts to reflect up to $10 million in restructuring costs on top of a prior $2 million charge related to the closing of its R&D unit in London. The revised outlook also trailed the Capital IQ consensus. Sales are seen between $755 million and $765 million, below the mean forecast of $794.36 million. The company projects FY18 EPS of $1.30 to $1.35 versus the Street view of $1.84.

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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